Farpoint Indo

active

Founded in 2006, Farpoint Realty Indonesia (“Farpoint” or the “company” - http://farpoint.co.id) is the property arm of Gunung Sewu Kencana (“GSK” or the “Sponsor” - https://www.gunungsewu.com).  Farpoint develops and manages a portfolio of rental offices, commercial assets and for-sale apartments and landed houses in Indonesia. The company’s current portfolio comprises of: Rental offices: Sequis Tower (~80,000 sqm) and Sequis Center (~16,000 sqm) in Jakarta;Commercial Assets: Pavilion Retail (~ 2,300 sqm), Plaza Mebel (5,600 sqm) and Harco Plaza (5,300 sqm) in Jakarta; Revo Town (36,000 sqm) in Bekasi, West Java; and Johar Plaza (8,700 sqm) in Jember, Central Java;Residential Assets: CitiSquare (Shophouses complex), Verde One (250 unit) and Verde Two (312 unit) high-end apartments, Loggia (530 unit) mid-end apartment and Samanea Hill (landed affordable houses) in Greater Jakarta area. The proposed investment is a loan for Indonesian Rupiah equivalent of up to US$50 million to Farpoint to support the development of affordable housing projects (a total of around 7,000-8,000 landed houses). Proceeds of the IFC loan will be used by Farpoint’s subsidiary, Investasi Semesta Indonesia to develop four affordable housing projects viz.: Samanea Hill project (25ha) currently under development and three potential future developments in Parung Panjang (12ha), Batu Malang (20ha), and Cikeas (40ha) or other suitable land sites (the “project”). Samanea Hill, as Farpoint’s first affordable housing project, consists of three clusters with a total of around 1,200 houses. The first cluster comprising around 425 houses and 25 shophouses was launched in September 2018 and construction will be completed in 2021. The second cluster was launched in mid-August 2019 with around 340 houses and 25 shophouses and is currently under construction. Each house has a building size of around 40 sqm on 70 sqm land plot. Farpoint has signed a commitment letter to pursue Excellence in Design for Greater Efficiencies (EDGE) certification for its future affordable housing projects, and accordingly, the project will be designed to meet IFC’s EDGE green building standards.