Jakarta. Sentul City (BKSL), Indonesia’s largest land bank holder, is reportedly partnering with sovereign wealth fund Danantara to develop a health-focused special economic zone (SEZ) inspired by China’s Chengdu Biotown, according to research from RHB Sekuritas.

Chengdu’s Biotown, located in China’s Sichuan province, is a flagship biomedical hub spanning over 40 square kilometers. It hosts leading pharmaceutical companies, biotech startups, research institutions, and medical device manufacturers, supported by advanced infrastructure and government incentives.

The project would be built on BKSL-owned land. While both parties have yet to make an official announcement, RHB expects a formal statement in the coming weeks.

The reported initiative comes as BKSL undergoes a boardroom shake-up, bringing in several former government officials, including Yuswandi Arsyad Tumenggung, Wahyu Utomo, Lukita Dinarsyah Tuwo, and Gatot Sudariyono.

Beyond the proposed SEZ, BKSL is positioning itself to capture rising demand for industrial land from data center operators. Its existing tenants include Neutra DC Sentul, owned by Telkom Indonesia, and IndoKeppel Data Center 1, a joint venture between Singapore’s Keppel Group and Indonesia’s Salim Group.

RHB added that BKSL is set to receive land sale payments from Malaysia’s Genting Plantations for 152 hectares in Sentul City worth Rp 2 trillion ($126 million). The first tranche, estimated at Rp 400–500 billion, is expected in the third quarter of this year.

Danantara, established in February, plans to finance 35 large-scale national projects in 2025, backed by a $20 billion budget. 

Indonesia launched its first medical tourism SEZ in Sanur, Bali, in June, spearheaded by state-owned tourism holding InJourney, which now operates under Danantara. The government expects the Sanur SEZ to help curb the Rp 86 trillion ($5.3 billion) in annual foreign exchange losses from Indonesians seeking treatment abroad, while attracting up to 240,000 patients a year and potentially generating Rp 19.6 trillion ($1.2 billion) in foreign exchange earnings by 2045.