NAME : AGUS MAHENDRA SYAPUTRA CLASS : C11
SUBJECT : BAHASA INGGRIS DAN TOEFL
STAMBUK : 03120210234
Analysis: IKN offers 'oversubscribing' as part of business gambling
The Nusantara Capital City (IKN) Authority has claimed huge investment interest from the private sector to invest in the capital city within the next two years, but businesses said they were actually taking a gamble by grabbing land in the capital city and would not really invest until a new government was formed after next year’s elections. Until then, investment will come mainly from the government – and state-owned enterprises. Speaking at the World Economic Forum’s (WEF) Indonesia Pavilion in Davos, Switzerland, in late January, IKN
Authority head Bambang Susantono said his party was caught off-guard by huge investment interest from the private sector in projects it offered as multiple sectors swarmed for inquiries.
He said the authority was currently reviewing 71 letters of intent from domestic and foreign firms that were ready to inject funds within the next two years and was in “active discussions”
with 25 of them. Bambang disclosed that the 921 hectares of land made available for initial
investment in 2024 were “oversubscribed 44 times”. As a result, the authority opened up more
of the Core Government Area (KIPP) and even some of the surrounding zones for private-sector
investors, departing from an initial plan to only open up a portion of the KIPP. IKN Authority
data show that 798 ha of land in the KIPP is now available for investors, in addition to 1,070 ha
in the financial zone, 875 ha in the leisure zone and 372 ha in the research zone.
Three property developers with available capital totaling US$2.71 billion are ready to build 184 towers for around 17,000 people. They are a consortium of China Construction First Group (CCFG) and Risjadson Brunsfield Nusantara, which is expected to invest around $2.1 billion, followed by Korea Land and Housing Corporation with $659 million and publicly listed property-firm PT Summarecon Agung with
$109 million. However, according to the Indonesian Real Estate Developers Association (REI), the three property developers mentioned by the IKN Authority were not really investing their money as their
property construction projects were funded by the state budget, just like any other construction projects currently carried out by state-owned infrastructure companies.
Also, out of 4,600 REI members, no more than 50 members were pitching construction projects in Nusantara. The others were taking a wait-and-see approach to see if the new administration after 2024 would continue the IKN project. As private investment has not really come to Nusantara while President Joko “Jokowi” Widodo has targeted to move his office to the new capital in 2024, the government has allocated Rp 43.73 trillion (US$2.9 billion) until 2024 to jumpstart infrastructure and property
development in the capital city. Since last year, the Public Works and Housing Ministry has signed 30
contracts mostly with state-owned infrastructure companies to do infrastructure, government offices and housing construction projects worth Rp 24 trillion. The ministry would bring a total of 16,000
construction workers in February and March to IKN to speed up the construction projects. The ministry targets to build a total 47 apartment towers in IKN this year, with a total budget of Rp 9.4 trillion to house a total of 16,900 civil servants, soldiers and policemen by October 2024. What’s more According to Public Works and Housing Minister Basuki Hadimuljono, Nusantara development adopts a “forest city” concept, and therefore, people would live and work mostly in high-rise buildings to spare more space for green areas.
Landed houses would only be built for high-ranking officials such as ministers. Basuki also said the development in IKN would ensure the city’s sustainability, and therefore, early development included infrastructure projects related to water supplies and flood prevention such as the development of dams, ponds and sanitation. In addition, early construction projects also related to connectivity such as building roads, a toll road connecting to the existing Samarinda-Balikpapan toll road, bridges and a port. Most of those construction projects are allocated to state-owned construction companies such as publicly listed PT Waskita Karya Tbk (WSKT), PT Adhi Karya Tbk (ADHI), PT PP Tbk (PTPP) and PT Wijaya Karya Tbk (WIKA). Because of their major works in IKN, investors are mostly bullish on their stocks this year. What we’ve heard A source in the government said that a number of companies participated in the hearings with the IKN Authority and the Deputy for Development Funding at the National Development Planning Agency (Bappenas). These potential investors were invited to express their interest in the IKN project, especially for commercial housing and electricity, at the end of last January. Some of the names of the companies invited include China Huadian Engineering Co. Ltd, Intiland Development, Masdar Mitra Solar Radiance, and Greenwoods Group. "One of the commissioners of Semen Indonesia was also invited," said the source. He was referring to Sony Subrata, an independent commissioner of state-owned cement maker Semen Indonesia, who was also the former coordinator of Jokowi's social media volunteers in the
presidential election. Another source said that Sony has recently been frequently invited to meetings held by the IKN Authority. He is said to be close to Dhony Rahajoe, Deputy Head of the IKN Authority. "Some say he is an IKN shadow team," said the source. According to one source, the presence of the shadow team within the IKN Authority could not be separated from the lack of smooth relations between Bambang
Susantono, as Head of the Authority, and Dhony as his deputy. Bambang mostly recruited assistance teams from the Asian Development Bank (ADB), where he previously had a career. Meanwhile, shadow teams like Sony Subrta stick to Dhony.
Selected sentences
Also, out of 4,600 REI members, no more than 50 members were pitching construction projects in Nusantara.
Also: adverb out: noun of:preposition 4,600: adjectiv REI:adverb members: noun no: determiner more: adjectiv than: preposition 50:adjectiv
were: to be piching: verb contruction: noun projects: noun in: preposition Nusantara: adverb
Present tense
Formula: S + To be + V + O
(+) Also, out of 4,600 REI members, no more than 50 members is pitching construction projects in Nusantara
(-) Also, out of 4,600 REI members, no more than 50 members is not pitching construction projects in Nusantara
(?) is Also, out of 4,600 REI members, no more than 50 members pitching construction projects in Nusantara
Past tense
Formula : S +to be(was/were)+ V2 + O
(+) Also, out of 4,600 REI members, no more than 50 members were pitching construction projects in Nusantara
(-) Also, out of 4,600 REI members, no more than 50 members were not pitching construction projects in Nusantara
(?) were Also, out of 4,600 REI members, no more than 50 members pitching construction projects in Nusantara
Future tense
Formula : S + will / shall + V1+ O
(+) Also, out of 4,600 REI members, no more than 50 members will pitching construction projects in Nusantara
(-) Also, out of 4,600 REI members, no more than 50 members will not pitching construction projects in Nusantara
(?) will Also, out of 4,600 REI members, no more than 50 members pitching construction projects in Nusantara
Present perfect tense Perfect tense
Formula: S + have/has/had + been + V + O
(+) Also, out of 4,600 REI members, no more than 50 members have been pitching construction projects in Nusantara
(-) Also, out of 4,600 REI members, no more than 50 members have not been pitching construction projects in Nusantara
(?) have been Also, out of 4,600 REI members, no more than 50 members pitching construction projects in Nusantara
Past perfect tense
Formula : S + have/has/had + been + V2+ O
(+) Also, out of 4,600 REI members, no more than 50 members had been pitching construction projects in Nusantara
(-) Also, out of 4,600 REI members, no more than 50 members had not been pitching construction projects in Nusantara
(?) had been Also, out of 4,600 REI members, no more than 50 members pitching construction projects in Nusantara
Past perfect tense
Future perfect tense
Formula : S + Will + have/has/had + been + V1 + O
(+) Also, out of 4,600 REI members, no more than 50 members will have been pitching construction projects in Nusantara (-) Also, out of 4,600 REI members, no more than 50 members will not been pitching construction projects in Nusantara (?) will been Also, out of 4,600 REI members, no more than 50 members pitching construction projects in Nusantara
Past perfect tense
present Continous tense
Formula : S + + To be + Verb +V3
(+) Also, out of 4,600 REI members, no more than 50 members had pitching construction projects in Nusantara
(-) Also, out of 4,600 REI members, no more than 50 members had not pitching construction projects in Nusantara
(?) had Also, out of 4,600 REI members, no more than 50 members pitching construction projects in Nusantara
Past continues tense
Formula : subject + was/were + V1 (ing) + O
(+) Also, out of 4,600 REI members, no more than 50 members were pitching construction projects in Nusantara (-) Also, out of 4,600 REI members, no more than 50 members were not pitching construction projects in
Nusantara
(?) were Also, out of 4,600 REI members, no more than 50 members pitching construction projects in Nusantara
Future continues tense
Formula : S + Will + To be + Verb + Ing + O
(+) Also, out of 4,600 REI members, no more than 50 members will be pitching construction projects in Nusantara (-) Also, out of 4,600 REI members, no more than 50 members will be not pitching construction projects in
Nusantara
(?) will be Also, out of 4,600 REI members, no more than 50 members pitching construction projects in Nusantara
