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Toll Road Investment Opportunities In Indonesia
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March!2014!May, 2014
! National Priority: pro-growth, pro-jobs, pro-poor, pro-green.
! Government’s target on connectivity agenda: to connect the main corridor by 2014 (Masterplan for Acceleration And Expansion of Indonesia’s Economic Development), but:
! Toll road program has encountered a number of challenges: large financing requirements, land acquisition, affordability, project preparation to regulatory reform.
! The government has established various tools to support toll road project:
• Land fund : Revolving Fund • Land capping : Land Capping Fund • Government guarantee : Not yet Implemented in toll road. • Viability Gap fund : Not yet implemented.
Infrastructure; a National Priority
Indonesia Toll Road Authority
Regional Approach in Infrastructure Provision
Infrastructure for All & Regional Development
! ! !Economic!based!regional!Approach!! Public!Private!Partnership!
! Public!spending!for!developing!and!newly!developing!region!
Developing!Region! Newly!Developing!Region!Developed!Region!
Indonesia Toll Road Authority
Toll Roads Masterplan
No! Toll Road! Operated!Plam!
Total!Program! Priority! Potential!
1 Sumatera Island 43 km 60 km 223 km 2.522 km 2.848 km 2 Jawa Island 734 km 1001 km 181 km 486 km 2.400 km 3 Kalimantan Island - - 84km - 84 km 4 Bali Island 10 km - - - 10 km 5 Sulawesi Island 17 km - 46 km - 63 km
Total 802 km 1.079 km 534 km 3.008 km 5.405 km
OperaCon!
Palembang!
Denpasar!
Medan!
Jakarta!
Bandung!
Semarang!Surabaya!
Makassar!
Banda!Aceh!
Pekanbaru!
Padang!Jambi!
Bengkulu!Bd!Lampung!
Yogyakarta!
Balikpapan!
Samarinda!Manado!
Palu!
Bitung!
Kendari!
PonCanak!
Banjarmasin!Palangkaraya!
Program!Priority!PotenCal!
Indonesia Toll Road Authority
INVESTMENT SCHEME AND TOLL ROAD VIABILITY
*)#PP#43#/2013#:#assignment#of#SOEs#due#to#limited#budget#of#GOI#in#providing#infrastructure.#TRC#:#Toll#Road#Company#GOI:#Government#of#Indonesia#SOE:#State#Owned#Enterprise#
Land Acquisition
Construction
O & M
BOT SBOT/HYBRID O&M/LEASE ASSIGNMENT*
TRC GOI TRC GOI TRC GOI SOE
EIRR >>> FIRR >>>
EIRR >>> FIRR Marginal
EIRR >>> FIRR <<<
EIRR >>> FIRR <<<
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Indonesia Toll Road Authority
STAGES OF TOLL ROAD PROCUREMENT
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Compensation for the initiator: 1. Bonus system (10% max); or 2. Right to Match; or 3. Purchasing of the Project (Including Intellectual Property Right)
SOLICITED PROJECT UNSOLICITED PROJECT
TOLL ROAD PLANNING POLICY (PP-PS 11) PROJECT PROPOSAL
PROPOSAL APPROVAL
TOLL ROAD MASTER PLAN (PP-PS 12)
TOLL ROAD SECTION PLAN (PP-PS 13)
TENDER PREPARATION
(PP-PS 24)
TENDER (PP-PS 55-61) FINANCING TECHNICAL
DESIGN (PP-PS 27)
LAND ACQUISITION
CONSTRUCTION (PP-PS28 + PS31)
OPERATION (PP-PS36)
& MAINTENANCE
(PP-PS53)
CONCESSION TAKE OVER
Directorate General of Highways
Indonesian Toll Road Authority
Toll Road Company !!
CONCESSION AGREEMENT
TOLL TARIFF
1 1a
1b
2
3
4 5 6 7 8 9 10 11
Indonesia Toll Road Authority
TRANSACTION PROCESS
1. Law and Regulations : a. Law No. 38/2004 concerning Road b. Government Regulation No.
15/2005 concerning Toll Roads, as second amended by Government Regulation No. 43/2013,
c. Presidential Regulation No. 67/2005 concerning PPP, as third amended by President regulation No.66/2013
d. Minister of Public Works Regulation No. 13/PRT/M/2010 concerning Guidelines for Procurement of the Toll Road Companies as second amended by Minister of Public Works Regulation No. 21/PRT/M/2012
2. Two stages of Tender : a. Prequalification; b. Limited tender.
3. Tender criteria : a. The lowest initial toll rates b. Minimum Government support
IMPLEMENTATION OF THE AGREEMENT
(± 14 months)
(± 4-6 months)
PREPARE PQ DOCUMENT
SUBMIT PQ DOCUMENT
PREPARE BID PROPOSAL
SUBMIT BID PROPOSAL & BID BOND
RECEIVE NOTICE AWARD
PRIVATE SECTOR
SIGN CONTRACT
PERFORMANCE BOND, LAND ACQUISITION COST, FINANCIAL CLOSE
PRE BID CONFERENCE-BID PREPARATION
PQ AND BID INVITATION
PREQUALIFICATION OF BIDDER
SUBMISSION AND OPENING BID
PROJECT PREPARATION
EVALUATION OF BID
APOINTMENT OF SUCCESFUL BIDDER
CONSESSION AGREEMENT
GOVERMENT
PREPARE SPECIAL PURPOSE VEHICLE
Indonesia Toll Road Authority
RISK ALLOCATION
1. Land Acquisition
2. Engineering Planning
3. Toll Road Construction
4. Operation and Maintenance
5. Toll Tariff
6. Traffic Volume
7. Change of Law
8. Force Majeure
Type of Risk No Allocation
Toll Road Company Government
Indonesia Toll Road Authority
Toll Road Investment Opportunities in Indonesia
1!
3!
JALAN!TOL!PRIORITAS!
No.
Name of Toll road Medan - Binjai Pandaan-Malang Cileunyi-Sumedang-Dawuan
Manado-Bitung
Length (km) 15,8 37,62 58,50 39,00
Investment cost (Billion IDR)
1.293 3.990 12.331 4.163
Land acquisition cost (Billion IDR)
256 294 1.295 365
Status Land acquisition preparation
Land acquisition (10,28%) Land acquisition (23.61%) & construction
Land acquisition (Section I 44,05%) held by Provincial Government
2!
4!
4!3!2!1!
Indonesia Toll Road Authority
Medan – Binjai Toll Road
Indonesia Toll Road Authority Indonesia Toll Road Authority Indonesia Toll Road Authority
Medan!
Binjai!
14.092 Vehc/day
Elements Characteristics Length 15,8 Km
Land Acquisition Cost IDR 259 Billion (USD 25,9 Million) Investment Cost IDR 1.293 Billion (USD 129 Million)
EIRR 27,97 % FIRR 12,48 %
Government Support (FIRR 16%) IDR 642 Billion (USD 67 Million)
Toll Tariff (Class I, 2017) IDR 650 (USD 0,07) /Km Land Acquisition Progress -
Concession period 35 years Construction period 2 years
Operation (year) 2017
MALANG
LAWANG
PAKIS INTERCHANGE
LAWANG INTERCHANGE
PURWODADI INTERCHANGE
L = 37.618 Km
L = 23.2 KmPHASE-1
L = 14.418 KmPHASE-2
SAWOJAJAR ICBEGINNING POINT
PURWODADI
PANDAAN END POINT
1. Trase Jalan Tol Malang - Pandaan
PANDAAN
PANDAAN – MALANG TOLL ROAD
Technical Specification Length : 37,62 km Design Speed : 120 km/hour : 2 x 2 lane (initial) Number of lane : 2 x 3 lane (final) Lane of width : 3,6 m Outer Shoulder Width : 3,0 m Inner Shoulder Width : 1,5 m Lebar Median : 9,7 m (including inner shoulder) Number of Interchange : 5 Interchange (Sawojajar,Asrikaton, Pakis, Lawang, Purwodadi) Number of overpass : 16 overpass Number of underpass : 23 underpass Traffic Volume Estimation Traffic Volume : 23.850 vecs/day (2017)
Land Acquisition Progress : 12,99%
Project Cost Estimation Investment Cost : 3.990 billion Land Acquisition Cost : 294 billion Initial Tariff (Type I) : 800 IDR (0,076 USD)/ Km EIRR : 25,90 % IRR on Project : 16,78% Concession Period : 35 years Project Implementation Project Preparation : 2013-2014 Tender Construction : 2 year Operation (year) : 2017 1 USD =10.000 IDR
Indonesia Toll Road Authority
CISUMDAWU TOLL ROAD
Government Portion (29,37Km) Private’s Portion (30,89 Km)
C O N S T R U C T I O N C O S T
LAND ACQUSITION (by GOVERNMENT)
OPERATION (BY PRIVATE )
LAND ACQUSITION (by JASA SARANA)
Elements! Characteristics!Length! 60,27 Km!
Design Speed! 100 Km/hr!Number of lane! 2x2 lanes (start), 2x3 lanes (final)!
Lane of width! 3,6 m!
Outer Shoulder width! 3,0 m!
Inner shoulder width! 1,5 m!
Median width! 13 m!
Elements! Characteristics!Land Acquisition Cost IDR 1.295 Billion (USD 129 Million) Investment Cost IDR 12.331 Billion (USD 1.233 Million) FIRR 14,18% Concession Period 35 Years Land Acquisition Progress Section I (Cileunyi – Tanjungsari) : 38,20 %, Section II (Tanjungsari-Sumedang) :
58,38%, Section III (Sumedang – Cimalaka) : 16,81%, Section IV (Cimalaka-Legok) : 0%, Section V (Legok – Ujung Jaya) : 0%, Section VI (Ujung Jaya – Kertajati) : 0% Total : 28,29%
Construction Progress (Government Portion)
Section I (Cileunyi – Tanjungsari) : 8,06% %, Section II (Tanjungsari-Sumedang) : 3,74% Total 5,51%
Construction period ± 2 Years (2018-2019) Operation (year) ± 2018 (Partial) Government Support To get FIRR 16% on 2018, it is required IDR 1.261.619 Million (USD 130,91
Million) Government Support, so that the investment cost will be IDR 7.323.928 Million (USD 759,98 Million)
Note: I USD= IRD 10.000
16.921 Vehc/day
14.749 Vehc/day
16.671 Vehc/day 16.556 Vehc/day
CILEUNYI-SUMEDANG-DAWUAN TOLL ROAD
Indonesia Toll Road Authority
Investment!Parameters!1. Land!Cost!!!!!!!!!!!!!!!!:!IDR!365!bio!(USD!36,5!mio)!2. ConstrucCon!Cost!!:!IDR!2.523!bio!(USD!252,3!mio)!3. Investment!Cost!!!!!:!IDR!4.163!bio!(USD!416,3!mio)!#note#1#USD#=#IDR#10.000#
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" Toll#Tariff##for#Category#I#IDR#600/Km#(2015)#" Concession#Period#45#Years#" EIRR#:#26.96%#" FIRR#:#11.97%#" Support#(FIRR#15.72%)#:#
# Total#IDR#1,100#Bio#(construcXon)#and#IDR#365#Bio#(Land)## Regional#Government#Commitment#IDR#365#Bio#(Land)#Investment#Cost#if#having#support#:#IDR#2,166#billion#
Technical!Data!:!1. Length!of!Road !:!±!39.00!km!2. Design!Speed !:!100!km/jam!3. Number!of!Lane !:!2!x!2!lanes!(iniCal),!
!!!2!x!3!lanes!(final)!4. Lane!Width !:!3.6!m!5. Right!of!Way!Width !:!40!m!(minimum)!6. Land!AcquisiCon!progess !:!SecCon!I!(44,05%)!
Traffic!Volume!(2015)!SS!Ring!RoadbSS!Airmadidi!:!12,662!vehicles/!day!SS!AirmadidibSS!Bitung!:!!10,937!vehicles/!day!
PROJECT!LOCATION!
AIRMADIDI!
MANADO!
BITUNG!
SecBon!I!(13,5!Km)! SecBon!II!(25,5!Km)!
MANADO – BITUNG TOLL ROAD
Indonesia Toll Road Authority
14#
THANK YOU
Indonesia Toll Road Authority
