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Investor Daily - WIKA garap jalan tol IKN senilai Rp1,2 T
13 February 2024,
By Ichsan Amin
Jakarta, ID – Wijaya Karya (Persero) Tbk (WIKA) has been assigned by the Public Works and Housing (PUPR) Ministry to undertake the construction of Section 3B-2 of the Nusantara Capital City (IKN) toll road. This section includes the KKT Kariangau-Tempadung Interchange segment.
WIKA President Director Agung Budi Waskito announced that the company would be collaborating with PT Waskita Karya (Persero) Tbk (WSKT), PT Jaya Konstruksi (Jakon), and PT PP (Persero) Tbk (PTPP) in a joint operation for the construction of the IKN toll road project assigned by the PUPR Ministry. WIKA's share in this project amounts to Rp1.2 trillion.
According to him, the IKN toll road is set to be completed in June 2025. WIKA's involvement in the project covers Section 3B-2, incorporating the KKT Kariangau-Tempadung Interchange segment. This segment is situated within the 7.3 kilometres (km) stretch of the main road segment in Section 3B.
“It will connect the main road of Section 3B of the IKN toll road to the Kariangau road. To improve connectivity in East Kalimantan, especially from and to Nusantara Capital City, the toll road will also have two wildlife crossings in the area,” he said in Jakarta on Monday (12/2/2024).
Agung Budi Waskito said that securing the contract for Section 3B-2 of the IKN toll road that encompasses the KKT Kariangau-Tempadung Interchange segment reflected the trust and support from stakeholders and banks. This is evident through the bank guarantees outlined in the master restructuring agreement (MRA) between WIKA and several financial institutions.
He mentioned that the MRA provided the company a more expansive room to pursue new contracts in 2024. “This support serves as a foundation for WIKA to advance and fulfil its entrusted tasks, ensuring optimal benefits for the people,” he added.
A banking observer and payment system practitioner, Arianto Muditomo, said that the MRA would positively impact Wijaya Karya’s debtors.
According to him, the agreement will alleviate the company’s financial burden, demonstrate investor trust, and enhance the company's financial structure in the short term.
“Meanwhile, in the long term, they will empower WIKA to seize opportunities, streamline operations for greater cost efficiency, reassess core competencies to boost competitiveness, and secure new projects.,” Arianto said when contacted by Antara in Jakarta recently.
Arianto noted that WIKA's restructuring endeavour is well-suited to restore the company's finances, attain financial stability, and enhance competitiveness despite potential risks and uncertainties.
“Establishing an MRA with creditors is crucial for WIKA to uphold financial stability, cultivate investor trust, bolster competitiveness, and unlock new opportunities,” Arianto explained.
Meanwhile, a state-owned enterprise (SOE) observer from Universitas Indonesia (UI), Toto Pranoto, said that the MRA was a way for WIKA to resolve its financial issues.
According to him, the MRA provides a solid foundation for each party to manage WIKA's debt position effectively, allowing for precise and monitored resolution.
“The MRA can be an excellent alternative for WIKA to address its debts,” Toto said.
Phase 1 operating in July
The IKN toll road project is part of the road network that connects Balikpapan to the Central Government Core Area (KIPP) within IKN in North Penajam Paser through Balang Island Bridge.
In mid-January 2024, PUPR Minister Basuki Hadimuljono visited the project site to assess its preparedness. He mentioned that the quality of the IKN toll road must be better than other toll roads.
“It means that, on top of being timely, its quality must also be ensured. If there are issues, they must be identified and addressed for improvement. The target is to have phase 1 completed and operational by July 2024,” Minister Basuki said.
The construction of the IKN toll road has realised three sections, namely Section 3A (Karangjoang-KKT Kariangau) spanning 13.4 kilometres with progress at 48%, Section 3B (KKT Kariangau-Tempadung Interchange) spanning 7.3 km with progress at 57%, and Section 5A (Tempadung Section-Pulau Balang Bridge) spanning 6.7 km with progress at 67%. Basuki is targeting the three sections to be completed and functional in July 2024.
Meanwhile, land procurement and construction have commenced for Section 6A (Riko-IKN Outer Ring Road Plan) and Section 6B (IKN Outer Ring Road Plan-ITCI Interchange 3). The progress of Section 6A reaches 4.8% and Section 6B reaches 17.5%.
The IKN toll road will shorten travel time from Balikpapan to the KIPP in IKN. Previously, the route used Balikpapan-Samarinda (Balsam) toll road and Sepaku highway, taking 2 hours and 15 minutes to cover a distance of 95 km. With the new IKN toll road, the travel time is expected to be only 45 minutes, covering a distance of 57 km. On the toll road, there are also trees planted that are endemic to Kalimantan on the side of the road, which is in accordance with IKN’s principle to be a smart forest city.
The PUPR Ministry mentioned that connectivity to IKN was continuously improved by continuing the beautification of Balang Island Bridge that has completed construction in 2021. Security and beautification activities have been implemented since September 2022. These endeavours encompass a range of activities, such as the installation of the Structural Health Monitoring System (SHMS), deployment of concrete block armour, creation of a landscape park within the building area, establishment of a Bridge Information Centre, development of a playground, construction of shophouses, provision of public toilets, establishment of a mosque, installation of security posts, deployment of a floating dock, integration of solar panels, and the construction of an amphitheatre.
The construction of Balang Island Bridge consists of a main bridge spanning 804 meters, a bridge approach covering 167 meters, and an access road extending over 1,807 meters. The beautification efforts are incorporated within the fender package, along with the construction of supporting buildings, all funded with a budget of Rp306 billion from the state budget (APBN).
