Philippine-based unicorn property developer Revolution Precrafted continues to expand its footprint overseas, this time signing a multi-million-dollar deal to supply residential villas in Bahrain, a major financial hub in the Middle East.
In a statement, the property-technology startup said it has signed an agreement with Bahrain’s Property One Investment Company (Property 1) for the supply of residential villas in the Arab nation.
“This is an exciting period for the company as we continue to expand our footprint worldwide. Bahrain is an important part of this expansion because of its strategic location and its very strong economy,” said Robbie Antonio, Founder and CEO of Revolution Precrafted.
Under the partnership, Revolution Precrafted will design and supply modular residential villas specifically designed for the Middle East using a combination of precast and prefab technology.
The developer will supply Property 1 and its clients over the coming 5 years, up to 500 modular villas. The four-bedroom villas will measure up to 200 square meters each, and will be valued from $320,000 each.
“These villas will be supplied to various housing developments in Bahrain, a country located in the Arabian Gulf, with a population of less than 1.5 million. Bahrain is considered a major financial hub and trading center in the Middle East,” Revolution Precrafted said.
Murad Al Ramadan, Property 1 founder and managing director, said the objective the partnership is to deliver a modular home designed to be eco-friendly, energy-efficient and exclusively made to sustain the weather conditions and standards of the Middle East.
In May, Revolution Precrafted announced a deal to supply over 2,000 residential villas in Puerto Rico. The residential villas will have an average cost of $250,000 and will take three years to complete.
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.
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.