By Arra B. Francia, Reporter
REVOLUTION PRECRAFTED is partnering with a luxury property developer for a $3.2-billion project in Dubai, as the start-up pushes expansion overseas in a bid to be valued at $10 billion by 2020.
The company announced on Monday its partnership with Seven Tides International for the supply of prefabricated condominiums and hotel villas in nine out of 300 artificial islands in the latter’s project called The World Islands.
Located off Dubai’s coast, the nine islands cover a total of 71 hectares, with the largest sized at 2.2 million square feet.
“We are proud and excited to partner with one of the best property developers not only in Dubai, but in the world. We will manufacture sophisticated, design-driven precrafted condominium apartments and hotel villas, consistent with the kind of luxurious structures the public have come to expect from us and Seven Tides,” Revolution Precrafted Chief Executive Officer Jose Roberto R. Antonio said in a statement.
Seven Tides is a privately held firm that has projects in the hospitality sector, including Oceana Residences, Anantara The Palm Dubai Resort, and the DUKES Dubai Hotel and DUKES London, among others.
The Dubai-based firm will take charge of site development, construction of needed infrastructure on the islands, landscaping, and main utility services under the partnership. For its part, Revolution Precrafted will design two- to three-bedroom luxury condos and villas that will be shipped and assembled on the islands.
The company will launch the first phase of the project by the third quarter of 2018, with the pace of construction dependent on how many units it can sell.
“We’re doing it based on the velocity of our sales, so we’re just gonna time it out. So there’s no fixed amount. (On each island) it will take about a year, the large islands about 18 months, smaller islands aggressively in six months, conservative around a year,” Mr. Antonio told reporters after a press briefing in Makati yesterday.
Mr. Antonio added the company has yet to determine how many units will be built under the deal. A master plan for the project is currently being crafted, and expected to be completed in around three months.
Aside from the Dubai project, Revolution Precrafted has lined up several projects, including a partnership in Myanmar.
“We’re partnering with one of the strongest conglomerates there… there are three projects in Myanmar, they have three major master plans that they’re talking to me about,” Mr. Antonio said.
This forms part of Mr. Antonio’s goal to be present in 20 countries in the next 12 months, and around 50 in the next two years.
“We’re targeting to be worth $10 billion in 2020,” Mr. Antonio said, noting that Revolution Precrafted is currently valued at over $1 billion.
By that time, Mr. Antonio expects the company to book around $1 billion in revenues. The executive noted that he might also take the company public in Singapore or Europe by then.
In the Philippines, the company is currently working on two projects, namely 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.