Rising from Dispute with China, Indonesia 1 Apartments to Open in 2029
JAKARTA - The construction of the twin skyscraper Indonesia 1 on Jl MH Thamrin in Central Jakarta is entering its final phase after being held back by a prolonged conflict.
The project, which once symbolised the dispute between Media Group and China Sonangol, includes office spaces, retail areas, and apartments.
The apartments in particular are scheduled to begin operations in 2029, offering 140 units of luxury apartments.
Head of Research at Colliers Indonesia, Ferry Salanto, assesses that although new supply is emerging, Jakarta’s apartment market still faces absorption challenges.
“Overall, Jakarta’s apartment market remains in a phase of slow recovery. Developers are now more cautious in determining the timing of new project launches to ensure their units are absorbed by an increasingly selective market,” said Ferry in the Colliers Quarterly Q1-2026 report, quoted by Kompas.com on Monday (20/4/2026).
The journey of Indonesia 1, a project with an investment value of Rp 8 trillion whose groundbreaking was officiated by Joko Widodo (Jokowi), has been far from smooth.
The project was initially designed as a collaboration between Media Group, through PT Surya Indonesia Satu Properti, and the energy giant China Sonangol. The two formed a collaboration named China Sonangol Media Investment (CSMI).
From Kompas.com records, the conflict erupted when Media Group claimed there was a breach of contract regarding share ownership and unfulfilled investment commitments by China Sonangol.
The physical condition of the abandoned building in the city centre became a stark contrast to the project’s initial ambition to showcase luxury and cutting-edge technology.
After going through a complicated process of negotiation and ownership restructuring, control of the project finally changed.
The entry of new investors provided a lifeline for the continuation of construction, which has now reached the final stage of structural completion.
With the dispute having subsided, focus has now shifted to physical completion and supporting facilities.
“As many as 140 apartment units prepared are designed to target the upper-class market segment,” stated Ferry.