Listed developer Century Properties Group (CPG) announced in a statement Monday that it has signed a memorandum of understanding (MOU) with Indonesia’s Bakrie Global Ventura for the development of three major mixed-use projects in the Philippines.
CPG said that the MOU covers “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 company added, “Century and Bakrie Global’s cooperation aims to develop and strengthen the tourism and media technology sectors of both the Philippines and Indonesia.”
The planned Media City would include residential and commercial developments, as well as a “multi-media content development center.”
The company explained that Bakrie Global’s media and technology arm Visi Media Asia would provide broadcasting, programming, and content creation resources as part of the joint venture, with the aim of producing media content primarily for the Philippines and Indonesia markets.
The company’s statement said the proposed Sports City would offer a number of sports complexes for public use.
The Technology Corridor was described by CPG as the “Philippines’ version of Silicon Valley in California.”
Under the agreement, CPG will provide the land for the three projects, in locations that are yet to be announced. Revolution Precrafted Properties Limited, a real estate tech enterprise formed by CPG Managing Director Jose Roberto R. Antonio, will play a key role in conceptualizing the projects, CPG said.
As part of the MOU, Revolution will also supply designer homes and hotel villas on 3,000 hectares of land under Bakrie Global’s affiliates in Indonesia, a project totaling $1.1 billion, according to CPG.
Revolution will also develop five studios and office and storage facilities for Bakrie Global’s Mediapolis studio project in Jakarta.
“I am very pleased to have this framework of collaboration with Bakrie Global of Indonesia to develop the Philippines’ first-ever Media City, Sports City, and Technological Corridor. This kind of 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,” CPG Chairman and Chief Executive Officer Jose E.B. Antonio said.
Bakrie Global CEO Anindya Novyan Bakrie added, “We are looking forward to creating relevant developments that address present needs while contributing to the nation-building of both countries.”
“In its thrust to grow and expand its business from custom precrafted designer homes to creating meaningful public spaces, Revolution Precrafted is fortunate to bring these three companies together to forge this multi-faceted synergy and cooperation for real estate, technology, sports and media,” Revolution’s Antonio said.