An urban development company, created by Temasek-backed Surbana Jurong and Japan’s Mitsubishi Corporation, is undertaking a S$200m (€125m) project in Indonesia as its first development.

Mitbana is developing the interconnected multi-modal transport complex in Greater Jakarta with local partner Sinar Mas Land.

Mitbana and Sinar Mas Land will initially focus on a new transit-oriented development, featuring community facilities and a new town centre. 

The joint venture partners said the development was part of their larger goal to transform more than 100 hectares of greenfield land in Bumi Serpong Damai City to house residential apartments, commercial properties, lifestyle amenities and public transport nodes.

Mitbana was jointly established by Surbana and Mitsubishi Corporation, in 2019, with US$500m (€420m) seed capital.

It has an investment mandate to develop transit-oriented projects, township developments and associated urban-related infrastructure in Southeast Asia, Sri Lanka and Bangladesh.

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