Singapore, 14 January 2022 – Mitbana, a joint venture company of Mitsubishi Corporation and Surbana Jurong, announced a change in its leadership today.
Mr Gareth Wong, CEO, Mitbana, will be exiting the company at the end of January 2022 to pursue a new opportunity. In the interim, Mr Pang Yee Ean, CEO of Surbana Jurong Capital and a current board member of Mitbana, will cover the role of CEO, Mitbana.
Gareth spearheaded the investment thesis for the joint venture, and has led Mitbana as CEO since its establishment in 2019. Under Gareth’s leadership, Mitbana formed a partnership with leading Indonesian property developer Sinar Mas Land to develop smart and sustainable transit-oriented developments (TOD) in Greater Jakarta. This is the first of several exciting TOD and township developments that Mitbana is planning in Southeast Asia, working with leading local developers.
During his tenure at Mitbana, Gareth was also selected to join the World Economic Forum’s cohort of Young Global Leaders in 2021 and promoted Mitbana’s thought leadership at the World Cities Summit, a global platform for government leaders and industry experts to forge partnerships for building better cities. Gareth has also played an active role in promoting smart and sustainable urban development at the Urban Land Institute in Singapore.
Mr Chong Lit Cheong, Chairman of Mitbana and Group Chief Corporate Officer of Surbana Jurong, said: “Gareth has been an excellent leader for Mitbana and ambassador for Surbana Jurong. His leadership, dedication and determination have created a strong foundation for Mitbana’s foray into regional markets. We thank Gareth for his contributions and wish him the very best in his new endeavours.”
Mr Naoshi Ogikubo, Division Chief Operating Officer in Mitsubishi Corporation’s Urban Development Group and a Board Director of Mitbana said: “It was a great privilege and honour to have worked with Gareth over the past years. His commitment and leadership in the establishment and management of Mitbana has definitely strengthened the relationship between Mitsubishi Corporation and Surbana Jurong. We will miss him, but I am confident to say that Mitbana will continue to strive and grow even further with the legacy he has left us. Best wishes for his continued success.”
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Established in March 2019, Mitbana (ミツ バナ) is a joint venture company of Mitsubishi Corporation and Surbana Jurong. Recognising the vast opportunities offered by a rapidly urbanising population in Asia, Mitbana was formed to champion urban development projects in ASEAN (Indonesia, Vietnam & the Philippines) and South Asia (India, Sri Lanka & Bangladesh). The partnership synergises Mitsubishi Corporation’s experience in real estate investments and Surbana Jurong’s technical capabilities in urban and infrastructure planning, with an aim of crowding-in urgently needed capital to catalyse urban developments across Asia.
Structured as an urban development fund, Mitbana has an initial seed capital of US$500 million from its founding shareholders and its investment mandate covers transit-oriented developments, township developments, and associated urban-related infrastructure.
For more information, please visit: www.mitbana.com.