Jakarta. State-owned construction company Pembangunan Perumahan, better known as PTPP, has secured contracts worth Rp 3.76 trillion ($252.54 million) for the development of the National Capital Nusantara (IKN) to date. 

PTPP Corporate Secretary Bakhtiar Efendi said on Wednesday the projects in the new capital include the construction of the government’s core area phases 1 and 2, the main roads of the western section, the toll road between Kariangau and Tempadung, the State Palace, the presidential office, and the State Secretariat building.

"Currently, the company has completed phase 1 of the government’s core area project, with progress reaching 100 percent in May," Bakhtiar said in a statement.

Bakhtiar added that the phase 2 project remains half-completed with a target to accomplish the task in November. 

The remaining projects are still in the early stage of construction.

Bakhtiar said the company is paid in a phased payment scheme according to the progress of the work. The payment is channeled through the company every month or according to the contract conditions.

Apart from the new capital city, PTPP also won projects to build the Cinere-Jagorawi Toll Road Section 3 through subsidiaries Construction & Investment Precision (PPRE) Company and Lancarjaya Mandiri Abadi. The Rp 1.2 trillion project has entered its final stage and is scheduled to be operational in early July.

PPRE Chief Executive Officer I Gede Upeksa Negara said he is confident that the project will be concluded later this month.

"This proves that PPRE along with our subsidiaries is a reliable partner in building strategic infrastructure projects of the national scale," he said.

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