Indonesian Consortium Led by Agung Sedayu Group Blast Off A $1,3 Billion Project

The league of Indonesian conglomerates were reported to launch a massive project worth $1,3 billion. And the project aims to build a new yet qualified ground for the new capital city of Indonesia. The massive project that was launched by the Indonesian conglomerates league was led by one of the biggest property monsters, Agung Sedayu Group.

The news got scattered all over Indonesia’s news headlines on Thursday. Indonesia’s current president, Joko Widodo, also attended the groundbreaking ceremony, which was located nearby the soon-to-be new presidential palace. It is known that the planned new capital city of Indonesia will be located in East Kalimantan province, part of Borneo island, and just 2 hours drive away from Balikpapan.

“Domestic investors must be prioritized. Once these big names are here, they will be the locomotive for others to follow,” President Joko Widodo said while doing his speech in the groundbreaking ceremony.

The big companies involved in the project are Salim Group, Sinar Mas Group, Pulauintan, Adaro, Barito Pacific, Astra Group, Mulia Group, Alfamart Group, and Kawan Lama Group. These companies will invest about 20 trillions rupiah, equals to $1,3 billion for the project’s progress and continuation.

Also, it was said that the planned new capital city of Indonesia will have several key facilities of a city, such as a five-star hotel, shopping malls, and office towers. 

“The consortium will also build a botanical garden, public parks and open spaces to help construct a lovable city,” the head of the Nusantara National Capital Authority, Bambang Susantono informed.

Agung Sedayu Group’s Chairman, Sugianto Kusuma, stated that they will be starting to take care of terms of permits. Kusuma also said that the government had its fixed decision to finish the development of the project by next year. 

Source : 

Nikkei Asia


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