The developer that signed a multi-billion dollar contract to construct luxury apartments and hotel villas on Dubai’s The World Islands has signed a similar contract with a company in Bahrain.
Revolution Precrafted, the Philippines’ first startup to obtain unicorn status and be worth at $1 billion, has penned a contract with Bahrain’s Property One Investment Company (Property 1) to provide 500 modular “eco-villas” over the upcoming five years.
As part of the partnership, Revolution Precrafted will design the villas using a combination of precast and prefabrication technology. The four-bedroom villas will measure up to 200 square metres each, and will be valued beginning at $320,000 each.
Founder and CEO of Revolution Precrafted, Robbie Antonio stated, “This is an exciting period for the company as we continue to expand our footprint worldwide.”
He even said, “Bahrain is an important part of this expansion because of its strategic location and its very strong economy. “We are excited to partner with Property 1 because of its management’s track record and experience in the real estate industry.”
Found in 2015, Revolution Precrafted has expertise in building pre-fabricated made-to-order homes designed by famous architects at what the company states is a fraction of the cost of a commissioned design developed using traditional construction methods.
A year after it was founded, a Series B funding round led by Singapore-based VC firm Venture Global raised the start-ups valuation to about $1 billion, permitting the company to establish a footprint in a number of global markets, including Japan, Italy and the UAE.
Gulf is ripe for affordable homes
Speaking exclusively to Arabian Business on the sidelines of the Gateway Gulf Investor Forum in April, Antonio mentioned that he believes the Gulf is ripe for “designer homes that are affordable and can be done expeditiously.”
To get entry into the market, however, Antonio states that the pre-fabricated homes will have to be developed to suit the particular requirements of the Gulf region. He told, “A lot of our models have a lot of glass, but it’s way too hot here. People ask that they be hear resistant.”
He even said, “People want slightly larger units, and better finishes. In Southeast Asia, studios are 23 square metres, but here people live differently….so we need to create more flexible spaces for the Middle East and Middle Eastern clientele.”
During the interview, Antonio stated that he has been in discussions with a couple of developers and government officials through out the Middle East, specially in Bahrain and Dubai.
He said, “We’re being told to do four and five-story villas [in the Middle East], even if many of our models are catered to Southeast Asia. But that’s not a problem for us.”
Among the contracts that Antonio has signed in the Gulf region are a $3.2 billion contract with luxury developer Seven Tides to supply, design and install two- and three-bedroom condominium apartments and villas in Dubai’s the World Islands.
In Manama, Antonio mentioned that the villas would be priced beginning at $150,000, but refused to comment on the final number of villas, stating that the figure would be determined “later”.
In March, Antonio mentioned that he expects between $300 million and $500 million worth of sales from the project, which will launch on an island-by-island basis in third quarter of this year.
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