Jakarta. Property developer Sinar Mas Land is teaming up with Palari Group in a joint venture agreement to develop smart and sustainable residential communities in California, according to a press statement.
Sinar Mas Land Group chief executive officer Michael Widjaja and Palari chief executive officer Basil Starr inked the agreement on April 29.
The two companies agree to develop sustainable residential communities and to give a boost to Palari’s 3D-printed zero-net energy community —the first of its kind in the world— in Greater Palm Springs, California.
Sinar Mas Land has acquired a 40 percent stake in the development project. Sinar Mas Land said it would bring its experience in building BSD city and residential clusters to a number of Palari’s projects in the US.
According to Michael Widjaja, Sinar Mas Land focuses on providing innovative and sustainable solutions for property development. The company will also continue to seek like-minded partners.
“The partnership with Palari has opened up opportunities for Sinar Mas Land to expand our international footprint in building smart, sustainable, carbon-free cities to the largest housing market in the US,” Michael said in a recent press statement.
Basil Starr said that Palari was delighted to announce its partnership with Sinar Mas Land.
“Their successful experience and track record of developing smart, sustainable, and affordable cities fits perfectly with Palari's vision to be America's leading developer of sustainable technology-focused communities,” Basil said.
The US is facing a housing shortage. In most cases, the traditional construction methods that have not evolved over centuries caused the construction to be unpredictable, slow, and costly. Labor shortages and rising cost of building materials have also set a challenge. The construction sector accounts for almost 40 percent of the carbon emission. As much as 30 percent of all building materials in a traditional construction can end up as waste.
Palari and Sinar Mas Land Group pledged to use a modular technology which will accelerate construction, while also slashing carbon emission during the construction process. Both seek to address the housing shortage by developing modern, sustainable, and affordable houses in emerging markets, starting with California.