REVOLUTION Precrafted Properties Philippines, Inc. has secured a $1.2-billion deal to build residential projects for Myanmar’s KT Group, as the company sets its Asian expansion.
In a statement issued late Wednesday, the supplier of prefabricated structures said it has signed a non-exclusive agreement with the KT Group to build residential units for the latter’s mixed-used riverfront estate called the Okkyin City in Yangon.
Okkyin City is set to house a sports hotel, retail and commercial components, a school, student accommodations, among others. Under the deal, Revolution Precrafted will deliver 36-square meter (sq.m.) and 23-sq.m. prefrabricated units to KT Group, which the company looks to complete in three to six months.
“Myanmar is an emerging economy with 53 million people. We want to take advantage of this sizable market and make it a cornerstone of our regional expansion, especially now that the country is also opening itself to global trade and investments,” Revolution Precrafted Founder and Chief Executive Officer Jose Roberto R. Antonio said in a statement.
KT Group is a private firm in Myanmar with core interests in real estate and property development. Since its establishment in the 1950s, the company has managed to expand its investments in the energy, trading, investments and agriculture sectors, also widening its footprint to include Bangalore, India and Kunming, China.
“The people of Myanmar are looking for a new approach when it comes to their homes. They are looking for personalized spaces that are sophisticated, functional, but affordable. We are very excited to partner with Revolution Precrafted, the leading maker of elegant, branded prefabricated homes in the world,” the statement quoted KT Group Chief Executive Officer Jonathan Kyaw Thaung as saying.
Revolution Precrafted is also in talks with the KT Group for the development of the company’s other properties in Yangon. It noted that the partnership with KT Group will allow it to enter other markets in the Indochina region.
Prior to the Myanmar project, Revolution Precrafted has also entered into a $3.2-billion deal with Dubai’s Seven Tides International, where it will supply prefabricated condominiums and hotels for nine out of the latter’s 300 artificial islands off the coast of Dubai.
Locally, the company is expanding its footprint through the $1.1-billion Batulao Artscapes project in Nasugbu, Batangas where it will supply and construct 8,250 houses, and the $345-million Revolution Flavorscapes that will feature 7,100 houses in Pampanga.
Established in 2015, Revolution Precrafted is bullish on growth prospects as it targets to be present in 20 countries in the next 24 months. The company is also mulling the conduct of an initial public offering in Singapore or Europe two years from now. — Arra B. Francia