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.