Indonesian property developer PT Cowell Development Tbk has secured a 230-billion-rupiah ($19.99 million) loan from PT Bank Pan Indonesia Tbk (Panin) that will be used for working capital, Corporate Secretary Darwin Manurung said.
The firm plans to develop two high-end apartment towers, worth 600 billion rupiah, on a 1.1-hectare site in South Jakarta, that will be completed in five years. (Kontan)
Note: Reuters has not verified this story and does not vouch for its accuracy. ($1 = 11508 rupiah) (Compiled by Jakarta Newsroom; Editing by Sunil Nair)