Sinarmas partners with Mitsubishi-Surbana JV for transit-oriented developments in Indonesia

Jakarta, Indonesia. Photo: Bayu Syaits/unsplash

Singapore-listed property company Sinarmas Land, through its subsidiary Bumi Serpong Damai, has entered into a strategic partnership with Mitbana, a JV between Mitsubishi Corporation and Surbana Jurong, for the creation of “Transit-Oriented Developments (TODs)” in Indonesia’s Bumi Serpong Damai (BSD) city.

On 12 September 2020, Nikkei Asian Review had reported that Mitsubishi has tied up with Temasek to build a smart city in Indonesia. Surbana Jurong is a Temasek-backed company.

BSD City, located in Tangerang, Greater Jakarta, is Sinarmas Land’s 6,000-hectare flagship town development.

Following the partnership, Mitbana will transform over 100 hectares of greenfield land in BSD City into TODs comprising residential units, commercial properties, living amenities and public transport nodes, according to a statement. This undertaking will expand BSD City’s current population of 200,000 residents.

With this commitment, Mitbana will become Sinarmas Land’s largest development partner in BSD City, said Michael Widjaja, group CEO, Sinarmas Land

The future growth potential of TODs in Indonesia presents many scalable development opportunities for Mitbana. The company’s projects in BSD City will be developed over several phases, said CEO Gareth Wong.

Prior to this recent partnership, Sinarmas Land collaborated with Mitsubishi and Surbana Jurong on ‘The Zora’ project, a gated, residential development cluster designed with Mitsubishi’s smart home technology. Separately, Sinarmas Land and another Indonesian conglomerate Citra Mas, have engaged Surbana Jurong to develop a concept master plan for a 62-hectare, eco-digital project in Nongsa, Batam.

According to the Indonesian Investment Coordinating Board, Singapore was Indonesia’s top foreign investor in the first half of 2020, with a total of $3.4 billion in realised investments comprising 5,348 projects. Meanwhile, Japan was the second-largest with investments of $2.4 billion comprising 3,708 projects.

Singapore Reporter/s

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Following vacancies can be applied for (only in Singapore).   

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.