The Capital City Authority (OIKN) revealed that the first foreign investors in the Nusantara Capital City (IKN) are expected to commence the project’s construction or groundbreaking in early 2024.
“The groundbreaking will start in the first quarter of 2024 because they are in the process, and sometimes the processes involving foreign parties can be a bit intricate. We’ll see,” said the Head of OIKN, Bambang Susantono, when interviewed in Jakarta on Thursday, November 9, 2023.
Bambang provided a slight hint, mentioning that the foreign direct investment (FDI) would contribute to the development of IKN through a cooperation scheme between the government and a public-private partnership (PPP) engaged in the housing sector.
“This includes the PPP, and PPP is part of FDI. The companies involve foreign companies collaborating with local companies in Indonesia,” he explained.
One of the Chinese companies, CCFG Corp, has expressed its commitment to constructing residential towers in IKN. CCFG Corp has joined the Nusantrana consortium along with PT Risjadson Brunsfield Nusantara.
The Nusantrana consortium is reported to be committed to building 60 residential tower blocks with a total investment value of IDR 30.8 trillion. Confirming this information, the Director General of Infrastructure and Housing at the Ministry of Public Works and Public Housing, Herry Trisaputra Zuna, explained that the project is currently undergoing an evaluation phase.