A consortium of South Korea’s Incheon International Airport Corporation (IIAC), Indonesia’s state-run airport operator PT Angkasa Pura 1 and constructor PT Wijaya Karya Tbk has emerged as the final bidder to develop and operate Indonesia’s Hang Nadim International Airport (BTH).

Business Korea reported that the total value of the project stands at around $531m (KRW600bn) and carries a period of around 25 years.

Pulse News Korea revealed that the final contract is expected to be signed in April.

Global airport operators such as EGIS in France, Zurich Airport (ZRH) in Switzerland, and GMR in India also participated in the bid.

Batam Indonesia Free Zone Authority (BIFZA) is aiming to make the airport into an international logistics and tourism centre.

The consortium will construct a second passenger terminal at Hang Nadim Airport by 2024 and modernise the current one.

The airport common user system (AirCUS) will be also installed.

Currently, IIAC is providing consulting services for airport projects in about 15 countries, including Poland, Turkey and Kuwait.

Last month, Korea Airports Corporation (KAC) signed a four-party memorandum of understanding (MoU) with Hanwha Systems, SK Telecom and the Korea Transport Institute (KOTI) to prepare for urban air mobility (UAM) commercialisation.

The four entities are aiming to commercialise UAM by 2025.

According to the agreement, KAC will be responsible for the construction and operation of UAM Vertiport (take-off and landing sites) and UAM traffic management (TMT).