Mitbana — a joint venture between Mitsubishi Corp and Surbana Jurong has entered into a strategic partnership with PT Intiland Development’s (Intiland) subsidiary PT Sinar Puspapersada to develop a township and transit-oriented development (TOD) in Talaga Bistari, Tangerang, Greater Jakarta.
The joint venture company PT Inti Mitbana Development which has been effective since August 5 is developing the township and TOD in two phases.
The Talaga Bestari new development comprises two plots of land. The first 40-hectare plot of land will be developed into a township made up of gated cluster landed homes, retail and food and beverages outlets, as well as a new clubhouse for residents.
The remaining 11-hectare piece of land will be developed into a TOD that will feature apartments, retail and commercial spaces integrated with a bus interchange and future rail station.
The first phase of the new 40-hectare development occupies a land area of 3.3 hectares and comprises approximately 218 landed homes. Sales of the cluster landed homes are expected to launch in the fourth quarter this year, the company said in a statement.
Meanwhile, the 11-hectare commercial site will be developed at a later phase and is planned as a TOD integrated with the future Mass Rapid Transit (MRT) station connecting Balaraja – Cikarang on MRT East-West line.
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Mitbana is the 70% majority shareholder of the joint venture and will provide technical advice on the masterplan, urban design and infrastructure of the development. This is its second investment in Indonesia after BSD City, where it is also developing TODs.
Mitbana CEO Yap Shih Chia said Indonesia continues to be its target investment market. “Its strong economic fundamentals and growing middle class give us good reason to remain committed to building sustainable and quality TOD developments in Southeast Asia’s largest economy,” he added.
Intiland will oversee the land preparation, infrastructure development and local stakeholder engagements as well as manage the construction of the project.
This is the developer’s second joint venture with a Singaporean investor. In 2017, Intiland partnered with Singapore’s sovereign wealth fund GIC to develop two integrated mixed-use developments in Jakarta.
The two developments are South Quarter, an integrated mixed-use development in South Jakarta, and Fifty Seven Promenade, a high-rise mixed-use development in Thamrin Central Business District, Jakarta.
