Indonesia's newest billionaire after mysterious stock surge

"There were concerns before about whether we could execute what we had promised to customers, but we've proven ourselves," Po, 37, the chief operating officer and controlling shareholder of PT Pollux Properti Indonesia, said in an interview.

"The shares have very little liquidity, so the price might not necessarily be a reflection of the company's fundamentals," said John Teja, a director at PT Ciptadana Sekuritas in Jakarta. Fahri Hilmi, a capital markets director at Indonesia's Financial Services Authority, known as OJK, said the group was coordinating with the exchange regarding Pollux Properti's rise.On paper, the gains have lifted Po's net worth to US$3.6bil, according to the Bloomberg Billionaires Index. He owns 85 per cent of the company , via two holding firms. Po also has a 90 per cent stake in the family's Singapore-listed property business in Singapore, Pollux Properties Ltd.

Long the poor cousin to neighbouring Bintan, where those seeking a weekend getaway can stay at resorts with rooms starting from $1,000 a night, Batam will soon be home to Meisterstadt Batam. Po, who declined to comment on his family's wealth, was born in Semarang and came to Singapore for an education, studying computing at the National University of Singapore . He got his start in real estate in the city-state and later shifted his focus back to Indonesia, where housing and infrastructure needs have been escalating as the population grows."I spearheaded the expansion into property," Po said of his transitioning of the business several years ago.

Po also sees opportunities linked to Indonesia's plan to move its capital from Jakarta to the island of Borneo. Pollux Properti doesn't own any land in the area yet, but has begun a feasibility study on several potential sites, he said.

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