Developer owned by Widjaja family, Sinarmas Land Ltd., joined wit Japan Overseas Infrastructure Investment Co., formed a joint venture firm, JOIN SML Investment Partners Pte. Ltd. - Photo by the Company

JAKARTA (TheInsiderStories) – Developer owned by Widjaja family, Sinarmas Land Ltd., joined wit Japan Overseas Infrastructure Investment Co., (JOIN) formed a joint venture company (JVC), JOIN SML Investment Partners Pte. Ltd., it said on Tuesday (11/10). Both parties has injected fresh capital US$2 million in the new entity with 50:50 ownerships.

The signing of the agreement was carried out in Singapore on Nov. 9. President director and CEO of JOIN, Tatsuhiko Takesada, said the company keep looking overseas projects and bringing investment opportunities and encouraging Japanese companies to participate in development and urban transportation projects.

While, Sinarmas Land Group‘ CEO, Michael Widjaja commented, “This JVC focuses on infrastructure projects and transit-oriented developments. Its also expected to contribute positively to the development of our township.”

JOIN is an investment institution sponsored by the Japanese government and private sector. The company was founded in October 2014 and aims to encourage Japanese companies to leverage their knowledge, technology and experience in the infrastructure sector to expand outside Japan.

So far, the company has penetrated Brazil, Malaysia, Myanmar, India, the Republic of Palau, Vietnam, United States, Russia, Thailand and Canada. In Indonesia, JOIN has invested in seven projects from 2016 – 2020, consisting of two brown and five green field projects.

With the Sinarmas Group, the firm collaborated on the BSD City Mixed-use project in 2016. Participating in this project are Mitsubishi Corporation, Nishi – Nippon Railroad, Hankyu Hanshin Properties and Keikyu.

While, PT Bumi Serpong Damai Tbk (IDX: BSDE), a subsidiary of Sinarmas Land, established a strategic partnership with Mitbana Pte. Ltd., a joint venture between Mitsubishi and Singapore’ Surbana Jurong Pte. Ltd. Both aimed to build a transit-oriented development project on an area of ​​more than 100 hectares with a smart city concept in Serpong, Tangerang.

The announcement of this cooperation complements data from the Investment Coordinating Board that Singapore became the highest foreign investor in the first half of 2020 with a total amount of US$3.4 billion in 5,348 projects. In the same period, Japan was the second foreign investor with an investment of $2.4 billion through 3,708 projects across the archipelago.

Gareth Wong, CEO of Mitbana, stated, “Indonesia has a bright TOD potential in the future as well as a great opportunity for us. As the world is struggling with the COVID-19, Mitbana is looking for relevant methods to answer people’ needs and desires for the environment in the future.”

Cooperation with Mitsubishi Corporation is carried out through the development of The Zora area in BSD City, which is an exclusive residential zone with leading smart-home technology from Mitsubishi. In another township, Sinar Mas Land is working with Citra Mas to appoint Surbana in developing the concept of the Eco Digital Project master plan in Nongsa, Batam, Riau Islands, covering an area of ​​62 hectares.

Founded in March 2019, Mitbana is a Singapore-based company with a focus on city-scale development and TOD in Southeast Asia and South Asia. The collaboration between Sinar Mas Land and Mitbana will create an integrated TOD-based development based on current urban trends, especially with the current post-pandemic considerations.

While, Surbana was founded in June 2015 through a merger of the House Development Board with Jurong Town Corporation which has played an important role since the beginning of residential and industrial development in Singapore. To date, the developer continues to contribute significantly to developing urban areas in Singapore with housing projects, roads, airports, basements, coastal areas and other major infrastructure.

Chong Lit Cheong, Chairman of Mitbana and Group CCO of Surbana, explained, “Mitbana’ collaboration with Sinar Mas Land in BSD City will put us first in sustainable development in Asia.”

While, the trading company from Japan, Mitsubishi has a comprehensive Urban Development Group in-house team in real estate, infrastructure, leasing and trade banking worldwide. This working group has a mission to support large-scale and value-added urban development for social and environmental needs.

Hiroshi Nakanishi, general manager of Mitsubishi in Singapore, said, “We believe in Indonesia’ development potential which continues to motivate us to provide our best products and technology in this project.”

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