Sinar Mas Land, the property holding of diversified conglomerate Sinar Mas Group, has formed a joint-venture with a Japanese consortium led by automotive conglomerate Mitsubishi Corporation to develop a premium mixed-use area in BSD City, Tangerang, Banten, with an investment of more than US$260 million (Rp3.5 trillion). Sinar Mas Land’s listed property developer PT Bumi Serpong Damai Tbk (BSDE), Mitsubishi, an investment arm of the Japanese Ministry of Land and Infrastructure, along with private rail companies Hanshin Electric Railway Corporation, Nishi-Nippon Railroad Corporation and Keikyu Corporation, will develop projects on 19 hectares in BSD City to build 1,000 units of houses and shops. The joint venture, named BSD Diamond Development, is going to be launched in the near future.