PHILIPPINE company Century Properties Group Inc., led by its Chairman and CEO Jose Antonio, has signed a memorandum of understanding with Indonesia’s Bakrie Global Ventura for various property developments in both Southeast Asian nations.
The agreement sets the stage for a mutual sharing of resources, from allocating capital investments to the exchange of expertise and skills to establish a Media City and a Sports City, both in Indonesia; and a Technology Corridor in the Philippines.
Media City is envisioned as a mixed-use development that will host a state-of-the-art multimedia content-development center that will be distributed primarily in Indonesia and the Philippines, and the rest of Asean. It is also planned to have residential, retail and other commercial components.
Sports City, meanwhile, is planned to offer multiple sports complexes in the country for use by the general public.
The Technology Corridor is envisioned as the Philippines’s own version of Silicon Valley.
“This kind of synergy will help build the Philippines’s competitive edge as a tourism and hospitality destination with modern media and tech capabilities, as well as open a host of opportunities for business and employment,” Antonio said in a statement.
A third company, Revolution Precrafted Properties Ltd., a real-estate technology start-up founded by Jose Roberto Antonio, also the managing director of Century Properties, forged the cooperation between Century and Bakrie Global to conceptualize and support Media City, Sports City and the Tech Corridor.
As part of the agreement, Century Properties will seek to provide the land for the three themed masterplanned concepts.
Their agreement includes supplying designer homes, hotel villas and amenity spaces to Bakrie Global’s property affiliates in Indonesia that owns 3,000 hectares of land, totaling $1.1 billion for the residential and villa component alone.
As part of the signed agreement, Revolution will supply five megastudios and 5 hectares of office spaces and storage facilities to Bakrie Global’s Mediapolis studio project in Jakarta.
Bakrie Global, meanwhile, will lend the expertise and resources of its telecommunications, media and technology arm Visi Media Asia to be involved in the aspects of broadcasting, programming and content creation in Media City for distribution in the Philippines and Indonesia. Bakrie Global Ventura is a professional private equity arm of Indonesia’s Bakrie family, focusing investment in digital-age businesses.