Japanese trading house Mitsubishi Corp. will add an urban development project to its smart city program near Jakarta, envisioning residential and commercial districts built on six hectares around a railway station for 200 million Singapore dollars ($149 million).
The deal, announced Monday by a joint venture between Mitsubishi and a unit of Singaporean state-backed investor Temasek, would enhance the smart city program on 100 hectares in the same area.
The joint venture and Indonesian developer Sinar Mas Land will start the project in 2022, in a new development area about 25 kilometers southwest of Jakarta. A station in that area is connected to the Indonesian capital’s business district by a train ride of an hour or less.
+INFO: Nikkei Asia