APSN Banner

Private investors set to begin construction in Nusantara

Jakarta Globe - August 18, 2023

Fuad Iqbal Abdullah, Jakarta – The development of the new national capital, Nusantara, located in East Kalimantan, is poised to take a new milestone with the active involvement of private companies.

Bambang Susantono, the Head of the Nusantara Authority Body, indicated in a recent interview that private companies are soon to initiate "real work" as early as next month.

"In simple terms, we will witness private companies breaking ground next month, not just signing agreements," Bambang stated on Thursday.

"By next year, Nusantara will host not only government buildings but also parks, healthcare facilities, schools, and shopping centers constructed by national private companies," he added.

Bambang revealed that the authority has garnered investment commitments from private companies amounting to Rp 10 trillion ($653.5 million) thus far, and this figure continues to rise.

During the Independence Day celebration on Thursday, President Joko Widodo declared that "next year's ceremony will take place in Nusantara."

The president had previously announced that Nusantara offers 34,000 hectares of land available for acquisition by private investors.

According to preliminary government estimates, the total cost for constructing Nusantara from the ground up stands at Rp 466 trillion (approximately $31 billion).

Source: https://jakartaglobe.id/business/private-investors-set-to-begin-construction-in-nusantar