Serpong - Balaraja Toll Road

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Serpong - Balaraja Toll Road project is a 30 km toll road developed in three sections, namely section 1 Serpong-Legok 9.30 km, section 2 Legok -Tigaraksa 10.70 km, and section Tigaraksa-Balaraja 10 km. This toll road is planned to operate in stages, with Section 1 to be operational in 2018. The SPV created to implement the project is PT Trans Earth Serbaraja, and is owned by a consortium consisting of Sinar Mas Land, Astratel Nusantara, and Kompas Gramedia. The former owns 50 percent in the JV, with the remaining sponsors 25 per cent each. The toll concession agreement was awarded to the consortium following a competitive bidding process on 9 June, 2016. This is a greenfield project which will ease the burden that had been borne by the roads in Tangerang and will speed up new developments in the district. The consortium has secured a Rp 4.3 trillion ($320 million) syndicated loan from state-owned lenders. BNI acts as a joint lead mandated arranger in the loan syndication with Bank Mandiri — Indonesia's largest lender by assets. They are joined by the government's infrastructure financing company Sarana Multi Infrastructure. Financial close is estimated to have reached in December, 2016. http://ascend.co.id/2016/12/19/tiga-institusi-kucurkan-rp-43-triliun-untuk-tol-serpong-balaraja/ http://www.jakartaglobe.beritasatu.com/business/sinar-mas-land-secures-vital-financing-serpong-balaraja-toll-road/ http://infopub.sgx.com/FileOpen/SML-1Q2016%20Financial%20Results%20Presentation.ashx?App=Announcement&FileID=404663 http://www.astratel.co.id/serpong-balaraja/eng Astratel Nusantara owns 25% of the project.