Indonesia, 8 August 2022 – Mitbana, a joint venture between Mitsubishi Corporation and Surbana Jurong, and PT Sinar Puspapersada, a subsidiary of PT Intiland Development Tbk, have entered into a strategic partnership to develop township and transit-oriented development (TOD) on 51 hectares of land in Talaga Bestari, a residential district in Tangerang, Greater Jakarta, Indonesia.
The joint venture company, PT Inti Mitbana Development has been effective since 5 August 2022. The Company will develop the township and TOD in Talaga Bestari in two phases.
The Talaga Bestari new development comprises two plots of land: a 40-hectare plot of land that will be developed into a township made up of gated cluster landed homes, retail and F&B outlets and a new clubhouse for residents, and a 11-hectare piece of land for a TOD that will feature apartments, retail and commercial spaces integrated with a bus interchange and future rail station.
The first phase of the new 40-hectare development occupies a land area of 3.3 hectares and comprises approximately 218 landed homes. Sales of the cluster landed homes are expected to launch in the fourth quarter this year. The 11-hectare commercial site will be developed at a later phase, and is planned as a TOD integrated with the future Mass Rapid Transit (MRT) station connecting Balaraja – Cikarang on MRT East-West line.
Mr Yap Shih Chia, Chief Executive Officer of Mitbana, said, “Indonesia continues to be a target investment market for Mitbana. Its strong economic fundamentals and growing middle class give us good reason to remain committed to building sustainable and quality TOD developments in Southeast Asia’s largest economy.”
Mr Joseph Ueda, President and Chief Operating Officer of Mitbana, said, “Mitbana will leverage Mitsubishi Corporation’s experience in curating urban developments and Surbana Jurong’s technical expertise in urban planning and design to share best practices from Japan and Singapore. Together with Intiland, we want to create a leading sustainable development in Talaga Bestari and foster the building of an inclusive social community.”
Mitbana is the 70 percent majority shareholder of the joint venture, and will provide technical advice on the masterplan, urban design and infrastructure of the development. Mitbana has built into the design more sustainable features including a green belt and central park, an elevated pedestrian and cycling track that connects to the green belt and pockets of green spaces throughout the development. This is Mitbana’s second investment in Indonesia after BSD City, where it is also developing TODs.
Intiland will oversee the land preparation, infrastructure development and local stakeholder engagements as well as manage the construction of the project. This is the developer’s second joint venture with a Singaporean investor. In 2017, Intiland partnered with Singapore’s sovereign wealth fund, GIC to develop two integrated mixed-use developments in Jakarta. The two developments are South Quarter, an integrated mixed-use development in South Jakarta, and Fifty Seven Promenade, a high-rise mixed-use development in Thamrin Central Business District, Jakarta.
Mr Permadi Indra Yoga, Intiland’s Executive Director of Business Development, said, “As a leading property developer in Indonesia, Intiland is in an advantageous position to work with foreign investors who bring to the partnership best-in-class design, township planning and development expertise. We envision the Talaga Bestari development to redefine the next generation of sustainable urban living in Greater Jakarta. Despite the COVID-19 pandemic, we remain encouraged by the market’s strong fundamentals and continued interest in Talaga Bestari homes.”
Mr Permadi Indra Yoga added, “The joint venture has a strategic value for Intiland and the future development of Talaga Bestari. The partnership with Mitbana is a key growth strategy and synergises the strength and experience that both entities possess for property development in the future.”
Talaga Bestari occupies over 270 hectares of land in Cikupa, Tangerang, Greater Jakarta. The area’s urban landscape has transformed in recent years. Fitness facilities, recreational clubs, schools, food centres, retail and entertainment amenities contribute to the vibrancy of the area. The new development by Mitbana and Intiland will enhance the existing lifestyle offerings.
The development in Talaga Bestari is well served with roads that enhance its connectivity and accessibility to key landmarks. It is strategically located near the East Balaraja toll gate, providing convenient access to and from Jakarta and Tangerang, as well as direct access to Jakarta’s Sudirman Central Business District. The development is also close to the Serpong-Airport Toll Road that connects to Jakarta’s Soekarno-Hatta International Airport. Other road accesses are the Serpong-Balaraja toll road which is currently under construction and the future Balaraja-Airport toll road which is located near the new development area of Talaga Bestari.
Mr Suhendro Prabowo, Vice President Director of Intiland (left) and Mr Pang Yee Ean, Board Member of Mitbana (right) at the signing ceremony of the Joint Venture Agreement between Mitbana and Intiland in Jakarta. Mitbana and Intiland entered into a strategic partnership to develop a 51-hectare Township and Transit-Oriented Development in Talaga Bestari, effective on 5 August 2022.
(From left to right) Mr Utama Gondokusumo, Vice President Director of Intiland; Mr Suhendro Prabowo, Vice President Director Intiland; Mr Pang Yee Ean, Board Member of Mitbana; and Mr Permadi Indra Yoga, Business Development Director of Intiland at the signing ceremony of the Joint Venture Agreement. The agreement was signed by Mr Suhendro Prabowo and Mr Permadi Indra Yoga representing Intiland and Mr Pang Yee Ean representing Mitbana.
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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 (TODs), township developments, and associated urban-related infrastructure. It has formed a partnership with leading Indonesian property developer Sinar Mas Land to develop over 100 hectares of greenfield land in Bumi Serpong Damai (BSD) City, Indonesia into smart and sustainable TODs comprising residential units, commercial properties, living amenities and public transport nodes.
For more information, please visit: www.mitbana.com.
Intiland is a leading property developer in Indonesia with more than 45 years of experience. Listed on the Indonesia Stock Exchange since 1991, Intiland has been known as an innovator and trendsetter in the Indonesian property industry. Within a few years, Intiland has developed buildings that quickly became national landmarks: the Paul Rudolph-designed Intiland Towers in Jakarta and Surabaya, and The Regatta, a luxury beachfront development in Pluit, North Jakarta designed by Tom Wright (designer of Burj Al Arab). Graha Family, a main residential development in Surabaya, has become one of the most prestigious residential areas. Intiland currently has a diverse portfolio of property products, including residential areas, office buildings, apartments, building management, industrial areas, and management of sports and golf facilities. In addition to successfully building a number of prestigious projects, Intiland is also proactive in industrial development and social commitment efforts. The company is one of the corporate founders of the Green Building Council Indonesia, and also responsible for Intiland Teduh, a program to help people with low-income to own decent homes. Intiland has become a leading lifestyle property developer.
For more information, please visit: www.intiland.com.