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Press release content from Business Wire. The AP news staff was not involved in its creation.

Shokworks to Power Metrospaces Joint Venture to Develop High-End Villas in the Dominican Republic

July 19, 2021 GMT
Metrospaces, Inc. (OTC: MSPC), a PropTech company powered by Shokworks, will develop Infinity View Villas -- nine high-end villas and a 4,000-square-foot home in the Dominican Republic –which will be incorporated into its co-living platform, MetroHouse. (Photo: Business Wire)
Metrospaces, Inc. (OTC: MSPC), a PropTech company powered by Shokworks, will develop Infinity View Villas -- nine high-end villas and a 4,000-square-foot home in the Dominican Republic –which will be incorporated into its co-living platform, MetroHouse. (Photo: Business Wire)

DALLAS--(BUSINESS WIRE)--Jul 19, 2021--

Metrospaces, Inc. (OTC: MSPC), a PropTech company powered by Shokworks, will develop Infinity View Villas – nine high-end villas and a 4,000-square-foot home in the Dominican Republic – which will be incorporated into its co-living platform, MetroHouse.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20210719005749/en/

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Metrospaces, Inc. (OTC: MSPC), a PropTech company powered by Shokworks, will develop Infinity View Villas -- nine high-end villas and a 4,000-square-foot home in the Dominican Republic –which will be incorporated into its co-living platform, MetroHouse. (Photo: Business Wire)

MetroHouse, which is being developed in partnership with Dallas-based Shokworks, will launch with co-living space in Philadelphia before branching out to other U.S. and international cities, including the luxurious mountain retreat in the Dominican Republic.

“Our plan is to have at least 15-20 rooms incorporated into MetroHouse by its Sept. 15 launch date and 100-120 rooms by end of 2021,” said Oscar Brito, CEO of Metrospaces.

“We can’t wait to add these villas to the MetroHouse platform so they can be enjoyed by our core members,” said Shokworks CEO Alejandro Laplana.

Metrospaces investments in the luxury real estate environment has created a unique funding and growth framework.

“Infinity View Villas is a very exciting project because, as developers we can use sale proceeds of a portion of the villas to finance the construction, while keeping the management of the villas for our platform. This will keep our cash investment low, while retaining the most profitable, long-term part of the project’s revenue,” explained Brito. “It’s also exciting as we build real estate inventory to incorporate into the up-and-coming real estate tokenization platform, Metrocrowd, which we are developing with Shokworks and plan to launch later this year.”

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Metrospaces’ co-living strategy will be focused on secondary cities and digital nomad destinations. The Dominican Republic is an established destination for high-end digital workers that roam the world to first-class destinations. The co-development will be done by local architect firm, Inarchi Architects.

“The Metrocrowd platform we’re building with Metrospaces will provide future token buyers an opportunity for outsized returns with small investments, as opposed to acquiring an entire villa,” said Laplana.

Development on Infinity View Villas will commence in late August, with phase one’s completion date set for mid-2022 and phase two’s in Q4 2022.

Safe Harbor Statement: Statements in this news release may be “forward-looking statements.” Forward-looking statements include, but are not limited to, statements that express our intentions, beliefs, expectations, strategies, predictions or any other statements relating to our future activities or other future events or conditions. These statements are based on current expectations, estimates and projections about our business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks, uncertainties and assumptions that are difficult to predict. Therefore, actual outcomes and results may, and are likely to, differ materially from what is expressed or forecasted in forward-looking statements due to numerous factors. Any forward-looking statements speak only as of the date of this news release and Metrospaces Inc. undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date of this news release.

View source version on businesswire.com:https://www.businesswire.com/news/home/20210719005749/en/

Kelly Hunter,khunter@sunwestpr.com, (469) 547-0214 

KEYWORD: CARIBBEAN UNITED STATES DOMINICAN REPUBLIC NORTH AMERICA TEXAS

INDUSTRY KEYWORD: TECHNOLOGY OTHER CONSTRUCTION & PROPERTY RESIDENTIAL BUILDING & REAL ESTATE OTHER TECHNOLOGY CONSTRUCTION & PROPERTY SOFTWARE

SOURCE: Shokworks

Copyright Business Wire 2021.

PUB: 07/19/2021 03:30 PM/DISC: 07/19/2021 03:31 PM

http://www.businesswire.com/news/home/20210719005749/en