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AKBS has engaged PT Ethis as a co-developer for the Griya Cariu Indah Estate in Bogor. PT Ethis needs S$331,579 from EthisCrowd to co-fund the construction of 130 units for phase 2 of this project. The first 90 units in Phase 1 are already completed and payment from Bank BTN Syariah approved.
Each house was sold at IDR104mill (appx S$11,000), and AKBS has issued a standing instruction to the bank stipulating IDR30mill from the payment of the first 130 houses will go to PT Ethis, which will then pay EthisCrowd investors their agreed share. This Standing Instruction is already issued, thus PT Ethis will be receiving payment for the first 90 completed and approved units. The bank is expected to begin paying in 1 month for 10-20 units weekly. Thus the first 130 units is projected to be paid in 3 months.