Sinar Mas Land through its subsidiary, Bumi Serpong Damai Tbk (BSDE), established a joint venture with the Japanese Consortium led by Mitsubishi Corporation. The company, named BSD Diamond Development, will build a mixed-use project on 19 hectares area with an investment of more than USD 260 million.
Ishak Chandra, CEO of Strategic Development and Services at Sinar Mas Land, said the Japanese Consortium consists of five Japanese companies, including Mitsubishi Corporation, Hanshin Electric Railway Corporation, Nishi-Nippon Railroad Corporation and Keikyu Corporation. The consortium has a JOIN feature that is part of the investment of the Japanese Ministry of Spatial and Infrastructure and has experience in developing transit-oriented properties.
“This cooperation proves the high confidence of foreign investors to develop BSD City area which has potential market growth and strategic location,” said Ishak. The mixed-use project consists of 1,000 landed houses and shophouses.
BSD City is one of Sinar Mas Land’s flagship projects with an overall development area of 5,950 hectares. The cooperation is expected to further strengthen the company’s position as one of the largest and experienced developers in the country. The presence of Mitsubishi will provide added value for BSD City products with Mitsubishi’s technology.
“We are confident that economic growth will be stable and supported by a large middle-class people so that demand for property will continue to increase,” said Ishak. (*)