SOE contractors: PTPP & ADHI profiting from IKN projects
This article has been translated by PwC Indonesia as part of our Indonesia Infrastructure News Service. PwC Indonesia has not checked the accuracy of, and accepts no responsibility for the content.
Bisnis Indonesia - Kontraktor BUMN: PTPP & ADHI tangkap cuan proyek IKN
12 June 2023
By: Nurhansa Mikrefin
Jakarta - Construction state-owned enterprises (SOEs), namely PT PP (Persero) Tbk (PTPP) and PT Adhi Karya (Persero) Tbk (ADHI), are profiting from the payment of construction contracts in Nusantara Capital City (IKN).
PTPP Corporate Secretary Bakhtiyar Efendi said that there were seven projects constructed by the state-owned construction issuer worth Rp3.75 trillion as of May 2023.
One of the IKN projects that is constructed by PTPP that has reached 100% is the construction of Central Government Core Area (KIPP) Phase 1.
Besides that, PTPP is also working on KIPP Phase 2 that has reached 52.14%.
Regarding the construction of IKN projects, Bakhtiyar said that PTPP used the gradual payment scheme. Payments are made in accordance with the construction process using the monthly payment system in line with the contract.
However, he is reluctant to reveal the payment received by PTPP from the construction of IKN projects.
“There is progress, so the company has received payments from the contracts,” Efendi said to Bisnis on Sunday (11/6).
On another development, Adhi Karya recently completed the construction of the construction worker housing tower in IKN worth Rp567 billion.
Adhi Karya Corporate Secretary Farid Budiyanto said that the construction worker housing tower was a joint operation with PT Wijaya Karya Gedung Tbk (WEGE).
“[Payments] for projects in IKN are made with a down payment. Then, the rest of the payment is made in line with the progress,” Farid said to Bisnis on Sunday (11/6).
Another project that is worked on by ADHI that will be completed soon is the raw water channel Sepaku Intake in IKN that has reached 91%. It has passed the commissioning test, and it is set to be completed at the end of June 2023.
ADHI is also working on official landed housing for ministers that has a contract value of Rp291 billion.
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