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Business trends

Indonesian developers rush to join capital relocation project

Government's announced farewell to Jakarta expected to create 500,000 jobs

Indonesian President Joko Widodo announces the relocation of the country's capital, a move that is expected to boost the nation's economy by 2%.   © Reuters

JAKARTA -- A day after President Joko Widodo announced his plan to move Indonesia's capital to East Kalimantan Province, property developer Agung Podomoro Land placed a full-page ad in a national newspaper offering investment opportunities in a new apartment and commercial complex in the province's largest city.

"Borneo Bay City, world-class resort ... best investment in the new capital in East Kalimantan," reads the ad, published in Kompas on Tuesday. It adds that the "superblock" will consist of luxury apartment towers, a five-star hotel, shopping malls and other facilities. Further, it will be "strategically located," a 20-minute drive from the future capital.

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