Corruption & Property: Where Did it Go Wrong for the Meikarta Project?
Those consumers and investors who purchased one or more apartment units in the Meikarta megacity project in Bekasi (West Java) are currently facing uncertain times. A new corruption scandal has put the future of the Meikarta project in jeopardy and therefore those who have already bought a Meikarta apartment fear that their money and apartment unit is lost. Those who are still making monthly mortgage payments to the bank, are confused whether they need to continue these payments (hence risking losing more money) or stop the monthly payment.
The Meikarta project, developed by the Lippo Group, is an IDR 278 trillion (approx. USD $19 billion) property project that involves 500 hectares of property development and 100 hectares of open green space. If completed, then it will consist of 250,000 units of prime residential property and 1,500,000 square meters of prime commercial space. Ultimately, the project will consist of 200 skyscrapers, hosting offices, apartments, shopping malls, health care facilities, and educational institutions. It is envisioned to become a modern and integrated city that is able to absorb one million people, and thus an alternative to Indonesia’s polluted and chaotic capital city of Jakarta that is located about 35 kilometers to the west of the Meikarta site.
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This articles discusses:
• the corruption case; where did the Lippo Group and Bekasi officials go wrong?
• legal issues related to land acquisition and the purpose of land in property projects
• what should consumers who have invested in Meikarta do?
• a prediction of the future of the Meikarta project
Read the full article in the October 2018 edition of our monthly research report. You can purchase this report by sending an email to [email protected] or a WhatsApp message to the following number: +6287884106944
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