Jakarta. Nusantara -- Indonesia's new capital project in East Kalimantan --  is popular among investors, but it will take time for the investment to actually take shape, according to Bambang Susantono, the head of the city's authority body.

Bambang said Nusantara had amassed more than hundreds of letters of intent from investors both home and abroad.

"We have received more than 220 letters of intent from investors. But of course, it takes time for things to really take shape as the investors would need to conduct a feasibility study," Bambang told a conference in Jakarta on Tuesday.

"There is a process when it comes to investment. Businesses wish everything to be well-calculated in terms of its profitability, risks, and practicability. Investors are going back and forth for site visits to check the topography,” Bambang said.

 At least 36 investors have signed a non-disclosure agreement. Bambang did not reveal how much money the hundreds of potential investors were willing to put in Nusantara.

President Joko "Jokowi" Widodo recently came back from his recent Hiroshima trip with some good news for Nusantara development. Jokowi brought home 24 letters of intent from Japanese investors wishing to help Indonesia build a city from scratch. 

Indonesia also inked five memorandums of understanding (MoU) related to the Nusantara megaproject with the Japan International Cooperation Agency (JICA) and Japan Bank for International Cooperation (JBIC), among others. 

The three other MoUs are with the Japan International Association for the Industry of Building and Housing (JIBH), the Japan Conference on Overseas Development of Eco-Cities (JCODE), and the Urban Renaissance Agency (UR).

According to Bambang, Nusantara development will continue beyond 2024 during which Indonesia will hold its presidential election. 

“We will build this futuristic city even until 2045,” Bambang said.

Read More: Foreign Investors to Wait-and-See Leading Up to 2024 Election

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