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View all search resultsThe President has signed a new regulation that now grants direct leaseholds of up to 95 years in the government's bid to attract private investors to foot around 80 percent of the megaproject's estimated US$35 billion bill.
A newly formed Nusantara-owned enterprise is slated to build a movie theater and a zoo in the future capital in East Kalimantan, while the government expects around 300 investors to ink cooperation deals after Independence Day.
The construction of the Nusantara Capital City (IKN) in East Kalimantan has missed its target of having basic infrastructure such as water supply and electricity and some state offices built by the end of this month, forcing the government to delay the capital relocation plan once again and raising more questions about the feasibility of the megaproject.
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