Singapore, 14 September 2020 – Mitbana Pte Ltd (“Mitbana”), has formed a significant partnership with leading Indonesian property developer Sinar Mas Land through its subsidiary, PT Bumi Serpong Damai Tbk. (“Sinar Mas Land”) to advance the creation of smart and sustainable Transit-Oriented Developments (TODs) in Bumi Serpong Damai (BSD) City, Indonesia.
The partnership between Mitbana and Sinar Mas Land seeks to develop first-of-its-kind integrated TODs in Indonesia with new approaches to urban development in a post-pandemic connected world. Leveraging the combined experience, expertise and advanced technologies from Singapore and Japan, Mitbana aims to accelerate such developments in Indonesia with the support of institutional capital from third parties. These developments also support the Indonesian government’s focus on infrastructure development in Jakarta, which will result in better connectivity for commuters and residents.
Mr Gareth Wong, Chief Executive Officer, Mitbana, 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 towards realising our vision of becoming a leading urban development fund that transforms communities through smart, sustainable and social development thrusts. We look forward to working closely with Sinar Mas Land to define and deliver holistic urban solutions to uplift communities and businesses in Indonesia.”
BSD City, located in South Tangerang, Greater Jakarta, is Sinar Mas Land’s flagship town development that encompasses a total land area of approximately 6,000 hectares. Developed since the mid-1980s, BSD City is a thriving development with businesses, schools, shopping malls, hospitals, hotels and convention centres. BSD City has also become home to the Apple Developer Academy, co-run by Apple and a local Indonesian university, as well as an innovation and engineering lab run by Singapore-based ride hailing company Grab.
Building on BSD City’s track record, 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.
Mr Michael Widjaja, Group Chief Executive Officer, Sinar Mas Land, said, “We are very excited to partner Mitbana to shift our flagship development in BSD City into an integrated smart city which is interconnected and accessible to key destinations. 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.”
According to data from the Indonesian Investment Coordinating Board, Singapore was Indonesia’s top foreign investor in the first half of 2020, with a total of US$3.4 billion (S$4.6 billion) in realised investments comprising 5,348 projects. During the same period, Japan was the second-largest with investment of US$2.4 billion (S$3.3 billion) comprising 3,708 projects. Mitbana’s partnership with Sinar Mas Land is a further reflection of Singapore and Japan’s confidence in Indonesia’s vibrant economy and exemplifies a commitment to creating new economic synergies in Asia.
Mr Hidetoshi Suzuki, Chief Operating Officer & Managing Director, Mitbana, said, “This project marks a very important first milestone for Mitbana and I am very glad to be a part of it. I am excited about our partnership and strongly believe that by combining expertise from Indonesia, Singapore, and Japan, we will be able to develop a city like never ever before. Despite the ongoing COVID-19 pandemic, we are confident that we can embark on this project successfully and we look forward to exploring other new projects in ASIA".
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About Sinar Mas Land
Sinar Mas Land is a property developer in Indonesia with more than 40 years’ experience. Sinar Mas Land has developed more than 50 projects in Indonesia. Sinar Mas Land’s success by developing property & real estate in Indonesia is also recognized by credible and independent institutions in the word by obtaining various prestigious international awards such as the FIABCI Golden Award in Andora (2017), MIPIM in Hong Kong (2017), MIPIM Award in France (2018), 2018 Asia Pacific Property Awards in Thailand (2018).
With the support of a solid management team, Sinar Mas Land is known as an independent city developer (through BSD City Development) and a pioneer in the Cluster development / concept-clustered residential housing concepts. In addition, Sinar Mas Land is also a pioneer in developing innovative Strata Mall / Trade Center (ITC) projects in Indonesia. Sinar Mas Land is listed on the Indonesian stock as PT. Bumi Serpong Damai Tbk, (BSDE).
Sinar Mas Land has strong strategic partners such as Sojitz Japan, Aeon, Itochu, Mitsubishi Corporation, Hongkong Land and local partners such as Kompas Gramedia and Kalbe. For more information, please visit: www.sinarmasland.com.