Century Properties, Indonesia's Bakrie forming joint venture for 3 developments
MANILA, Philippines – Century Properties Group agreed on a joint venture with one of Indonesia's largest conglomerates, the Bakrie Group, in a deal seen to bring about the rise of 3 new themed developments in the country.
Century Properties announced in a disclosure to the Philippine Stock Exchange on Wednesday, May 3, that its chairman and CEO Jose EB Antonio signed a memorandum of understanding with Bakrie Global Ventura (Bakrie Global) CEO Anindya Novyan Bakrie on the sidelines of the Association of Southeast Asian Nations (ASEAN) Summit last Friday, April 28.
"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, a Sports City, and a Technology Corridor in the Philippines," the disclosure read.
Media City is envisioned as a mixed-use development that will host a multimedia content development center. The content will be distributed primarily in Indonesia and the Philippines but with plans to expand to the rest of ASEAN and the world.
Plans for the development also include residential, retail, and other commercial components.
Sports City is planned to offer multiple sports complexes in the country for use by the general public, while the Technology Corridor is patterned after Silicon Valley and aims to enhance technology transfers between the Philippines and Indonesia as well as serve as a hub for tech talent.
"As part of the agreement, Century Properties will seek to provide the land for the aforementioned 3 themed master planned concepts," the disclosure read.
Bakrie Global serves as the investment arm of the Bakrie Group, which has interests in oil and gas, mining, agribusiness, telecommunications, metals, and infrastructure.
Beyond capital investment, Bakrie Global will also "lend the expertise and resources of its telecommunications, media and technology arm Visi Media Asia, Indonesia's fastest growing integrated media company, to be involved in the aspects of broadcasting, programming and content creation in Media City for distribution in the Philippines and Indonesia."
More opportunities for star PH startup
The deal was spearheaded by Revolution Precrafted Properties Limited, currently the Philippines' most valued startup at $256 million, and whose founder and CEO Robbie Antonio is a member of the Antonio family.
The startup, which builds affordable pre-constructed houses done by international designers, will conceptualize and provide support for the 3 mixed-use developments.
The deal also allows the firm to diversify into creating office and customizable spaces.
As part of the agreement, Revolution Precrafted will look to supply 5 mega studios and 5 hectares of office spaces and storage facilities to Bakrie Global's Mediapolis studio project in Jakarta, Indonesia, according to the disclosure.
"In its thrust to grow and expand its business from custom pre-crafted designer homes to creating meaningful public spaces, Revolution Precrafted is fortunate to bring these 3 companies together to forge this multi-faceted synergy and cooperation for real estate, technology, sports, and media," Robbie Antonio said. – Rappler.com
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