Philippine companies Century Properties Group (CPG) and Revolution Precrafted Properties Ltd have signed a joint venture agreement with Indonesia’s Bakrie Global to develop a media city, a sports city and a technology corridor in the country.
The agreement sets the stage for a mutual sharing of resources, from allocating capital investments to the exchange of expertise and skills to establish the mixed use developments in the Philippines.
“The synergy will help build the Philippines’ 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,” said CPG chairman and CEO Jose Antonio.
CPG and Bakrie Global will work on developing and strengthening the tourism and media technology sectors of both the Philippines and Indonesia, according to a company announcement.
Revolution Precrafted, a real estate technology startup that delivers high-design structures and pop-up retail and fitness centres, will support the conceptualisation of the proposed media city, sports city and tech corridor.
The proposed media city, as a mixed-use development, will host a state-of-the-art multimedia content development centre. Content from the centre will be distributed primarily in Indonesia and the Philippines, and later, the rest of ASEAN and the world. It will also house residential, retail and other commercial developments.
The sports city will offer multiple sports complexes in the country for use by the general public.
The technology corridor is envisioned as the Philippines’ own version of California’s Silicon Valley. It is expected to enhance bilateral technology transfers between the two countries, as well as serve as a hub for the country’s tech-centric brain pool.
“As part of the agreement, Century will seek to provide the land for the aforementioned three themed masterplanned concepts,” CPG said in its statement. “This partnership between the Philippines’ most valued startup and one of Indonesia’s most innovative conglomerates is setting the stage for future collaborations within the ASEAN countries.”
The agreement includes supplying designer homes, hotel villas, and amenity spaces to Bakrie Global’s property affiliates in Indonesia, namely 3000 hectares of land owned and developed by the Bakrie Group, totaling $1.1 billion for the residential and villa component alone.
Revolution will look to supply five mega studios and five hectares of office spaces and storage facilities to Bakrie Global’s Mediapolis studio project in Jakarta.
Bakrie Global will lend the expertise and resources of its telecommunications, media and technology arm Visi Media Asia, Indonesia’s fastest growing integrated media company, for broadcasting, programming and content creation in the upcoming media city.
“I am extremely proud to start this partnership with Century Properties Group and Revolution Precrafted, two very innovative companies from the Philippines that share the same vision with Bakrie Group in promoting industries through the creation of relevant developments that address the demands of the times. We look forward to advancing these goals while contributing to the nation-building of our respective countries,” said Bakrie Global Ventura CEO Anindya Novyan Bakrie.