An aerial view of the area around Kutai Kartanegara, near the location of Indonesia’s proposed new capital. Photo: AFP

Property speculators already rushing in to buy land around Indonesia’s new capital

  • President Joko Widodo this week announced plans to build a US$33 billion new capital on Borneo island, to ease pressure on a congested and sinking Jakarta
  • The news has led to increased prices in the area, and the country’s property industry wants the government to rein in those seeking to profit from the soaring demand
Topic |   Indonesia

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An aerial view of the area around Kutai Kartanegara, near the location of Indonesia’s proposed new capital. Photo: AFP
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