PH company in $3.2-B deal with Dubai firm
Revolution Precrafted, a homegrown designer and supplier of prefabricated structures, sealed its biggest deal yet: A $3.2-billion project to build upscale homes in one of Dubai’s most iconic locations.
Revolution Precrafted partnered with Dubai-based luxury builder Seven Tides to develop part of “The World,” a collection of 300 artificial islands representing the world’s continents and countries along the coast of Dubai in the Persian Gulf.
Revolution Precrafted, which launched in 2015, is founded and led by CEO Robbie Antonio, whose family owns listed property developer Century Properties Group Inc.
The Dubai project is the company’s latest initiative to gain a bigger global footprint and possibly go public in Singapore or London in a few years.
Revolution Precrafted, which claims a valuation of more than $1 billion today, hopes to be worth around $10 billion by 2020, Antonio told reporters on Monday. It plans to reach 20 countries in the next 12 months, including Myanmar and other key markets in Southeast Asia.
For The World in Dubai, Revolution Precrafted will supply two- to three-bedroom luxury apartments and villas, which will retail for $150,000 to $1.5 million.
The partnership covers a total of nine islands in The World, with the first being the so-called Coronation island, which is about 20 hectares. Antonio noted that they were trying to broaden their market by being more price sensitive. He said they expected home buyers to come from all over the world, mainly Russia and Europe.
Revolution Precrafted earlier rolled out the $1.1-billion Batulao Artscapes and the $345-million Revolution Flavorscapes residential communities, both in the Philippines. Batulao Artscapes consists of 8,520 homes while Flavorscapes will have at least 7,100 prefabricated homes.
Subscribe to INQUIRER PLUS to get access to The Philippine Daily Inquirer & other 70+ titles, share up to 5 gadgets, listen to the news, download as early as 4am & share articles on social media. Call 896 6000.