JAKARTA (TheInsiderStories) – A joint venture company owned by Singapore’ Surbana Jurong and Japan’ Mitsubishi Corp., Mitbana Pte. Ltd., announced to build a intermodal transportation complex in Indonesia with PT Bumi Serpong Damai Tbk (IDX: BSDE). Both companies prepared up to S$200 million (US$149.25 million) for the transit oriented development (TOD) .
This is Mitbana’ first project in the country and is part of a partnership with Sinarmas Land. The TOD is located in Tangerang, Banten, and will connect various public transportation such as roads, trains, park and ride facilities to Central Jakarta.
CEO of Mitbana, Gareth Wong, said the company’ vision is to develop new urban areas with modern services and more accessible public transportation. He adds, the project will start in stages starting 2022. Later, the TOD will consist of residential apartments, commercial properties, lifestyle facilities, and public transportation.
“Together with Sinarmas Land, we want to create a smart and sustainable development area in BSD City and encourage the development of an inclusive social community,” explained the COO of Mitbana, Hidetoshi Suzuki, in a statement released on Monday (04/12).
While, CEO of Sinarmas Land Group, Michael Widjaja commented, with this partnership, Mitbana will become their largest development partner in BSD City. In Indonesia, Sinarmas Land and Mitsubishi has carried out the development of The Zora areas in Tangerang.
In another township, Sinar Mas Land is working with local partner, Citramas Group, to appoint another Singapore’ firm, Surbana Jurong, to develop Eco Digital Project master plan in Nongsa, Batam, Riau. The projects covering 62 hectares of land.
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.
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.
Earlier, joined wit Japan Overseas Infrastructure Investment Co., (JOIN), the group formed JOIN SML Investment Partners Pte. Ltd., with initial capital $2 million in the new entity with 50:50 ownerships. Widjaja stated, this joint venture focuses on infrastructure projects and TOD and the development 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.
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