PCPD (00432.HK) +0.080 (2.005%) proposes to acquire the Land (of an Agreed Site Area of 9,277 square meters) located in Jakarta, Indonesia, for the development of a Grade A office building. On 23 May 2013, PMA (an indirect wholly-owned subsidiary of PCPD) and PCPD (as PMA’s guarantor), entered into the Land SPA with PT CA and its parent company, PT Danayasa (as PT CA’s guarantor). Under the Land SPA, PMA conditionally agreed to acquire the Land from PT CA for a consideration of US$184,000,000 (equivalent to approximately HK$1,428 million), subject to various downward adjustments in certain circumstances. Out of the Land Consideration, US$115,000,000 (including the Land Deposit of US$46,000,000 to be released and a further sum of US$69,000,000 payable upon Land SPA Completion, subject to deduction, if applicable) will be payable upon the Land SPA Completion and the balance (subject to deductions, if applicable) will be payable after Land SPA Completion in accordance with the payment terms of the Land SPA.
The total investment cost (including, among others, the Land Consideration, the Supporter Payment and the costs of the proposed development of the site and the construction of the Building) to the PCPD Group is expected to be approximately US$400 million or the equivalent. The development works are estimated to be completed in 2016.
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