JAKARTA - A Chinese foreign investment company (PMA), PT Star Bright International Investment, started construction of a Rp1.25 trillion integrated area project in Sub WP 1B of the Central Government Core Area (KIPP) of the Nusantara Capital City (IKN), Wednesday, July 15.
The project is the first construction realized by a PMA company in IKN and is targeted to be completed by the end of 2026.
PT Star Bright International Investment is engaged in investment, property development and project management on an international scale.
In the construction of the IKN, the company is working with Zhongda Jiancheng Engineering Management Group Co., Ltd. from Sichuan, China.
Head of the IKN Authority Basuki Hadimuljono said the project location is in a strategic area because it is close to the Nusantara government center.
"This location is very special. From here we can see the State Palace as well as the judicial and legislative areas that are currently being built," said Basuki as quoted from a written statement, Thursday, July 16.
The project is built on an area of 15,501 square meters and will present an integrated area, consisting of apartments, restaurants, retail areas and offices.
The housing built provides one to three bedroom units equipped with a family room. The area will also be equipped with a swimming pool, fitness center, commercial area, and green open space with a sustainable development concept.
President Director of PT Star Bright International Investment Lu Keming said his party was optimistic about the prospects for the development of Nusantara as a new city.
"I have experience seeing the development of a city from the initial condition which is still empty. I believe that IKN will become a beautiful city because it was built from the beginning. The team from China is also interested in investing in the hospitality and tourism sectors," he said.
In addition to involving foreign investors, the project also collaborates with contractors from East Kalimantan as part of efforts to empower local business actors and encourage regional economic growth.
On the same occasion, PT Dian Jaya Indonesia, a South Korean PMA company, was also present and will develop an apartment and hotel project in the WP KIPP Sub WP 1B area.
The construction laying ceremony was also attended by a number of prospective investors and business delegations from China, including from Wan Tong Group, China Minsheng Bank, Jiangsu Qi He Technology, Jiangsu Shu Jun Technology, Beijing Jin Jia Tong Neng Environmental Technology Group, Shanghai San Ding Technology, Hainan Chamber of Commerce, Indonesia's Chinese Bridge Training School, Xing Yao International Investment and Liu Dian Group.
The IKN Authority assessed that the presence of the delegates reflected the interest of international investors in investment opportunities in IKN.
Meanwhile, the construction of the judicial and legislative areas which are around the project location is targeted to be completed in 2028.
The IKN Authority stated that the physical development of Phase II was being accelerated to support the IKN's target as the political capital in 2028 in accordance with Presidential Regulation (Perpres) Number 79 of 2025.
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