November 26, 2024

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Steven Kusumo, CEO of Agung Sedayu Group, delivers a presentation on the Pantai Indah Kapuk 2 development project, at the Marketing Gallery Sedayu Indo City in Jakarta, Indonesia, Friday. (Song Seung-hyun/The Korea Herald)

JAKARTA, Indonesia -- Over three decades have passed since South Korea embarked on the construction of "new residential towns" in satellite cities. However, the initial goal of creating self-contained cities seems has been mostly unsuccessful, with most ending up as bedroom communities.

Pantai Indah Kapuk 2 (PIK 2), a new town and satellite city in Indonesia, envisions a similar goal to Korea's, having been designed as a hub where people can "work, live and play," according to the company."

In line with this vision, the area boasts diverse facilities, including golf courses, a Chinatown, a central business district, and a beach that will be dubbed "mini Bali." This beach is scheduled to open at the end of December, the company said.

Around 100 guests, including Korean business leaders invited by Herald Corp., the publisher of The Korea Herald and Herald Business, took part in a tour program of PIK 2 on Friday.

Daewoo Engineering and Construction Chairman Jung Won-ju also took part in this tour, organized by Agung Sedayu Group, a leading Jakarta-based property developer.

Upon the completion of town development project PIK 1, Agung Sedayu Group and Indonesian conglomerate Salim Group forged a partnership to embark on another large-scale development project, PIK 2, spanning approximately 6,000 hectares.

"If you compare Korean projects and our project ... we are in our very infancy stage, but what we can attribute is that we are growing exponentially," said Steven Kusumo, CEO of Agung Sedayu Group, during his presentation about the project at the group's Marketing Gallery Sedayu Indo City in Jakarta.

PIK 2 is strategically situated approximately 7 minutes from Soekarno-Hatta International Airport and 30 minutes from central Jakarta.

This strategic location offers exceptional advantages for global connectivity, business expansion, and diverse investment opportunities, as emphasized by the Indonesian company.

"Japanese investors are also planning to establish a Japanese town here for executives conducting business in Jakarta. Its proximity to the airport is its most appealing feature," stated Fionna Chrysanti, head of the public relations department at Agung Sedayu Group.

In addition to more luxurious residential clusters in PIK 2 such as the Tokyo Riverside Apartment, there is also a separate cluster of small-sized homes called "millennial houses"

"It is for young people or newlywed couples seeking affordable and independent housing options," Chrysanti said.

Although construction is still ongoing in many parts of PIK 2, residential occupancy in the town began in 2021. Approximately 80 percent of the land has been sold, according to company officials.

By Song Seung-hyun  (ssh@heraldcorp.com)