Jakarta, Indonesia, March 17, 2016
—IFC, a member of the World Bank Group, is providing a $30 million loan to PT Ciputra Residence, a leading Indonesian residential property developer. The loan, very much aligned with Government of Indonesia’s priorities,
will help fund new housing developments to meet growing demand around the country and provide new job opportunities.
Unmet housing demand in Indonesia is estimated at up to 15 million homes. IFC’s loan will help finance residential property development projects across the country in Kalimantan, Sulawesi, Sumatra, Batam, and Java, including the low-cost housing township project Citra Maja Raya in West Java.
“The loan from IFC will support our efforts to meet the population’s growing demand for housing in Indonesia, while also contributing to job creation and economic growth,” said Budiarsa Sastrawinata, President Director of PT Ciputra Residence.
In Indonesia, buildings account for about 30 percent of total energy consumption, a number that is set to rise to close to 40 percent by 2030. With 70 percent of the world’s population predicted to live in cities by 2050, green buildings are a key part of climate change strategies. PT Ciputra Residence is a leader in sustainable urbanization in Indonesia and was awarded IFC’s first EDGE Green Building design certification in the East Asia Pacific region in October 2014. Since then, the company has obtained EDGE certification for additional projects and renewed its commitment to develop further green buildings in conjunction with the new IFC loan.
IFC’s EDGE (Excellence in Design for Greater Efficiencies) is a resource-efficiency building certification system for emerging markets that provides building developers and designers with technical solutions for going green. It captures capital costs and projected operational savings to prove the business case for green buildings. The software is available free of charge at
“IFC’s continued support to PT Ciputra Residence will allow the company to support housing developments across the country, in line with Government of Indonesia’s priorities,” said Sarvesh Suri, IFC Country Manager for Indonesia. “PT Ciputra Residence’s commitment to IFC’s green building standards demonstrates the company’s efforts in being a leader within the sector.”
The new loan is IFC’s second engagement with the company. In 2014, IFC provided a 20 percent credit guarantee for a 500 billion Indonesian rupiah (approximately $44 million) bond offering by PT Ciputra Residence. The transaction was the first partial credit guarantee for a local bond issue in Indonesia’s capital markets and IFC’s first green building investment in the East Asia Pacific region.
About PT Ciputra Residence
PT Ciputra Residence, a subsidiary of PT Ciputra Development Tbk, is an Indonesian real estate development company established in 1989. Its main focus is in integrated large-scale residential projects with various supporting commercial and public facilities. Backed by its diversified geographical footprint, a highly experienced management team and its focus on quality and integrity, PT Ciputra Residence is well-positioned to continue its success in this fast-growing Indonesian real estate market. For more information, visit
IFC, a member of the World Bank Group, is the largest global development institution focused on the private sector in emerging markets. Working with more than 2,000 businesses worldwide, we use our capital, expertise, and influence to create opportunity where it’s needed most. In FY15, our long-term investments in developing countries rose to nearly $18 billion, helping the private sector play an essential role in the global effort to end extreme poverty and boost shared prosperity. For more information, visit