Who Reaps the Profit from Capital City Relocation?

By Editorial Team 29/08/2019
Summary

The government is aggressively moving forward with the capital city relocation plan. Several ministries and institutions are competing to promote the capital relocation from Jakarta to the border of Kutai Kartanegara regency and North Penajam Paser regency in East Kalimantan.

Several parties are already making profits from the long-discussed plan, like property developers who already had land banks in the new capital city. The Ciputra Group, for example, owns lands in Balikpapan and are close to North Penajam Paser. The new capital city would hoist the selling price of the company's property. Meanwhile, Agung Podomoro Land started the Borneo Bay City project in Balikpapan and saw the price soar from Rp 700 million to more than Rp 1 billion after the plan surfaced.

 

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