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 ReviewSurbana 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.