KUALA LUMPUR: Sarawak Consolidated Industries Bhd (SCIB) has entered into a memorandum of understanding (MoU) with PT MRT Jakarta to unlock mutual benefits in transit-oriented development (TOD).
The agreement aims to explore potential partnerships with regards to the development of the TOD areas.
"The MoU serves as a platform to outline the guidelines for both parties to conduct discussions, correspondence, and data exchange.
"The MoU also lays the groundwork for future cooperation between the parties on key aspects," SCIB said today.
They include conducting studies related to land development in transit-oriented areas in Jakarta, engaging in discussions and coordination regarding development study results and land use plans.
Fee structures for the project will be determined through mutual discussion and agreed upon in good faith.
SCIB managing director Ku Chong Hong said the company's engagement with MRT Jakarta is more than just a business deal.
It is a landmark initiative that exemplifies SCIB's commitment to forging innovative and mutually beneficial partnerships.
"In doing so, we aim to make a meaningful impact on sustainable urban development, particularly in the realm of transit-oriented spaces.
"By aligning our resources and capabilities, we are confident that this partnership will yield not only financial returns but also create a legacy of value-driven projects for the communities we serve," he said in a statement.
MRT Jakarta business development director Farchad Husein Mahfud said the partnership signifies a momentous step in its collective pursuit to elevate urban living in Jakarta.
Established in 2008, MRT Jakarta is an Indonesian limited liability company specialising in mass rapid transit solutions.
The company is based in central Jakarta and is stepping into the agreement as an experienced player in the field.