Philippine unicorn Revolution Precrafted bags $3.2b deal in Dubai

A Revolution Precrafted partnership photo, sourced from the company's social media page.

Philippine-based developer Revolution Precrafted, a unicorn startup that provides prefabricated properties around the world, has sealed a landmark $3.2-billion deal to build luxury apartments and hotel villas in Dubai’s The World Islands.

In a statement, Revolution Precrafted said it signed the multi-billion-dollar agreement with Dubai-based luxury property developer Seven Tides for the design, supply, and construction of the condominium apartments and villas on the man-made island that resembles the global map.

“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,” said Robbie Antonio, founder and CEO of Revolution Precrafted, the only unicorn, or a startup valued at $1 billion or more, in the Philippines.

The company said the agreement involves the design, supply, and installation of 2- to 3-bedroom luxury condominium apartments and villas. These properties will be pre-manufactured, shipped, and then assembled on The World Islands project, which is spearheaded by government-owned Nakheel Properties and is the brainchild of Sheikh Mohammed Bin Rashid Al Maktoum, the ruler of Dubai.

Seven Tides will be handling the construction of the jetty, the landscaping of the islands, and the construction of the provisions for the main utility services.

The deal was finalized after a month-long negotiation, Revolution Precrafted said.

The World Islands is a development composed of some 300 artificial islands. The project is envisioned to rival the Palm Jumeirah as one of the most prominent landmarks in the United Arab Emirates.

“The luxurious look and feel of the condominium apartments and hotel villas will further elevate the status and image of the World Islands as the playground for the most affluent, and privileged residents from Dubai and beyond,” said Abdulla Bin Sulayem, Chief Executive Officer of Seven Tides.

Revolution Precrafted earlier announced plans to expand to at least 20 countries this year after raising an undisclosed Series B funding round in 2017 that valued the company at over $1 billion.

“Our short-term goal is to have at least four to five offices within Southeast Asia this year. Our long-term goal is and always has been to be the largest designer home supplier in the world, to be the Ikea of homebuilding,” Antonio told DEALSTREETASIA in an interaction in January.

Established in December 2015, the company sells highly customisable prefabricated properties, including pavilions, homes, condos, hotels, adaptive amenity spaces, transposable restaurants, pop-up retail shops, gyms, and even customized clamping that can be ordered on the company’s website.

Also Read:

Revolution Precrafted, the first Philippine unicorn, sets sight on global stage

Revolution Precrafted is Philippines’ first unicorn after Singapore K2 VC-backed round

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.