Jakarta. Indonesia’s future capital project Nusantara will kick off the new year with a series of groundbreaking ceremonies by leading companies including top lenders BCA and Bank Mandiri.

As many as 15 investors and state institutions will begin the construction of their respective projects in January and February 2024. These projects range from hotels, and furniture showrooms to banks, among others, data by the Nusantara Capital Authority body shows.  

Agung Wicaksono, the deputy for financing at the authority body, said that some of those 15 investors initially wanted to begin construction this month. They, however, decided to postpone it as Indonesia inches closer to the new year.

“So there are 15 investors in the pipeline who are getting ready to launch the groundbreaking ceremonies between January and February 2024,” Agung told a virtual press briefing on Friday.

“But I still can’t announce the total value [of those 15 investors’] investments,” Agung said.

The Financial Service Authority (OJK) and the state healthcare agency BPJS Kesehatan will start constructing their offices in the new capital early next year. The same goes for state-run electricity firm PLN and the Indonesia Deposit Insurance Corporation (IDIC).

BCA and its state-owned counterpart Mandiri will hold groundbreaking ceremonies for their respective bank projects. 

The January-February phase will also see retailers Indogrosir and GrandLucky commence work on their mixed-use projects. The term “mixed-use” commonly refers to urban development projects with multiple purposes (e.g. residence and commercial) into one space. 

Hospitality company Jambuluwuk will break ground on a hotel project in the new capital. Other investors in the upcoming groundbreaking phase include the industrial giant Royal Golden Eagle who will work on a 5-star hotel and a convention center.

Property giant Ciputra will begin building its green residential project, hotel, and golf course. GGS Vivere Group will launch a furniture showroom in Nusantara. Property company Sinar Primera is also among the said 15 investors. Sinar Primera will invest in a warehouse project.

The Nusantara Consortium, which is led by property giant Agung Sedayu Group, will break ground on a botanical garden. Last but not least is the launch of a sanctuary for orangutans by the foundation Yayasan Arsari Djojohadikusumo.

The Nusantara capital, which lies in East Kalimantan, has attracted 328 letters of intent from investors keen on taking part in the project. Most of the interested investors are domestic institutions.  

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