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Jakarta Post

Land of milk and honey: Businesses think big for new Indonesian capital

  • Riska Rahman and Norman Harsono

    The Jakarta Post

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Jakarta   /   Wed, August 28, 2019   /  10:40 am
The Jakarta Post Image
President Joko “Jokowi” Widodo (third left), along with other officials, looks at a map as he visits Bukit Soeharto in Kutai Kartanegara regency, East Kalimantan on May 7. Bukit Soeharto, was one of several areas that had been nominated for the site of a new capital city.(Courtesy of Presidential Press Bureau/-)

Businesses have begun jumping at the opportunities presented by the capital’s relocation following President Joko “Jokowi” Widodo announcement of the location on Monday. A mere 24 hours after the President officially revealed the new capital would be located in North Penajam Paser and Kutai Kartanegara regencies in East Kalimantan, property developer PT Agung Podomoro Land published an advertisement to promote its latest project, Borneo Bay City, on Tuesday. Despite being located in the province’s financial center of Balikpapan, the publicly listed company dubbed the superblock consisting of a mall, hotels and seven apartment towers as “the best investment in the new capital in East Kalimantan” as it would only take 20 minutes to reach North Penajam Paser via the planned Balikpapan-Penajam highway. “Property and construction businesses w...