The Jakarta Post
Property developer Sinar Mas Land, through PT Bumi Serpong Damai, has formed a partnership with Singapore-based Mitbana Pte Ltd to build transit-oriented developments (TODs) in BSD City, South Tangerang, Banten.
Mitbana, established in March 2019, is a joint venture company of Mitsubishi Corporation from Japan and Surbana Jurong from Singapore.
“With this commitment, Mitbana will become Sinar Mas Land’s largest development partner in BSD City, and we look forward to having our partnership bring even better value to our residents and becoming a model for TOD developments in Indonesia,” said Sinar Mas Land group chief executive officer Michael Widjaja.
Mitbana will work with Sinar Mas Land to transform over 100 hectares of greenfield land in BSD City into TODs comprising residential units, commercial properties, living amenities and public transport nodes. This undertaking will enlarge BSD City’s existing development footprint and expand on its current population of 200,000 residents, Sinar Mas said in a statement.
According to data from the Investment Coordinating Board (BKPM), Singapore was Indonesia’s top foreign investor in the first half of 2020, with a total of US$3.4 billion in realized investments comprising 5,348 projects. During the same period, Japan was the second-largest with investment of US$2.4 billion comprising 3,708 projects, the statement read.
Mitbana CEO Gareth Wong said, “The future growth potential of TODs in Indonesia presents many scalable development opportunities for Mitbana, and we are very excited to make this first step toward realizing our vision of becoming a leading urban development fund that transforms communities through smart, sustainable and social development thrusts.”
BSD City is Sinar Mas Land’s flagship town development that encompasses a total land area of approximately 6,000 hectares.