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Reuters
Reuters
Business

Indonesia to break ground for $2.7 billion housing project in new capital in Q2

Indonesia Bambang Susantono Borneo Borneo island

Indonesia expects to begin construction in the second quarter on apartments worth $2.7 billion for thousands of civil servants due to move to its new capital city on Borneo island, an official said late on Tuesday.

The country announced in 2019 a plan to move its capital city from Jakarta to a forested area in Indonesian Borneo, 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.

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