The Nusantara Capital City Authority (OIKN) has granted land rights to five investors who have committed a total of IDR 2.42 trillion in fresh funds. This move aims to provide legal certainty for businesses operating in Nusantara. 

Head of OIKN Basuki Hadimuljono stated that he signed land utilization and land allocation agreements with the five local investors on Tuesday, March 18, 2025. These investors can immediately begin construction on their designated plots. 

“The certificates are meant to kickstart development and ensure that the ecosystem in Nusantara can function as planned,” said Basuki in an official statement on March 19, 2025. 

The five investors who have received land rights in Nusantara are: 

1. PT Citadel Group Indonesia (lifestyle center) 

2. PT Berkat Kalimantan Abadi (food and beverage center) 

3. PT Perintis Pondasi Teknotama (office space, showroom, and public electric vehicle charging station) 

4. PT Perintis Power Investment (mixed sector) 

5. PT Sentra Unggul Nusantara (commercial sector) 

Basuki emphasized that this was the first time land rights documents were signed in Nusantara. Business services in the new capital are expected to begin in March 2025, coinciding with the relocation of civil servants from Jakarta. 

Previously, Basuki targeted an investment flow of IDR 60 trillion into Nusantara by 2025. However, this goal requires government support through public-private partnerships (PPP). 

Basuki has yet to announce a target for purely private sector investments this year. Nevertheless, he reassured that development in Nusantara will continue despite budgetary efficiencies. 

"We have received an additional 4.2 trillion rupiah for basic infrastructure development," he said at the Ministry of Coordinating for Infrastructure and Regional Development on February 21, 2025. 

According to OIKN’s official website, President Prabowo Subianto has approved an additional IDR 8.1 trillion budget for OIKN this year. As a result, OIKN's total budget for 2025 will amount to IDR 13.34 trillion. 

The government has allocated IDR 48.8 trillion for the continued development of Nusantara until 2029. Most of this budget will be used to build the parliament building, judicial institutions, and supporting infrastructure. 

This article is published in partnership with Katadata 

Original article here