Philippines-based unicorn developer Revolution Precrafted announced Monday that it has bagged yet another international deal, this time to supply over 2,000 residential villas in Puerto Rico.
The deal marks Revolution Precrafted’s entry into its ninth international market since its inception in December 2015. The startup said the supply of villas is expected to help plug the deficit in the number of available housing units in the hurricane-hit Caribbean territory.
In a statement, Revolution Precrafted founder and CEO Robbie Antonio said the company signed an agreement with real estate firm Grupo Cacho of Puerto Rico to supply over 2,000 residential villas on the offshore island of Vieques and another prime location on a 212-hectare near Boqueron Bay in Cabo Rojo.
The residential villas will have an average cost of $250,000 and will take three years to complete.
“This new venture represents a significant step as we strive to do our part to help revive the tourism infrastructure and help rebuild Puerto Rico. We want to address the pressing concern of the lack of housing units in Vieques and the surrounding islands,” Antonio said.
He added that the Puerto Rico undertaking will be implemented in two phases.
For the initial phase, Revolution Precrafted and Grupo Cacho have agreed to build a total of 27 mid-range and luxury residential units on a projected 4.2-hectare property along the state road in Vieques.
The houses will range from 200 to 250 square meters, standing on 1,000 square meter lots. These houses will be built across the W Retreat Hotel in Vieques, Antonio revealed, and will have a total cost of $13.5 million.
The bigger bulk of the partnership would start towards the first quarter of 2019.
Established in December 2015, Revolution Precrafted sells highly customizable 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.
Last week, the property technology (proptech) startup signed an agreement with the Philippine listed firm Boulevard Holdings Inc to supply at least 800 units on a 12-hectare parcel of land inside the Puerto Azul Beach Club and adjacent valleys in Ternate, Cavite, a province in the country.
So far this year, Revolution Precrafted has sealed more than $6.5-billion worth of deals overseas. These include the $3.2 Billion World Islands deal with Seven Tides in Dubai, the $1.2-billion Okkyin project in Myanmar, the $300-million dealership in the Caribbean, and most recently, a luxury resort project in Okinawa.