Danantara Injects Rp 456 Billion to Revive 12 Stalled LRT City Developments

JAKARTA, Investortrust.id — The Indonesian government has pledged to complete 12 stalled LRT City apartment projects to fulfill developer commitments to consumers, backed by fresh capital from sovereign investment agency Danantara Indonesia.

Danantara has committed a capital injection of Rp 456 billion ($28.67 million) into state builder PT Adhi Karya (Persero) Tbk (ADHI) through its property subsidiary, PT Adhi Commuter Properti Tbk (ADCP).

Aminuddin Ma'ruf, Deputy Head of the State-Owned Enterprises Regulatory Agency (BP BUMN), announced the turnaround plan following a meeting with buyer representatives and Housing and Settlement Areas Minister Maruarar Sirait.

"We indeed plan to build all 12 locations," Aminuddin said at the BP BUMN Building in Jakarta on Tuesday, Sept. 15, 2026.

Transit-oriented developments along Jakarta's light rail corridor were billed as flagship public-private housing solutions for urban commuters. Construction halts and delivery defaults on thousands of pre-sold units have undermined buyer trust in state-backed residential offerings. Stepping in with sovereign equity and setting enforceable deadlines reflects an urgent push to protect consumer capital and shield state builders from systemic balance-sheet contagion.

2,400 Homebuyers Left in Limbo

Adhi Karya faces an accelerating deadline to resolve delivery delays affecting 2,400 consumers. Internal company disclosures reveal that out of 5,400 sold LRT City units, 3,000 have been handed over to buyers, while 2,400 units remain unfinished across various locations.

Aminuddin explained that the 12 project footprints range from partially completed towers to parcels where ground construction has yet to start. The portfolio includes developments in Tebet, Ciracas, Cibubur, Oase Park Ciputat, Green Avenue in Bekasi, Grand Central in Bogor, Cisauk, and Adhi City in Sentul.

BP BUMN plans to conduct field inspections across all 12 sites this week to prioritize construction sequencing based on commercial take-up and viability.

"We will identify which site is most feasible to resume first, followed by locations with the highest sales volume," Aminuddin said. "The bottom line is that we intend to build out all 12 locations."

Settlement Framework and Refund Demands

The government established an Oct. 1 deadline for buyer representatives to assemble a complete inventory of project grievances. A final decision on the settlement structure is scheduled for mid-October.

"After the problem inventory is submitted on Oct. 1, we will agree on the project resolution mechanism between Oct. 8 and Oct. 15," Adhi Karya President Director Moeharmein Zein Chaniago stated following the multi-stakeholder meeting in Jakarta on Tuesday.

Ryan Diva, representative of the LRT City consumer association, noted that affected buyers are compiling their inquiries and demands, with many purchasers demanding complete refunds.

Danantara Chief Operating Officer and BP BUMN Head Dony Oskaria emphasized that internal corporate distress must not compromise buyer rights.

"The core of our resolution is that consumers must not suffer losses, because they are blameless—especially first-time homebuyers. This stems from our internal mistakes," Dony stated in a written release on Tuesday. "My instructions are clear: whether we execute refunds first or complete construction, this must be resolved. The projects will not be left abandoned."

Calls for Forensic Audits and Legal Action

Authorities have established an oversight team comprising buyer representatives, the Ministry of Housing and Settlement Areas, and BP BUMN to supervise execution. Aminuddin warned that any detected misuse of authority will be reported directly to law enforcement under existing inter-agency accords.

Housing and Settlement Areas Minister Maruarar Sirait urged comprehensive forensic scrutiny into the operational failures that stranded buyers.

"I have asked Pak Dony Oskaria to audit the state enterprise through an investigative audit," Maruarar said following Tuesday's meeting. "Whoever is responsible must be held accountable, and the law must be enforced carefully to create a deterrent effect so this is not repeated."