Nusantara Consortium Opens Investment Path for New Capital City

A group of nine domestic investors, known as the Nusantara Consortium, held a groundbreaking ceremony for a hotel project in the Nusantara Capital City (IKN) on Sept 21.

The project, which will be a five-star hotel named Nusantara Hotel, received US$1.3 billion in funding from the consortium members. They are Agung Sedayu Group, Indofood, Sinar Mas, Pulau Intan, Adaro, Barito Pacific, Astra International, Mulia Group, and Kawan Lama Group.

President Joko “Jokowi” Widodo said he prioritized local investors for the development of the new capital city. “Otherwise, I will get complaints,” he said.

The Nusantara Consortium is not the only group involved in building IKN. Other companies that have joined the project include Salim Group, Djarum, Wings Group, Adaro Energy, and Barito Pacific. The investors were coordinated by Agung Sedayu Group’s boss Sugianto Kusuma, also known as Aguan.

Besides national investors, Jokowi said he had potential investors from South Korea, Japan, Singapore, and the United Arab Emirates. He said they had visited IKN and expressed interest.