Paradise Indonesia Has No Interest In Building Hotels At IKN Currently

INPP President Director Anthony P Susilo (left). (Photo: Theresia Agatha/VOI)

JAKARTA - PT Indonesian Paradise Property Tbk (INPP) will prepare an allocation of capital expenditure (Capex) of IDR 1 trillion in 2024.

INPP President Director Anthony P Susilo said the capex prepared by the company this year has doubled compared to 2023.

"It can be said that before 2023 the average capex in Paradise was Rp. 300 billion annually, in 2023 it had reached Rp. 500 billion and in 2024 it had reached Rp. 1 trillion," said Anthony after being met on the Business Presentation 2024 agenda. Paradise Indonesia in Jakarta, Monday, January 29.

Despite having a large enough capex budget, Anthony admitted that his party has not yet had an interest in investing in the National Capital City (IKN) of the Archipelago.

He said that the jumbo capex budget prepared by his party would only focus on using a number of commercial projects, starting from the construction of 23 Semarang malls, the extension of 23 local shopping centers in Bandung and the preparation of hotel construction in Balikpapan.

"We (will carry out development) near IKN, maybe opposite. However, not yet because to be honest, I am talking about focusing on existing development," he said.

In addition, Anthony is of the view that the INPP business portfolio is still not suitable to immediately expand into the IKN region.

This is because INPP itself is focusing on developing properties in the form of urban high rise development.

According to him, generally the construction of new cities must begin first with the construction of low density housing in the form of landed houses.

"If the law of nature is reversed (not initiated by the development of low density housing), in the midst of the desert being built high rise, it will create extraordinary dedication. Currently, the government is right to embrace partners who are indeed many in the residential landed house world," he added.