Indonesia’s new capital Nusantara draws more investor interest after Prabowo presidential win

A photo taken in March 2024 showing the construction progress of Nusantara's presidential palace – the keystone of the new city – and ceremonial plaza.

“After the election, I could see the euphoria, some positive energy ,” Mr Bambang told The Straits Times on the sidelines of the Indonesia-Singapore Business Forum 2024 held at the Hilton Singapore Orchard on March 27.Mr Bambang, a trained civil engineer and economist, added: “I think it’s very clear that we have continuity and sustainability . And the President-elect has visited us, he has also put his confidence in the project.

Mr Bambang said the Nusantara Capital Authority has received 369 letters of intent from interested investors to date, with most of the foreign investor pledges originating from Singapore. In May, more than 130 government officials and businessmen from Singapore – one of the biggest delegations – visited the 2,561 sq km site, which is about three times the size of Singapore.

The construction of Nusantara is expected to be completed in five stages, with the first phase to be done by 2024. Housing for Nusantara’s first residents, who will be civil servants, the armed forces and the police, is expected to be done by July.

Source: Loan Digest (loandigest.net)

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