Mitsubishi Temasek JV Invest in Indonesian Transport Complex Project
Posted on 04/14/2021
Formed in March 2019, Mitbana Pte. Ltd. is a joint venture company of Mitsubishi Corporation (MC) from Japan, and Surbana Jurong (SJ) from Singapore. Mitbana’s (ミツ バナ ) name (pronounced “Mit-bana” in English, or “Mitsu-bana” in Japanese) is derived from combining the names of the company’s shareholders. Surbana Jurong Private Limited is a Singaporean government-owned consultancy company focusing on infrastructure and urban development. As of July 2016, Surbana Jurong is wholly owned by Temasek Holdings.
Mitbana and Sinarmas Land Limited (SML) through its subsidiary, PT Bumi Serpong Damai Tbk. (BSDE), announced that they will be jointly developing the first interconnected multi-modal transport complex in Greater Jakarta. This project is Mitbana’s maiden undertaking in Indonesia and is part of a growing partnership with SML.
The new Transit-Oriented Development is located in the Intermoda district in Bumi Serpong Damai City, BSDE’s largest established and satellite township in Greater Jakarta.
Construction of the Intermoda TOD, which has a total development value of approximately S$200 million, is expected to commence in phases starting from 2022.
As the 60% majority shareholder of the joint venture, Mitbana will introduce best practices in urban development from Japan and Singapore and embrace new technologies to create future-ready TODs.