Speakers
Description
This paper situates Nusantara, officially known as Ibu Kota Nusantara (IKN), within the discourse of speculative urbanism, highlighting its development complexities and uncertainties. Nusantara, Indonesia’s ambitious plan to relocate its capital to Borneo’s forests, covers 256,000 hectares and is projected for completion by 2040. While the core government zone is managed by the central government in partnership with private investors, the extended development zone is shaped by market dynamics and local community initiatives. This dual governance structure sets the stage for speculative urbanization, as private actors and local communities seek to capitalize on increasing land values and new economic opportunities. This paper employs speculative urbanism as conceptual lenses to examine how property development and financial capital interact to drive new urban transformations in Nusantara, which aspires to attain global city status from its origins as forest land. We conducted three field visits to Nusantara between 2023 and 2024. During these visits, we observed development progress and collected data through semi-structured interviews with approximately 25 stakeholders. In this case study, speculation is not merely an economic strategy but also a shared collective imagination. This imagination is shaped by various actors—including the state, private investors, land brokers, local property developers, and local communities—who collectively envision Nusantara’s future as a profitable urban landscape. Thus, Nusantara become a contested space where speculation is widespread and various actors actively participate in the imagined market shaped by powerful narratives. One of the critical roles in this speculation is local land brokers, an often-overlooked intermediary actor/force in the urbanization literature. Local land brokers wield significant influence in shaping local narratives, connecting them to national and global networks, and legitimizing speculative expectations through subsequent government policies and regulations. Their role at the intersection of formal and informal structures strengthens the imagined urban future, reinforcing speculative dynamics at multiple levels. Despite political uncertainties surrounding the continuity of Nusantara’s development, speculation at the local level persists unabated. The unwavering belief in the profitability of land and property investments sustains speculative practices, demonstrating how the collective imagination of Nusantara’s future fuels ongoing city-making processes.
References
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htps://doi.org/10.1177/0308518X231151945
| Keywords | Speculative Urbanism, Urban Future, Imagination, Narratives |
|---|---|
| Best Congress Paper Award | Yes |
