Corporate News

Century Properties, Indonesia’s Bakrie team up for projects

Posted on May 02, 2017

PROPERTY DEVELOPER Century Properties Group (CPG) is partnering with Indonesian conglomerate Bakrie Global Ventura to build mixed-use developments such as a Media City and a Technology Corridor patterned after Silicon Valley in the Philippines.

Officials of Century Properties Group, Revolution Precrafted Properties and Bakrie Global Ventura signed a memorandum of understanding at the sidelines of the 2017 ASEAN Summit in Manila on April 28. -- CENTURY PROPERTIES GROUP
In a statement released on Monday, CPG said it signed a memorandum of understanding (MoU) with Bakrie Global Ventura, “for 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.”

“Century and Bakrie Global’s cooperation aims to develop and strengthen the tourism and media technology sectors of both the Philippines and Indonesia,” the Antonio family-led company said.

CPG said the planned Media City will include residential, retail, and other commercial components, as well as a multi-media content development center.

Bakrie Global’s media and technology arm Visi Media Asia will also be involved in the project by lending its resources to the Philippines in terms of broadcasting, programming, and content creation. Multi-media content produced at the development center will primarily be distributed in Indonesia and the Philippines, then Southeast Asia and the rest of the world.

The proposed Sports City will offer multiple sports complexes for public use, while the Technology Corridor is being tagged as the Philippines’ version of Silicon Valley in California.

CPG will be providing the land for the three themed, master-planned projects. The MoU also taps Revolution Precrafted Properties Limited, a real estate tech start-up founded by CPG Managing Director Jose Roberto R. Antonio, to conceptualize the projects.

Under the agreement, Revolution will also “supply designer homes, hotel villas to Bakrie Global’s property affiliates in Indonesia, namely 3,000 hectares of land, owned and developed by the Bakrie Group, totaling $1.1 billion for the residential and villa component alone.”

Revolution, which delivers high-design structures such as modular homes, prefabricated buildings and pop-up retail stores, will also supply five mega studios and five hectares of office space and storage facilities to 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 was quoted as saying in a statement.

For his part, Bakrie Global CEO Anindya Novyan Bakrie, said they 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 Mr. Antonio said.

CPG earlier said it is allocating P6 billion to expand its product portfolio this year.

The listed property developer’s profits slumped by more than half to P726.93 million in 2016, 52% lower than the P1.52 billion reported in 2015. -- Arra B. Francia