Indonesian tycoon eyes theme park, F1 in $21.5b North Jakarta project

A port, a theme park and maybe even a Formula One (F1) race – those are just some of the things that one of Indonesia's richest men believes can be hosted at his ambitious real estate project in North Jakarta.

Mr Sugianto Kusuma, president director and owner of Pantai Indah Kapuk Dua, is in talks with partners from China and Singapore to build a port, but declined to reveal more details.

His company may need in excess of 5 trillion rupiah (S$420 million) in capital expenditure in 2025 to fulfil its expansion plans, he said.

Better known as Aguan locally, Mr Kusuma has an ambitious vision to develop the town called Pantai Indah Kapuk Dua, located in North Jakarta.

The property project, known locally as PIK 2 and now worth around US$16 billion (S$21.5 billion) in market capitalisation, is a 15-minute car ride from the Indonesian capital's international airport.

"It's going to require huge spending, but we are not building everything in one go," said Mr Kusuma, who also runs Agung Sedayu Group, the holding company of Pantai Indah Kapuk Dua. "This isn't a short-term project. It's not going to be built just by me, but future generations can continue it. But we want to lay down a foundation first."