Unicorn property developer Revolution Precrafted has entered El Salvador, its 15th international market, to supply 1-bedroom upper midscale residential units while listed developer Megaworld has acquired real estate firm Stateland Inc for an undisclosed amount.
Proptech unicorn Revolution Precrafted bags El Salvador deal
Philippine-based unicorn developer Revolution Precrafted announced that it has officially entered El Salvador, one of the most densely population countries in Central America, after sealing a deal with developer Inversiones Laguardia.
In a statement, Revolution Precrafted CEO Robbie Antonio said the deal is for the Philippine developer to supply an initial 40 units of 1-bedroom upper midscale residential units measuring 42 square meters each.
The units, valued at $85,000 each, will be constructed as part of a gated residential community on a six-hectare property in the capital city of San Salvador. The units will be annexed to the Hampton by Hilton Hotel, also being built by Inversiones Laguardia.
Construction will start on in late 2018 and the units are expected to be completed in early 2019. Depending on market response, the partnership may consider an additional 40 units. El Salvador becomes the 15th country for Revolution Precrafted.
Megaworld acquires real estate firm Stateland
Stateland is known for building homes in South Luzon, particularly in Cavite and Laguna, and some parts of Metro Manila, Megaworld said in a statement.
The company is also a builder of upscale pocket townhouse developments in Metro Manila such as the Royal Circle Townhomes in Parañaque City; Royal Garden Townhomes in Malate, Manila; Hillcrest Townhomes in Quezon City; and Royal Chateau in Pasay City.
The acquisition allows Megaworld to expand its raw land portfolio by another 150 hectares and to own certain allied and related properties, on top of Stateland’s existing developments spread across more than 200 hectares.