NUSANTARA, Indonesia -- A consortium of Indonesian conglomerates led by property giant Agung Sedayu Group on Thursday broke ground on the first private sector-backed development project in Indonesia's planned new capital city of Nusantara.
President Joko Widodo attended the groundbreaking ceremony not far from where the new presidential palace will sit, about two hours drive from Balikpapan, the biggest city in East Kalimantan province in the Indonesian part of Borneo island. Facilities to be developed by the private consortium include a five-star hotel, shopping malls, and office towers.
