Trio join hands for Indonesia transit-oriented developments

A subsidiary of Sinarmas Land has entered into a strategic partnership with Mitbana, a joint venture fund management company of Mitsubishi Corporation and Surbana Jurong.

This is to develop smart and sustainable transit-oriented developments (TODs) in Indonesia's Bumi Serpong Damai (BSD) City, Sinarmas Land and Mitbana said in a joint statement last Saturday.

Mitbana is a Singapore-headquartered urban development fund set up in March last year that focuses on TODs and township projects in Asean and South Asia.

By leveraging the experience and expertise of Mitsubishi Corporation and Surbana Jurong, it aims to accelerate such developments with the support of institutional capital from third parties, the statement said.

The Sinarmas Land subsidiary is Bumi Serpong Damai (Sinar Mas Land), a property developer in Indonesia with more than 50 projects in the country under its belt. Its flagship town development is BSD City, located in Tangerang in Greater Jakarta.

BSD City spans a total land area of about 6,000ha, about one-twelfth the size of Singapore. It was developed from the mid-1980s and has businesses, schools, shopping malls, hospitals, hotels and convention centres.

Mitbana will work with Sinar Mas Land to transform over 100ha of greenfield land in BSD City into TODs, comprising residential units, commercial properties, living amenities and public transport nodes.

This will enlarge BSD City's existing development footprint, and expand on its current population of 200,000 residents, the statement said.

With this commitment, Mitbana will become Sinar Mas Land's largest development partner in BSD City, Sinar Mas Land group chief executive officer Michael Widjaja said.

Mitbana chairman and Surbana Jurong group chief corporate officer Chong Lit Cheong said Surbana Jurong will support the endeavour with its multidisciplinary urban and infrastructure solutions, while Mitsubishi Corporation will lend its complementary urban development expertise.

Within BSD City, Mitsubishi Corporation has embarked on a gated residential development project with Sinar Mas Land called The Zora, which utilises the former's smart home technology.

Separately, Sinar Mas Land, together with Indonesian conglomerate Citra Mas, have engaged Surbana Jurong to develop a concept master plan for a 62ha eco-digital project in Nongsa, Batam.

Shares of mainboard-listed Sinarmas Land closed at 17.2 cents yesterday, up 13.9 per cent or 2.1 cents.

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