Mitbana, a joint venture between Mitsubishi Corporation and Surbana Jurong, and PT Sinar Puspapersada, a subsidiary of PT Intiland Development Tbk, have entered into a strategic partnership to develop a township and transit-oriented development (TOD) on 51 ha of land in Talaga Bestari, a residential district in Tangerang, Greater Jakarta, Indonesia.
The joint venture company, named PT Inti Mitbana Development, has been effective since 5 August 2022. It plans to develop the township and TOD in Talaga Bestari in two phases.
The new development comprises two plots of land: a 40-ha plot of land that will be developed into a township made up of gated cluster landed homes, retail and F&B outlets and a new clubhouse for residents; and a 11-ha piece of land for 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-ha development occupies a land area of 3.3 ha and comprises approximately 218 landed homes. The 11-ha 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.
“Indonesia continues to be a target investment market for Mitbana. 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,” said Yap Shih Chia, CEO of Mitbana.
Joseph Ueda, president and chief operating officer of Mitbana, said, “Mitbana will leverage Mitsubishi Corporation’s experience in curating urban developments and Surbana Jurong’s technical expertise in urban planning and design to share best practices from Japan and Singapore. Together with Intiland, we want to create a leading sustainable development in Talaga Bestari and foster the building of an inclusive social community.”
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. The company has built into the design more sustainable features including a green belt and central park, an elevated pedestrian and cycling track that connects to the green belt and pockets of green spaces throughout the development. This is Mitbana’s second investment in Indonesia after BSD City, where it is also developing TODs.
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.
Permadi Indra Yoga, Intiland’s executive director of business development, said, “As a leading property developer in Indonesia, Intiland is in an advantageous position to work with foreign investors who bring to the partnership best-in-class design, township planning and development expertise. We envision the Talaga Bestari development to redefine the next generation of sustainable urban living in Greater Jakarta. Despite the Covid-19 pandemic, we remain encouraged by the market’s strong fundamentals and continued interest in Talaga Bestari homes.”
Talaga Bestari occupies over 270 ha of land in Cikupa, Tangerang, Greater Jakarta. The area’s urban landscape has transformed in recent years. Fitness facilities, recreational clubs, schools, food centres, retail and entertainment amenities contribute to the vibrancy of the area. The new development by Mitbana and Intiland will enhance the existing lifestyle offerings.