Jakarta. The Nusantara Authority has signed agreements on land utilization permits and asset allocations with four private investors and a state university, paving the way for Rp 1.2 trillion ($73 million) in investments for public facilities in Indonesia’s new capital, Nusantara, East Kalimantan.

The agreements, signed on Monday, involve Surabaya State University and four construction companies: Balikpapan Ready Mix Nusantara, Berkah Bersinar Abadi Brantas Abipraya, and Puri Persada Lampung.

These entities will develop mixed-use buildings, office spaces, hotels, and a university campus in Nusantara as part of the city’s ongoing infrastructure expansion.

Nusantara Authority Head Basuki Hadimuljono said the agreements provide legal certainty for the projects and solidify investors' commitments to begin construction in 2025.

“This agreement represents a purely private investment of Rp 1.2 trillion. The signing ensures that land is available for development and that all necessary permits have been granted,” Basuki said during the signing event at the Public Works Ministry in Jakarta.

Agung Wicaksono, Deputy for Financing and Investment at the Nusantara Authority, said the signing marks another step forward for private investment in the new capital.

“With these agreements, investors can proceed with construction immediately, without waiting for a formal groundbreaking ceremony,” Agung said.