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View all search resultsDanantara to inject $25m to revive stalled LRT City projects
The LRT City projects, launched in 2016, have been hit by weak property sales, squeezing the cash flow of state-owned construction firm Adhi Karya, which manages the project.
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Property developer LRT City Jaticempaka-Gateway Park project director Ibnu Mahmud Junaidi (left) and Adhi Commuter Properti marketing director Djoko Santoso are pictured at the LRT City project site in Bekasi, West Java, in this file photo. The project, built near a planned light rail transit station (LRT), adheres to the principles of a transit-oriented development, such as being a high-density mixed-use area and walkable. (Kontan/Beyhaki)
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tate asset fund Danantara plans to inject Rp 456 billion (US$25.7 million) to revive 12 stalled apartment projects developed by PT Adhi Commuter Properti (ACDP), subsidiary of state-owned construction firm PT Adhi Karya, as the government seeks to resolve delays affecting thousands of buyers.
Stalled construction had triggered a wave of complaints from buyers waiting years for their apartment units being built by ADCP, a state-owned property developer tasked with building such projects strategically linked to Greater Jakarta’s light rail transit (LRT) network and Commuter Line stations.
“We have a plan to develop all 12 locations,” said Deputy State-Owned Enterprises Minister Aminudin Maruf on Tuesday after meeting with Adhi Karya, as quoted by Kompas.com.
Read also: Minister to hold SOE accountable as LRT City progress stalls
The 12 LRT City projects range from completed developments to those still under construction or yet to break ground, spanning Tebet, Ciracas, Cibubur and Ciputat in Jakarta to Bekasi, Bogor, Cisauk and Sentul in West Java.
Projects with “stronger sales” and “clearer commercial viability” would be prioritized, Aminudin said, while the government emphasized commitment to reviving all 12 sites.
Amin said he was due to visit the project sites within the week, with a meeting with buyers set for Oct. 1 to finalize an inventory of outstanding problems. A resolution plan is expected by Oct. 15.
