Samsung C&T, a global engineering and construction arm of South Korea’s Samsung Group, is exploring the possibility of building apartment complexes in Nusantara, Indonesia’s planned new capital.
If finalized, the project would be carried out in partnership with Brantas Abipraya, a state-owned Indonesian construction firm.
On May 25, Indonesia’s Nusantara Capital Authority (OIKN) announced that a consortium formed by Samsung C&T and Brantas Abipraya is preparing a proposal to build 21 apartment buildings with a total project value of approximately $388 million.
Samsung C&T clarified that it had expressed interest in the residential development project late last year and that the authority recently designated a potential site.
However, the company emphasized that its participation in the project has not yet been officially confirmed.
Separately, a U.S.-based consortium is pursuing plans to build 20 apartment buildings at a cost of approximately $370 million.
Members of the American consortium include PJ-IC International, Be Invest, Ozturk Holdings, and Promech Joint Venture.
Samsung C&T has shown consistent interest in Indonesia’s new capital development. In 2023, the company signed an MOU with Sinar Mas Land-Indonesia’s largest real estate developer-for collaboration on local smart city initiatives.
Indonesia is moving forward with the construction of Nusantara to address the overpopulation and infrastructure strain in Jakarta, the current capital.
Located on the eastern coast of Borneo, Nusantara will cover a vast area of approximately 632,976 acres.
The total cost of relocating the capital is estimated to range between $29.1 billion and $38.7 billion.
The Indonesian government plans to fund about 19% of the cost, with the remainder expected to come from public-private partnerships and private sector investment. So far, roughly $8.13 billion in funding has been secured.
Indonesia is moving forward with the construction of Nusantara to address the overpopulation and infrastructure strain in Jakarta, the current capital.
Located on the eastern coast of Borneo, Nusantara will cover a vast area of approximately 632,976 acres.
The total cost of relocating the capital is estimated to range between $29.1 billion and $38.7 billion.
The Indonesian government plans to fund about 19% of the cost, with the remainder expected to come from public-private partnerships and private sector investment. So far, roughly $8.13 billion in funding has been secured.
