CISUMDAWU

Toll Roads

Toll Road PresentaAon

West Java Project : CISUMDAWU, Cileunyi- Sumedang - Dawuan

Syabas In) Property 2014

CISUMDAWU
Toll Road
PROJECT
60,1 Km length

Table of Content
CISUMDAWU
Toll Roads

Introduc)on
Industry Overview
Regula)on
Project Overview
Financial Summary

CISUMDAWU
Toll Roads

Background of the Project

Overview

A.
B.
C.
D.
E.

IntroducAon
Industry
Regula)on
Project
Financial

Project iniAator:

Governor of West Java Province (solicited)

Agreement:

Based on MOU between Public Work Minister (GOI) and Governor, BPJT (ITRA) and Jasa Sarana made an agreement regarding Land
Acquisi)on that will be performed by Jasa Sarana.

Investor:

Syabas In) Property as an Investor and Jasa Sarana

then formed PT. Jabar Infrastruktur to perform Land
Acquisi)on proses.

Tender Process:

BPJT (ITRA) will organize the tender process, and

determine the concession holder

Concession Holder:

Jabar Infrastruktur (JI) has some addi)onal values

higher than other par)cipants to be a winner, i.e.:
Right-to-match to other bidders proposal
In case of lost, JI shall be compensated up to 90%
shares in the opera)ng en)ty or receive the
investment plus interest at BI + 1%

Right of Jabar Infrastruktur:

If Jabar Infrastruktur lose, then they have two

op)on: a. Conver)ng the land cost that already paid
to be an equity 90%; b. The winner will repay land
cost plus interest (LPS+1) to Jabar Infrastruktur.

CISUMDAWU
Toll Roads

Toll Road Development in Indonesia

Overview

A.
B.
C.
D.
E.

Introduc)on
Industry
Regula)on
Project
Financial

Indonesia has only around 774 Km length of toll road that are mostly developed in Jakarta and nearby areas.
The development of toll road is very slow (14%) related to the total target ideally it should have 5.405 Km
Medan

Kalimantan

Sumatra

Makasar
Jakarta Semarang
Bandung

Java
Toll Road Master Plan
No
1
2
3
4
5

Toll Road
Sumatra Island
Java Island
Kalimantan Island
Bali Island
Sulawesi Island
Total

Sulawesi

Surabaya

Bali
(in km)

Operated

Program

Priority

Poten)al

Total

43
714
-
-
17
774

60
1,019
-
10
-
1,089

223
181
84
-
46
534

2,522
486
-
-
-
3,008

2,848
2,400
84
10
63
5,405

Source: Ministry of Public Works, 2012

CISUMDAWU
Toll Roads

Java Backbone is only limited

No major development outside Jakarta & Surabaya

Jakarta

Bandung

West Java
Central Java
East Java

A.
B.
C.
D.
E.

Introduc)on
Industry
Regula)on
Project
Financial

CISUMDAWU
Toll Roads

WEST JAVA Toll Road

The toll shall connect Bandung to new Kertaja) airport

A.
B.
C.
D.
E.

Introduc)on
Industry
Regula)on
Project
Financial

Jakarta
Ckampek
Palimanan-Cirebon

Bogor

Sukabumi

Sumedang
Dawuan (KertajaA)

Bandung

Legenda :
National Road
Province Road
Non Status Road
Toll Road Existing
Planning (On Going Investor)
Planning (Tender/Planning Process)

CISUMDAWU
Toll Roads

Project Overview

High poten)al and strategically located

A.
B.
C.
D.
E.

Introduc)on
Industry
Regula)on
Project
Financial

Directly connected to an exis)ng toll-road (Jakarta-Bandung Toll Road)

with very high trac ow
Jakarta-Bandung toll road has further extension that will connect directly to
CISUMDAWU toll road
Exis)ng toll stops at the entrance plan to Cisumdawu toll gateway

Connec)ng Bandung to newly planned airport in Kertaja) (Cirebon)

Parallel to Jakarta Kertaja) Toll road (Cikampek Palimanan) which is under
construc)on at the moment

Trac is very ajrac)ve and no alterna)ve toll road from Bandung to

northern coast Java backbone
Growth of people mobiliza)on from Bandung to other West Java ci)es shall depend on
this toll road as no other alternate freeway only inter city road that is congested most
of the )me
It will become the only logis)c access for terrestrial link from Bandung to other main
hub (e.g. Cirebon) where both new airport and port (exis)ng) are located

CISUMDAWU
Toll Roads

Government Support

Incen)ve for infrastructure development projects

A.
B.
C.
D.
E.

Introduc)on
Industry
RegulaAon
Project
Financial

Governments commitment to speed up Toll Road development

Feasibility
Economic +

Financial -
Economic +
Financial Marginal
Economic +

Financial +

IRR < 17 %
Cost over run
Termina5on of
Investment

Land Acquisi)on, Construc)on

Opera)on & Maintenance

Government

Toll Road Company

IRR < 17%

Government

Toll Road
Company

Toll Road Company

Toll Road Company

Toll Road Company

Government support:
Subsidy of construc)on cost
Land capping

PERMEN PU No. 06/ PRT/M/

2010 ps. 8: IRR 4% higher
interest rate of commercial Bank

Government support:
Tari adjustment
Concession period adjustment

PERPRES RI No. 15 th. 2005 ps.

67 paragraph 2

Government support:
Will refund any cost incurred plus
compensa)on of LPS+1%

PERMEN KEU No. 152 /PMK05/

2007 ps. 2

CISUMDAWU
Toll Roads

Project Acquisi)on Procedure

Total up to 8 months for construc)on to start

Land Acquisi5on Process

Government
Approval from
Government
Land Plan
Area Plan
Project Plan
etc.
Land
AcquisiAon
CommiYee

Project
Management
Ocer for
Land (PMO)

Land Owner

Land
Acquisi)on
Agreement

A.
B.
C.
D.
E.

Introduc)on
Industry
RegulaAon
Project
Financial

Toll-Road Concessionaire Appointment & Financing

Toll Road
Company
(Investor)

Payment
(investment from
Investor)

3 4
months

2 3
months
Instruc)on/ Coordina)on Flow
Fund disbursement Flow

1 2
months

CISUMDAWU
Toll Roads

CISUMDAWU Toll Road

Technical Summary

Length
Number of lane
Lane width
Inner shoulder width
Outer shoulder width
Median width
Right of way
Design speed
Number of interchange

Type of pavement
Toll collec)ng system

60.1 km
2 x 2 (ini)al); 2 x 3 (widening)
3.6 m
3.0 m
1.5 m
5.5 m
60 m (minimum)
100 km/ hour
7 E.A: I/C Cileunyi, I/C Tanjung Sari, I/C
Sumedang, I/C Cimalaka
I/C Legok, I/C Ujung Jaya, I/C Kertaja)
Rigid (for carriageway)
Flexible (shoulder)
Closed system

A.
B.
C.
D.
E.

Introduc)on
Industry
Regula)on
Project
Financial

CISUMDAWU
Toll Roads

CISUMDAWU Toll Road

Map of the Toll Road, including Sec)ons Split

A.
B.
C.
D.
E.

Dawuan/ KertajaAi

Cimalaka
Sec)on 2 Tanjungsari Sumedang (17,5 km)

Sec)on 4 - 6 Cimalaka Kertaja)(27,35 km)

Cileunyi

Sumedang

Sec)on 3 Sumedang Cimalaka (3,7 km)

Sec)on 1 Cileunyi Tanjungsari (11,55 km)

Introduc)on
Industry
Regula)on
Project
Financial

A.
B.
C.
D.
E.

CISUMDAWU Toll Road

CISUMDAWU
Toll Roads

Investment

Phase II

Phase I

31.3Km
27%

12%

28.79 Km

Cimalaka

50%

Cileunyi

Sumedang
Rancakalong

Land

Government SUBSIDY

INVESTOR

Const.

Government SUBSIDY

INVESTOR

Land Area
Es)mated Land Cost

4,263,000 m2
$76 Millions

PROGRESS
Phase I :

Land AcquisiAon:
Progress +/- 40%
Funding by SIP $25 Millions (bridging
to Government and reimbursable)
Funding by Government (Public Work
Minister)
ConstrucAon:
Progress +/- 7 Km
Funding by Gov. of China on G-to-G
with Indonesian Gov.
Contractor by Shanghai construc)on

Phase II :

INVESTOR

O & M

Dawuan

Introduc)on
Industry
Regula)on
Project
Financial

4,219,000 m2
$66.5 Millions

Land AcquisiAon:
Progress +/- 12%
Funding by JI $2 Millions
Need $30 Millions to secure
Concession Holder appointment

ConstrucAon:
Upon comple)on of 5.5 km land acq.
JI will determine the main contractor
without tender and subcontract
implementa)on to current contractor

CISUMDAWU
Toll Roads

Financial

Financial Analysis

Concession & ConstrucAon:

Concession period

45 years

ConstrucAon period

2 - 4 years

AmorAzaAon period

33 years

Toll rate & Trac

Rate

Rp. 867/ Km
US$ 10 c/ Km

Trac per day-

average

26.980

Trac growth

5 %

A.
B.
C.
D.
E.

Introduc)on
Industry
Regula)on
Project
Financial

CISUMDAWU
Toll Roads

A.
B.
C.
D.
E.

Financial
Trac & Tari

Trac/ day

Year

Cilenyi - Tanjungsari
Tanjungsari - Sumedang
Sumedang - Cimalaka
Cimalaka - Kertaja) dawuan

2016
2015
2017
2018

Volume
26,928
26,648
22,753
18,483

Year
Year

1 - 5
6 - 10

12.8%
9.2%

Year
Year

11 -15
16 - 20

6.9%
5.0%

Year
Year

21 - 25
26 over

5.0%
5.0%

Tari/ Km
Cilenyi - Tanjungsari
Tanjungsari - Sumedang
Sumedang - Cimalaka
Cimalaka - Kertaja) dawuan

Year
2016
2015
2017
2018

Introduc)on
Industry
Regula)on
Project
Financial

US $
0.12
0.11
0.13
0.14

Year 2012: tari / km is US$ 0.10

Tari adjustment in every 2 year is 12 %
Trac threshold is 110,000 vehicles

CISUMDAWU
Toll Roads

A.
B.
C.
D.
E.

Financial

Land Acquisi)on and Construc)on Cost

Introduc)on
Industry
Regula)on
Project
Financial

Land AcquisiAon & ConstrucAon Cost

Land AcquisiAon

Length

Cilenyi - Tanjungsari
Tanjungsari - Sumedang
Sumedang - Cimalaka
Cimalaka - Kertaja) dawuan
Total

ConstrucAon

11.6 km
17.5 km
3.7 km
27.4 km
60.1 km
Length

At grade
Elevated
Total

Land areas
are needed
1,348,000 m2
2,915,000 m2
1,002,000 m2
3,217,000 m2
8,482,000 m2

Price
US $/m2
22
13
18
42.3

Total
US $ millions
Escala
)on
cost
10%

34
42
20
46.5
142.5

ConstrucAon Budget ConstrucAon Cost ConstrucAon Margin

US $ /km
US $ /km
US $ /km

58.1 km
2.0 km
60.1 km

At grade:
$12.4
millions/
Km

12.4 millions
19.8 millions

7 millions
11 millions

Elevated:
$19.8
millions/
Km

5.4 millions
8.8 millions

CISUMDAWU
Toll Roads

Financial

Construc)on Margin shall cover land acquisi)on cost

Phase I

Phase II

31.3Km

28.79 Km

Cimalaka
Cileunyi

Dawuan

A.
B.
C.
D.
E.

Introduc)on
Industry
Regula)on
Project
Financial

Net ConstrucAon Margin CalculaAon

Ujung uConstruc)on Margin (Non Elevated):$5.4m/ Km

Jaya

uTotal Construc)on (Non Elevated): 28.79 Km

Total Project Construc)on Margin:
$155.5 m
Total Land Acquisi)on Cost (Phase 2):
$ 66.5 m

Legok

Sumedang
Rancakalong

Project Margin (prior to operaAon): $ 89 m

Full Government Subsidy

Toll Project

G-to-G Loan from China

Land Acquisi5on and Road Construc5on

SecAon Name

Distance

Sumedang Cimalaka:
Cimalaka Legok:

5.7 Km
5.4 Km

Legok Ujung Jaya:

14.34 Km

Ujung jaya Dawuan:

3.35 Km

Land AcquisiAon Constr. Margin

LA Margin
(LA) Budget ($5.4m /km x Distance) (Constr. Margin
LA Budget)

$30 m
$12 m
$23 m
$1.5 m

$30.78 m
$29.16 m
$77.44 m

$ 18.78 m
$ 6.16 m

$18.09 m

$ 94.03m

$66.5 m

$155.47 m

CISUMDAWU
Toll Roads

Financial
Project Cost

US $ millions

Project Cost:
Land cost
Construc)on cost
Total Project Cost

161
842
1.003

Government Subsidy (Phase 1):

Land cost
Construc)on cost
Total Project Cost

INVESTMENT

US$ 423.5 millions

76
361
437

Investment PT. Jabar Infrastruktur (Phase 2)

Land cost
Construc)on cost
Total Project Cost

66.5
357
423.5

20%
80%

Financial Analysis:

Net Present Value

Pay Back Period (on Construc)on)
IRR on Project

US$ 66.5 millions

ConstrucAon

Financing Structure (only Phase 2):

Equity
Loan

Land AcquisiAon

US$ 357 millions

71.4
285.6
589
9 year
36%
US$ 1 = IDR 10.000,-