Singapore, April 12, 2021 — Mitbana, a consortium between Mitsubishi Corporation and Surbana Jurong, together with Sinar Mas Land Limited (SML) through its subsidiary PT Bumi Serpong Damai, Tbk. (BSDE), have announced that both companies will work on their first development project. More than just a Transit Oriented Development (TOD), the project will be the first development in Jabodetabek (Jakarta, Bogor, Depok, Tangerang, Bekasi) to be integrated with several modes of transportation at once. This project is Mitbana's first project in Indonesia and part of the continuous cooperation with Sinar Mas Land.
This TOD-concepted development will be situated at the Intermoda zone in BSD City, which is Sinar Mas Land’s biggest township. In this cooperation, both companies will develop a smart mixed-use project to support the pre-existing facilities built by Sinar Mas Land. It is located right at the BSD City’s Intermoda area that has been operating since 2019, which will provide the project with direct access to some public transportation modes including bus, commuter line train, and park-and-ride facilities to support efficient trips as well as reducing the traffic volume of the Jakarta-BSD City route.
One of the Intermoda TOD’s benefits is it is directly connected to Cisauk Train Station since it is close to the commuter line railways, so people can reach Sudirman Train Station in Central Jakarta in less than an hour. Sinar Mas Land and PT Kereta Api Indonesia (PT KAI) already renovated Cisauk Train Station, and then handed it back to PT KAI in 2019. This station is linked to the skybridge offering various facilities including a bus terminal and Intermoda Modern Market where everyone can shop for fresh groceries and daily needs.
As part of the new TOD development at Intermoda, the skybridge between Cisauk Train Station and Intermoda will be extended and add more shops as well as food and beverages facilities. These additional features will occupy a six-hectare land to serve as a new public space for young families, workers, and students, especially concerning Universitas Katolik Atma Jaya is only 400 meters away from the location.
The collaboration between Sinar Mas Land and Mitbana will complete the Intermoda zone by improving the public bus service to provide the residents of BSD City and its surrounding areas with better mobility. Therefore, they will have more modes of public transportation other than the commuter line train, thanks to Cisauk Train Station and Serpong-Balaraja (Serbaraja) toll road section 1A which will open to the public by the end of this year.
Mitbana Chief Executive Officer Gareth Wong said, “Mitbana is excited to work with Sinar Mas Land for the development project which will help meet the needs of the BSD City residents and provide better accessibility in the future. We see potential at its Intermoda area and will improve its special features as it is directly connected to the existing train station and bus terminal that have been serving the passengers well. We have a vision to develop a new urban district that has a modern service, easily accessible public transportation, for a sustainable life. We hope we can immediately present good quality residences at an affordable price for the BSD City’s property hunters.”
The new Intermoda TOD construction will be conducted in stages starting from 2022 with a Rp2 trillion total development cost. Both companies agree on transforming a 100-hectare land in BSD City into a TOD project with apartments, commercial areas, lifestyle centers, and various public transportation modes. As the biggest shareholder with 60 percent shares, Mitbana will provide the best skills in urban-scale development from Japan and Singapore for the TOD project with the latest technology to meet the needs for residences and facilities in the future.
Mitbana Chief Operating Officer Hidetoshi Suzuki said, “Mitbana will provide the Mitsubishi Corporation’s skills in urban development and Surbana Jurong’s in technical urban development to create a smart, efficient, and effective TOD project development for the whole community. Mitbana requires a partner who can inform us about the local conditions to give the best solutions and products at an affordable price. With Sinar Mas Land, we want to realize sustainable, smart, and excellent development for everyone in BSD City.”
The TOD Intermoda’s sales will formally open as Bank Indonesia will announce its support for the property sector. It includes relaxation of loan value ratio for property ownership credit, easy lending for property products from chosen developers which surely will make the properties more affordable, thus increasing the purchase. As a local partner in Indonesia, PT Bumi Serpong Damai, Tbk. will play an important role in directing and monitoring the land preparation, infrastructure development, and communicating with the stakeholders.
Group Chief Executive Officer of Sinar Mas Land Michael Widjaja said, “The TOD Intermoda project will provide suitable residences for the young generation coming from Jabodetabek and become a place for a sustainable community in BSD City, just like we have dreamed of. Although we are still living in the Covid-19 pandemic era, we are motivated by the market urgency and public interest for properties in BSD City. The government’s recent policy supports us to welcome foreign investors in Indonesia, so it boosts the potential for property development in BSD City. With the Indonesian market demands rising again, Sinar Mas Land and Mitbana will implement our plans to develop the TOD at Intermoda.”