2024/01/26 by Christopher Caillavet Leave a Comment
Sinar Mas Land launched its Biomedical Campus in BSD City last month (Image: Sinar Mas Land)
Sinar Mas Land has introduced a fund to support biomedicine startups, research centres and health technology in the Indonesian builder’s home country.
The real estate division of the Widjaja family’s Sinar Mas conglomerate launched the vehicle this week in support of a government initiative to advance innovation and improve healthcare access in Indonesia, according to a Wednesday announcement.
No financial details were disclosed for the Biomedical Fund, which is managed by Sinar Mas Land’s venture capital arm, Living Lab Ventures. The LLV fund comes on the heels of last month’s launch of the Biomedical Campus in Greater Jakarta’s BSD City — a planned community of Sinar Mas Land — with the project aimed at boosting research activities and creating an ecosystem of healthcare facilities.
“Aligning with the vision of the Biomedical Campus, Sinar Mas Land through LLV is now introducing the Biomedical Fund, expected to play a role in ensuring that the healthcare infrastructure in the country is not only resilient but also at the forefront of technological advancements,” said Mulyawan Gani, chief transformation officer at Sinar Mas Land.
Supporting Startups
The Indonesian developer set up LLV in 2022 with Gani as managing partner and startup veteran Bayu Seto as partner, adopting a “sector-agnostic approach” to achieve a wider investment reach.
Mulyani Gani, chief transformation officer at Sinar Mas Land
LLV has invested in Indonesian startups including Sinar Mas Land’s E-Catalog property listing site, flexible office space provider GoWork and online travel agency Traveloka.
Seto, a former executive at super-app Grab, described the Biomedical Fund as a concrete step by LLV to support the government’s goal of transforming healthcare in Indonesia.
The biggest Southeast Asian nation’s public health spending as a share of GDP rose from 2.6 percent in 2014 to 3.2 percent in 2022 but stayed below the 4.9 percent average of low-income countries, according to World Bank data.
“Through the financial support and mentorship provided, we hope to accelerate the growth and development of startups in the biomedical sector,” Seto said. “The Biomedical Fund will provide funding to startups with the potential to bring positive changes in healthcare services, including diagnostic technology, health data management, telemedicine platforms and other innovative solutions.”
Singapore Activity
SGX-listed Sinar Mas Land’s controlling Widjaja family made headlines earlier this month with its plan to sell a strata-titled office asset in Singapore for S$76 million ($57.1 million).
The clan’s privately held Top Global investment firm appointed Cushman & Wakefield to market the entire second level of 15 Scotts, a freehold building in the Orchard Road area, at a price equivalent to S$3,419 per square foot.
The 22,227 square foot (2,065 square metre) floor is Top Global’s last piece of the former Thong Teck Building after the firm disposed of the majority of its 23-unit portfolio of space in the building over the past two and a half years.
In November, Sinar Mas Land and joint venture partner MCL Land entered the top bid of S$692.39 million for the Urban Redevelopment Authority’s Pine Grove Parcel B residential site in Singapore’s affluent Bukit Timah area.
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