Sugianto Kusuma, one of Indonesia’s wealthiest and most influential businessmen, is leading an ambitious $16 billion real estate project in North Jakarta. The initiative, known as Pantai Indah Kapuk Dua (PIK 2), is set to transform the area into a vibrant urban center complete with a port, a theme park, and potentially even a Formula 1 (F1) race. Located just a 15-minute drive from Jakarta’s international airport, the project aims to become a key part of the capital’s growth and modernization.

Kusuma, the president-director of Agung Sedayu Group, the company behind PIK 2, has revealed that the development will be a long-term undertaking. He is currently in discussions with partners from China and Singapore to build a port, though he declined to share further details about the plans. The project will require significant capital investment, with Kusuma estimating that his company will need over 5 trillion rupiah (around $423 million) in the coming year to continue its expansion.

The Pantai Indah Kapuk Dua development, which is already valued at around $16 billion, will feature a mix of residential, commercial, and leisure spaces. Kusuma envisions this as more than just a typical real estate project; it’s a legacy that will span multiple generations. While the development will not be completed in the short term, Kusuma’s focus is on laying the foundations for the future. “This isn’t a short-term project,” Kusuma noted. “It’s not just about me—future generations will continue the work. But we need to start with a solid foundation.”

Kusuma’s bold vision comes at a time when many developers across Asia are facing challenges. Some large projects have ended up as empty developments, as demand has fallen short and debt levels have risen. In Indonesia, the middle class is also feeling the strain of shrinking purchasing power. Despite these obstacles, Kusuma remains optimistic about the prospects for PIK 2. His confidence stems from a belief that the development’s mix of infrastructure, residential units, and world-class amenities will attract both local buyers and international investors.

Among the unique features of the project are plans for a theme park and the possibility of hosting an F1 race. If these plans come to fruition, PIK 2 could become a major global attraction, boosting tourism and placing Jakarta on the world map as a prime destination for business and leisure. Kusuma’s inclusion of a port, which would improve logistics and trade, adds another layer of ambition to the project, potentially transforming the area into an economic powerhouse.

While many property developers in the region are struggling, Kusuma’s strategy is one of patience and long-term vision. Rather than rushing the project, he is focused on building a sustainable and thriving community. The goal is not just to create a place to live but a dynamic, interconnected area that will serve as a model for future developments in Jakarta and beyond.

As the project moves forward, Pantai Indah Kapuk Dua is poised to become one of the most significant real estate developments in Indonesia’s history. Kusuma’s blend of bold ambition and careful planning could very well set a new standard for large-scale urban projects in Southeast Asia.

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