KUALA LUMPUR, Nov 17 -- Smokefree Innotec Inc (SFIO) has signed last October a memorandum of understanding with Omnicor Industrial Estate & Realty CenterInc to pursue a joint venture that would see a two-hectare, bay-side property in Batangas, the Philippines developed into a US$100 million eco-friendly, tech village.(US$1 = RM4.172)
Strategically located in Montemaria, Batangas City, just south of Metro Manila, the planned development will service residents looking for a new kind of work-life balance at the crossroads of breathtaking marine biodiversity, historical religious sites, and a suite of modern amenities fit for a better normal.
Asset management company SFIO, recently named one of the ‘20 Promising Companies Everyone Should Know in 2021’ by Global Business Leaders Magazine, will develop the 500-unit tech village as part of a 10-year development plan with Omnicor’s parent company, AbaCore Capital Holdings Inc.
This agreement establishes SFIO as the preferred developer of projects across AbaCore Capital Holdings’ over 200-hectares of real estate around Montemaria, according to a statement.
As part of SFIO’s investment roadmap into future-oriented industries, this tech village blends residential luxuries with the hyper-connected amenities necessary for modern work.
Ground floor office and retail spaces give way to resort-like recreational facilities and residential units, making it an ideal space for high-value firms and professionals to embrace remote work.
Intended for longer-term residents, the tech village will be designed as a timeshare concept, catering not only to working professionals and tourists, but expatriates and Filipinos from worldwide looking for a vibrant community to spend a short vacation or their retirement years in.
While SFIO and AbaCore Capital Holdings see this project as the first of many that will thrive in the coming post-pandemic economic boom, both companies see health and wellness as a continuing priority across all their future projects.
SFIO, which has just filed their Q3 financial reports in line with their broader plans to uplist onto the Nasdaq Exchange, aims to complete this development project by 2024. Permits to commence pre-selling of units are already pending approval.
-- BERNAMA
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