The Transit-Oriented Development is developed by Mitbana and Sinar Mas Land
Indonesia, 1 June 2022 – Mitbana, a joint venture company of Mitsubishi Corporation and Surbana Jurong, together with Sinarmas Land Limited, hosted a visit by Singapore Minister for Trade and Industry (MTI) Gan Kim Yong to the Transit-Oriented Development (TOD) which Mitbana and Sinar Mas Land are jointly developing in Bumi Serpong Damai (BSD) City, Indonesia. Singapore’s Ambassador to Indonesia Mr Anil Kumar Nayar, as well as delegates from MTI, Economic Development Board, Enterprise Singapore and Singapore Business Federation also joined the visit on 31 May.
During the visit, Mitbana and Sinar Mas Land gave the delegates a tour of the TOD site, and an introduction to BSD City, a thriving satellite township in Greater Jakarta where the TOD is being developed. The visit to the TOD site is part of Mr Gan’s visit to Singapore companies with established presence in Indonesia.
Mr Pang Yee Ean, Board Member and Chief Executive Officer (Acting) of Mitbana, said, “Mitbana’s strategic partnership with Sinar Mas Land reflects the strong economic ties and close cooperation that Indonesia has with Singapore and Japan. We are very honoured for the opportunity to host Minister Gan Kim Yong at the Intermoda development site and share with him the projects in Indonesia that we are jointly developing with Sinar Mas Land. When completed, the development will exemplify best practices in urban development from Japan and Singapore and embrace future-ready sustainable living standards.”
Mitbana and Sinar Mas Land will also introduce smart mobility technology by SWAT Mobility, a Singapore-based smart mobility technology firm, to enhance bus services in BSD City, boost ridership on public transport, and improve connectivity to the Jakarta city center. The mobility solution will use smart algorithms to provide demand-responsive services to seamlessly connect commuters transferring between rail and the bus network. The partnership with SWAT is facilitated by Enterprise Singapore.
Mr Michael Widjaja, Group Chief Executive Officer of Sinar Mas Land, said, “We are very excited to receive Minister Gan Kim Yong in BSD City. Singapore and Indonesia have always been close friends and this is exemplified in the partnership between Sinar Mas Land and Mitbana. Our partnership with Mitbana gives us the opportunity to understand urban development standards and practices from Singapore and explore ways where we can introduce smart, sustainable and holistic urban solutions to uplift communities and businesses in Indonesia.”
Mr Joseph Ueda, Managing Director and Chief Operating Officer of Mitbana, said, “For our developments in Indonesia, Mitbana will leverage Mitsubishi Corporation’s experience in curating urban developments and Surbana Jurong’s technical expertise in masterplanning and urban design to create a new precinct with modern lifestyle amenities. Together with Sinar Mas Land, we aim to create a leading smart and sustainable development in BSD City and foster the building of an inclusive social community.”
The sales launch for phase one of the Intermoda TOD will be unveiled later this year.
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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 and the Philippines) and South Asia (India, Sri Lanka and 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.
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 and real estate in Indonesia is also recognised by credible and independent institutions in the world 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), FIABCI World Prix d’Excellence Awards (2019) and ASEAN Energy Awards (2019).
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 or 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 Exchange as PT Bumi Serpong Damai Tbk, and on the Singapore Stock Exchange.
Sinar Mas Land has strong strategic partners such as Mitsubishi Corporation, Aeon, Hongkong Land and local partners such as Kompas Gramedia and Kalbe. For more information, please visit: www.sinarmasland.com.