Investment worth IDR 20 trillion will flow to Cikarang

PT Sri Pertiwi Sejati (SPS) has invested a jumbo investment of IDR 20 trillion in Cikarang to develop the new independent city of Cinity. Cinity CEO Ming Liang explained that the project was built on a total area of 500 ha. However, in the initial stages of development it will first be developed by 50 ha. "With a total investment value of IDR 20 trillion, Cinity will be built into an area separate from the industrial city, so that it can be 100 percent township," he said at the launch of Cinity, Wednesday (1/2/2023). According to him, the independent city project will be different from other projects which are generally areas that are integrated with industrial areas in Cikarang. So far, the development of areas integrated with industrial cities has caused health and comfort problems for its residents. He targets to achieve a sales value of up to IDR 2 trillion throughout 2023 after launching the project. The sales value is the total of residential and commercial properties. In its report, property consultant JLL Indonesia stated that most of the demand for industrial areas in the first quarter of 2022 was seen in the Cikarang area. The average occupancy rate for the Cikarang industrial area is 93 percent. This condition cannot be separated from the development of infrastructure which makes Cikarang have continuously developing accessibility and facilities. Starting from the Bandung-Jakarta and Surabaya-Jakarta fast trains, the Double Track Commuter Line, the Cikarang-Balaraja Tangerang MRT, new toll roads to other strategic projects that make mobilization in this area even easier. Along with the increase in industrial areas in Cikarang, the need for commercial and residential areas in this region is increasingly high. On average, industries in this area are multinational companies with the number of expatriate workers reaching more than 22,000 people. The community, both expatriates and locals in this area, still really needs housing in a strategic location that has complete facilities, is safe and healthy. Cikarang as an industrial area center has a strong economic base with the district minimum wage (UMK) level being in the 3rd highest position in Indonesia in 2023. The large number of foreign investors in the Cikarang area has become an ideal market niche for residential needs. Ming Liang also explained that the new city would not only be developed for residential and commercial purposes, but there would be a town square and an Islamic center which would be designed directly by the Governor of West Java, Ridwan Kamil. The company targets the market target in the upper middle segment, including millennials. Ming Liang sees that the characteristics of millennial consumers do not only look at the price factor, but also pay attention to the quality and value obtained when buying a residence. Likewise with shophouse products, millennials will be the targets as young entrepreneurs. Source: https://ekonomi.bisnis.com/read/20230201/47/1623902/siap-siap-investasi-senilai-rp20-triliun-mengalir-di-cikarang