The country announced in 2019 a plan to move its capital city from Jakarta to a forested area in East Kalimantan, a project estimated to cost $32 billion. The new capital will be named Nusantara.

Authorities have already started building basic infrastructure in the area, with an aim to start relocating some government administration and civil servants in 2024.

Bambang Susantono, head of the Nusantara National Capital Authority, said his office was in negotiations with three private developers for the housing project: A consortium of China's CCFG Corp and a firm Risjadson Brunsfield Nusantara (CCFG-RBN), South Korean firm Korea Land and Housing Corp and local developer PT Summarecon Agung.

They will build 184 apartment towers for about 14,500 civil servants, military and police personnel under a public-private partnership, he said.

CCFG-RBN is expected to handle the biggest share of the housing project, worth $2.1 billion, according to a presentation made by Bambang on the sidelines of the World Economic Forum in Davos, Switzerland.

"Hopefully we can see in quarter two that some of them [developers] will start the construction," Bambang said during the live-streamed event, as quoted by Reuters.

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