Sutedja & Partners in association with Gurbani & Co LLC Advise PT Risjadson Bhumi Nusantara on its Involvement with the Housing Development Project in the Nusantara Capital City.

Sutedja & Partners in association with Gurbani & Co LLC (”S&P”) advise an Indonesian housing and community development company, PT. Risjadson Bhumi Nusantara (”RBN”) in relation to the opportunity to participate in the New Capital City of Indonesia (”IKN”). The projects aim to implement RBN’s modern construction methods into the development of the ventures.

For the IKN Project, RBN has formed a consortium with China State Owned Enterprise CITIC Construction, known as the Nusantara Consortium. The consortium has secured preliminary approval to participate in the IKN Project, currently under the feasibility study evaluation by the Indonesian Ministry of Public Works and Housing. Upon receiving necessary approvals, the project is set to construct 60 tower of apartment residents for civil servants, police and armed forces. The estimated project value stands around IDR 13.4 Trillion, with an expected construction period of 2.5 years and a subsequent 15-year operation and maintenance phase.

The Nusantara National Capital Authority has identified the housing sector, where RBN participates, as one of the top priority sectors for IKN development. The S&P Team led by Andrew Sutedja has been leading in advising RBN on the matters, with the support from associates.

Mr. Wicaksono, Deputy for Funding and Investment of Otorita Ibu Kota Nusantara (“OIKN”), commented on the IKN deal, “The objective of today’s market-sounding event is to attract interest from other investors, as the PPP scheme is [conducted] in the spirit of competition.” In RBN’s ongoing journey through the competition within IKN stages, S&P continues to support RBN in their endeavours.

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