REVOLUTION Precrafted Properties Philippines, Inc. has been tapped by Grupo Cacho, Inc. to deliver more than 2,000 residential villas in Puerto Rico, bagging its fifth international deal in the last six months.
The Antonio-led company said in a statement that it has recently signed an agreement with the Puerto Rican real estate firm for the projects on the island of Vieques and Boqueron Bay in Cabo Rojo.
“This partnership allows us to enter a highly desirable to market in a JV (joint venture) with an experienced and successful local developer. We could not be happier to have found shovel-ready local developments in Grupo Cacho’s inventory at this historic moment of the island,” Revolution Precrafted Founder and Chief Executive Officer Jose Roberto A. Antonio said in a statement.
Grupo Cacho President Roberto Cacho said the deal includes an option to increase the number of units to be built by Revolution Precrafted, depending on demand.
The project is expected to provide more housing options in Puerto Rico after Hurricane Maria hit the island-nation in September 2017. Citing figures from Puerto Rico’s housing agency, Revolution Precrafted said the calamity left 70,000 houses destroyed and 300,000 more damaged.
“This is crucial following the devastation brought about by Hurricane Maria. In our own way, we want to ensure that the people of Puerto Rico will have access to more housing options,” the company quoted Mr. Cacho as saying.
For the first phase, 27 mid-range and luxury residential units will be built on a 4.2-hectare property across the W Retreat Hotel in Vieques, located 13 kilometers east of the mainland. Each house will cover 200 to 250 square meters (sq.m.) of floor area on 1,000-sq.m. lots. The total cost is pegged at $13.5 million.
For the second phase, Revolution Precrafted will construct around 2,000 houses on a 212-hectare area near Boqueron Bay. The two- to three-bedroom villas are sized 150 sq.m., with an average lot area of around 600 sq.m.
The second phase is set to start on the first quarter of 2019. The company said each villa will cost around $250,000, and will be completed in three years.
The deal with Grupo Cacho is Revolution Precrafted’s fifth international agreement in the past six months, following its partnership with Seven Tides International for The World Islands project in Dubai, with KT Group’s Okkyin project in Myanmar, with Novo Development Ltd. for around 1,000 houses in the Caribbean, and for 85 luxury resort villas in Okinawa, Japan.
In the Philippines, the company is also supplying prefabricated structures for Batulao Artscapes in Nasugbu, Batangas for $1.1 billion and for Revolution Flavorscapes in Mexico, Pampanga for $350 million. — Arra B. Francia