US, South Korea Join Nusantara's Vertical Housing Push, Investment Reaches $8.9 billion
Key Takeaways
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JAKARTA, Investortrust.id – The Indonesian Capital City Authority (OIKN) announced that total investment commitments for the Nusantara capital project under the public-private partnership (PPP) scheme have surged to Rp 144.3 trillion ($8.9 billion), bolstered by new investors from the United States and South Korea.
According to Agung Wicaksono, Deputy for Funding and Investment at OIKN, two new consortiums from the US and South Korea have pledged funding for vertical housing developments in the capital.
“The entry of consortiums from the United States and South Korea, along with other partner countries, is a clear sign of international confidence in the IKN project,” Agung said in an official statement on Monday, May 26, 2025.
“It also reflects the global market’s positive reception to the PPP-based financing strategy.”
US, Korean Groups Target High-Rise Housing
The US-led consortium comprises PJ-IC International, Bee-Invest, Ozturk Holdings, and Promec Joint Venture, in collaboration with partners from Brunei, Turkey, and Spain. The group has committed around Rp 6 trillion ($369 million) to build 20 high-rise apartment towers in Nusantara.
Meanwhile, the South Korean consortium—led by Samsung C&T and Indonesian state contractor PT Brantas Abipraya—has pledged Rp 6.3 trillion ($387 million) to develop 21 similar towers.
Broader International Participation
OIKN Head Basuki Hadimuljono had previously disclosed a Rp 132 trillion ($8.1 billion) investment pipeline under the PPP model. That figure includes both domestic and international firms, such as Malaysia’s IJM Corporation Berhad and China’s state-owned China Harbour Engineering Co., Ltd. (CHEC).
“These investments will be executed either directly or through consortiums,” Basuki said, adding that the total value remains on track with the agency’s long-term goals.
The construction of vertical housing is one of the top infrastructure priorities in the early phases of Nusantara’s development, particularly to accommodate civil servants relocating from Jakarta.