REVOLUTION Precrafted Philippines, Ltd. is expanding into El Salvador in Central America, marking its 15th international market so far.
The property technology firm said in a statement yesterday that it signed a deal with Inversiones Laguardia S.A., where it will supply 40 one-bedroom upper midscale residential units worth $85,000 each in El Salvador’s capital city, San Salvador.
The units, covering 42 square meters each, will stand on a six-hectare property next to The Hampton by Hilton Hotel, which is also being built by Inversiones Laguardia.
Revolution Precrafted will start construction in late 2018, and expects to complete it by early next year.
“Part of the motivation behind the company is to be able respond to the growing demand for affordable but quality mid-market homes. We are very happy to enter Central America, so we can help plug the huge housing deficit in one of the most populous countries in the region,” Revolution Precrafted Founder and Chief Executive Officer Jose Roberto A. Antonio said in a statement.
The two parties are open to adding another 40 units in the deal should there be demand for the project.
Revolution Precrafted is also scouting for more opportunities in El Salvador.
“We want to explore other opportunities in San Salvador and nearby suburbs for more mid-market residential homes. El Salvador deserves design-driven homes that they can afford,” Mr. Antonio said.
El Salvador is one of the most densely populated countries in Central America, with a population of six million. Citing data from real estate firms in El Salvador, Revolution Precrafted said around two million Salvadorians are estimated to live in substandard housing in about 2,500 informal communities.
Seven months into the year, Revolution Precrafted has managed to forge deals in 15 markets. It earlier said it targets to be present in 25 countries by the end of 2018.
The company is currently constructing projects in United Arab Emirates, Myanmar, Japan, Indonesia, Ecuador, Puerto Rico, Guyana, Jamaica, Trinidad and Tobago, the Bahamas, Spain, and Cyprus.
In the Philippines, the company is developing structures for the $1.1-billion Batulao Artscapes in Nasugbu, Batangas and the $750-million Revolution Flavorscapes in Mexico, Pampanga.
The company earlier revealed that it is mulling plans to go public in Singapore, the United States, or United Kingdom. Revolution Precrafted also looks to construct a factory within Asia this year, as part of its plan to have six manufacturing facilities in regions where it is present. — Arra B. Francia