Private estate: Prabowo on his visit to Egypt. The President’s revocation of strategic designation for the coastal development follows legal and spatial planning violations, yet officials and developers insist the project momentum remains intact. — AFP
JAKARTA: President Prabowo Subianto has revoked the National Strategic Project (PSN) status for the PIK 2 development owned by Sugianto “Aguan” Kusuma’s Agung Sedayu Group and Salim Group following a Supreme Court ruling declaring the project’s designation unlawful.
Coordinating Economy Minister Airlangga Hartarto said on Monday that the government had only granted PSN status to the tourism-related segment of the project, not its broader real estate development, and that the delisting followed a formal review.
