Agung Podomoro Land, a leading Indonesian real estate company, plans to build apartment towers worth over USD 270 million in Nusantara, the new capital city. This is one of the first private housing deals in the city, part of a public-private partnership. Additionally, Pakuwon Jati will develop a superblock, including a mall, condominium, and hotels, valued at 5 trillion rupiah. President Joko Widodo aims to declare Nusantara as the new capital this year, with thousands of civil servants expected to move from the overcrowded Jakarta by September, despite recent setbacks involving key project officials resigning.
Agung Podomoro Land, an Indonesian real estate company, intends to construct apartment buildings valued at over USD 270 million in Nusantara, the new capital, according to the city authority's statement to Reuters.
President Joko Widodo has been working to assure investors and government officials that the USD 32-billion new capital city project will continue, despite the recent resignations of two key officials, which have raised new concerns about the project's future.The housing agreement is among the initial projects undertaken by a private company in the city under construction in the Borneo jungles, utilizing a public-private partnership model.
Agung Podomoro will collaborate with the city authority's business unit, Bina Karya, to construct 15 apartment towers valued at up to 4.5 trillion rupiah (USD 275 million), according to Boyke Soebroto, the unit's president director, who spoke to Reuters.
The city authority previously stated that last year it had been in negotiations with private developers, including some from China and South Korea, for residential projects in Nusantara valued at USD 2.7 billion, but these talks did not result in agreements. Agung Podomoro's portfolio features residential and commercial properties, including superblocks in central Jakarta, the current capital.
Another developer, Pakuwon Jati, plans to construct a superblock in Nusantara, which will include a mall, a condominium, and hotels, with a project value of 5 trillion rupiah.President Widodo has expressed his intention to declare Nusantara as the new capital this year, with the expectation that thousands of civil servants will relocate there in September from the overcrowded and polluted Jakarta.
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