CTRA awaits the completion of the Central Government Core Area (KIPP) before beginning their Ring 2 project
CTRA plans a major development including 10 apartment towers and an integrated MICE concept, with a Rp3.5 trillion investment
By Nasyauqi Valariq, Aisyah Rizki Adinda, Felicia Angeline Widjaja, and Reynard Ahmad Syaifullah.
July 26, 2024 at 16:30 GMT+7
Ciputra Development (CTRA) has yet to begin groundbreaking on its planned project in the Ibu Kota Nusantara (IKN). Located in Ring 2 or outside the Central Government Core Area (KIPP), which is still undergoing development, the project’s start has been delayed.
It is reported that CTRA is postponing the launch of their project until the KIPP IKN construction is completed. According to CTRA’s Director, Budiarsa Sastrawinata, its project will be located outside of Sumbu Kebangsaan, the central pillar of the IKN city structure, and not in the main priority area for the current government development. Therefore, CTRA are still waiting for the ideal time to begin their project.
Sumbu Kebangsaan | Source: URBAN+
Budiarsa declared that the plan would be that once the core development is close to completion, the project would advance to the following stage. Stage II was planned for 2025, focusing on IKN’s development as a vital core area.
He also stated that the CTRA’s project at IKN is an integrated development with a MICE concept, an abbreviation of meeting, incentive, conference, and exhibition. This concept focuses on catering to those needs mentioned and ensuring a comprehensive approach to hosting and managing them.
Additionally, CTRA’s project is a crucial part of a more significant strategy for developing an all-inclusive and multifunctional area within the IKN. This approach includes expanding varied infrastructure and ensuring the area accommodates needs efficiently.
Budiarsa Sastrawinata | Source: Ciputra
Furthermore, Budiarsa indicated that his party is still passionate about constructing a mega-project in IKN as part of the plan. The mega-project comprises 10 apartment towers with an expenditure of Rp3.5 trillion, which will be carried out through the Government and Business Entity Cooperation (KPBU) scheme.
Budiarsa did not specify an exact date regarding when the project will be constructed, but the plan has now reached the feasibility study (FS) finalization stage. “The procedure was likely to be time-consuming,” Budiarsa declared.
After passing the FS, several subsequent stages were expected to be demanding. Ciputra must curate the property design and successfully proceed to the auction stage before setting the groundwork for construction.
Sources:
CNBC
CNN
Ciputra
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