Appointment of Mitbana Chairman
Singapore, 13 February 2023 – Mitbana, a joint venture company of Mitsubishi Corporation and Surbana Jurong, has appointed Mr Yeo Choon Chong, CEO, ASEAN, Surbana Jurong, as its Chairman, with effect from 13 February 2023. Mr Yeo succeeds Mr Chong Lit Cheong who retired from the Mitbana board on 31 January 2023.
Mr Yeo brings extensive leadership experience to the role. As CEO of Surbana Jurong’s ASEAN division, he is responsible for leading Surbana Jurong’s multidisciplinary business in the region. He is also the Group Managing Director of KTP Consultants, a member of Surbana Jurong Group, and was instrumental in expanding KTP’s business operations across Asia.
Mr Yeo has more than 30 years of experience in leading the design and delivery of infrastructure and urban development projects in Singapore and the region. For his innovative solutions in delivering complex projects, he has received several buildability, design and engineering safety excellence awards. He is a keen advocate for innovative design, sustainability and buildability, and sits on several professional committees in Singapore to promote supporting initiatives.
Mr Yeo said of his appointment as Chairman, “I am very honoured to be entrusted with this responsibility, and look forward to working with Mitbana’s board and management to solidify its position as a leading urban development fund platform and property developer in the ASEAN and South Asian regions, leveraging the strengths of Mitsubishi Corporation and Surbana Jurong, as well as strategic collaborations with established partners.”
Mr Hiroki Itokawa, Division Chief Operating Officer in Mitsubishi Corporation’s Urban Development Group and a Board Member of Mitbana, said, “The Board is very pleased to have Choon Chong join the Mitbana board as Chairman. His leadership, experience and networks will take Mitbana into its next lap of growth.”
Mr Pang Yee Ean, CEO of Surbana Jurong Capital and a Board Member of Mitbana, said, “On behalf of the Board, I would like to thank Lit Cheong for his invaluable contributions to Mitbana as the founding Chairman of Mitbana and his strong leadership in steering the company through its establishment and initial phase of growth.”
Established in March 2019, Mitbana (ミツ バナ) is a joint venture company of Mitsubishi Corporation and Surbana Jurong. Recognising the vast opportunities offered by a rapidly urbanising population in Asia, Mitbana was formed to champion urban development projects in ASEAN (Indonesia, Vietnam and the Philippines) and South Asia (India and Bangladesh). The partnership synergises Mitsubishi Corporation’s experience in real estate investments and Surbana Jurong’s technical capabilities in urban and infrastructure planning, with an aim of crowding-in urgently needed capital to catalyse urban developments across Asia.
Structured as an urban development fund, Mitbana has an initial seed capital of US$500 million from its founding shareholders and its investment mandate covers transit-oriented developments, township developments, and associated urban-related infrastructure. For more information, please visit www.mitbana.com.