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Indonesian real estate giant Lippo Group has announced a Rp 278 trillion ($20.9 billion) project to build Meikarta – a whole new city on the outskirts of Jakarta that will house up to 8 million people once finished. Announcing the project in May 2017, Lippo Group’s CEO Dr James Riady said that Meikarta will be ‘the most beautiful and complete’ city the group has ever built, and is intended to be a new economic centre of Indonesia that can compete on a global scale. Previously, Lippo Group has completed eight township development in and outside of Indonesia, but the Meikarta project is by far its biggest investment to date. The ambitious Meikarta project involves the construction of world-class infrastructure and facilities that will include ten five star international hotels, seven malls and commercial retail spaces covering a total area of 1,500,000 sqm, an international financial centre, an industrial research centre, an international exhibition centre, and what is being dubbed as ‘Indonesia’s Silicon Valley’. The city plan will mirror that of New York City, with a grid system to help resolve traffic jams. The properties in Meikarta are not only aimed at premium markets. 60% of houses will be aimed at middle to working class customers, Riady added – making a big contribution to Indonesia’s One Million New Homes programme. The project aligns with Indonesian central government’s vision to make the Jakarta-Bekasi-Cikarang-Bandung area ‘The Shenzhen of Indonesia’, replicating the breakneck development of the southern Chinese city. Meikarta will be built along the Jakarta-Bandung corridor near the Bekasi-Cikarang industrial hub, where thousands of factories, including car plants and electronic manufacturers, are based, placing Meikarta at the heart of Indonesia’s economic activity. These factories produce millions of cars, home appliances and other consumer electronics each year to feed Indonesia’s growing purchasing power. According to Lippo Group’s press release, the Bekasi-Cikarang area is responsible for 60% of Indonesia’s economic activity, with its population set to reach 15 million people in the next 20 years. The Indonesian central government’s current plan is to build transportation hubs and infrastructure in the area to make access to Meikarta easier. These plans include Jakarta-Cikampek Elevated Highway, Patimban Port, and Kertajati International Airport, some of which are already underway.