A Formula 1 race in Jakarta? That’s just one of the audacious ideas from Sugianto Kusuma, one of Indonesia’s wealthiest tycoons, as he transforms a former slum into a multibillion-dollar metropolis. From a bustling port to luxury hotels, the ambitious project is aiming to put North Jakarta on the global map.
Kusuma, better known locally as Aguan, is spearheading the development of Pantai Indah Kapuk Dua (PIK 2), a sprawling US$16 billion real estate project just 15 minutes from the capital’s international airport.
“It’s going to require huge spending, but we are not building everything in one go,” said Kusuma, whose Agung Sedayu Group co-owns the project. “This isn’t a short-term project, future generations can continue it.”
Already a success story, PIK 2 has seen a surge in demand, with initial property sales tripling last year. Kusuma’s stock has soared by an eye-popping 70,000% since 2021, cementing its place as Indonesia’s top-performing property stock. His vision includes the country’s largest convention centre, set to open next September, a five-star global hotel, and even a race track to attract events like F1.
The project, a collaboration with fellow billionaire Anthoni Salim, seeks to draw tourists to Jakarta, a city overshadowed by Bali’s allure.
“Why don’t they spend a longer time in Jakarta? Because it doesn’t have much to offer. At PIK 2, we will create everything they need.”
While Indonesia faces fierce competition for hosting an F1 race, Kusuma remains undeterred. The ambitious town, already boasting gated communities, restaurants, and golf courses, is being positioned as a tourist magnet with world-class infrastructure.
With talks underway with partners from China and Singapore for a port, PIK 2 is shaping up to be much more than a real estate project—it’s a bold bet on Jakarta’s future, reported Bangkok Post.
In related news, Commerce Minister Pichai Naripthaphan led a star-studded delegation to the bustling 7th China International Import Expo (CIIE), held from November 4 to 6 at Shanghai’s grand National Exhibition and Convention Centre.
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