By Arra B. Francia, Reporter
REVOLUTION Precrafted Properties, Ltd. continues its global expansion with its entry into Ecuador, banking on the strong demand for housing in the middle-income segment in the country.
The property-tech firm said in a statement that it has recently awarded a franchising agreement to Ecuador-based Innovation LLC. Under the deal, Revolution Precrafted will be supplying mid-priced to luxury residential units in the country.
“This franchise agreement with Innovation LLC is a strategic move for the company. It allows us to tap into huge South and Central American land bank. This supports our goal of extending our reach to at least 20 to 25 markets this year,” Revolution Precrafted founder and Chief Executive Officer Jose Roberto R. Antonio was quoted as saying.
The company said Innovation LLC is finalizing agreements with real estate developers in Ecuador’s capital city, Quito, and other surrounding cities. Both parties expect to announce development deals in the coming weeks.
Mr. Antonio added that the company is targeting projects in Guayaquil, one of Ecuador’s largest cities. Guayaquil is also known as a gateway to Pacific beaches and the Galapagos Islands.
Citing data from Ecuadorian real estate groups, Revolution Precrafted said that there is strong demand coming from the mid-market segment in the country, particularly for housing priced from $70,000 to $150,000, with an average area of 117 square meters.
The company further noted that housing stock in Ecuador needed to be replenished, after the damages brought about by the 7.8-magnitude earthquake in 2016.
“We want to support the economic development of Ecuador by providing design-driven residential units and for the middle-class residents and migrating expat community,” Mr. Antonio said.
Ecuador marks the 11th international market under Revolution Precrafted’s portfolio. The company has been rapidly expanding since its establishment in 2015, managing to establish its presence in Dubai through a partnership with Seven Tides International for The World Islands project. In Myanmar, Revolution Precrafted partnered with KT Group’s Okkyin project.
The company is also building more than 1,000 houses for Novo Development, Ltd. in the Caribbean, and 85 luxury resort villas in Okinawa Japan.
In the Philippines, the company has committed to supply prefabricated structures for Batulao Artscapes in Nasugbu, Batangas for $1.1 billion, and for Revolution Flavorscapes in Mexico, Pampanga for $350 million.
In total, Revolution Precrafted has closed deals valued at $7.2 billion.
To support the expansion program, Mr. Antonio said the company would be building six factories globally, or one for each region where it has presence. The first one is set to be constructed in Asia within the year.
Currently, the company’s projects are produced through a network of fabricators in different regions, depending on the location of the order.
By Arra B. Francia, Reporter