In a bid to further strengthen its global presence, Philippine property technology (proptech) developer Revolution Precrafted, one of the strongest unicorn companies in Asia, today announces its partnership with Inversiones Laguardia S.A. DE C V for the supply of upper scale residential units in El Salvador, one of the most densely populated countries in Central America.
“Part of the motivation behind the company is to be able respond to the growing demand for affordable but quality mid-market homes. We are very happy to enter Central America, so we can help plug the huge housing deficit in one of the most populous countries in the region,” said Revolution Precrafted CEO Robbie Antonio.
Revolution Precrafted, the fastest company to reach unicorn status in Southeast Asia, is in the middle of the global expansion with multiple live deals in Europe, Africa, The Caribbean and North America. The company is targeting to be present in at least 25 countries by the end of 2018
El Salvador becomes the 15th country for Revolution Precrafted.
Based on the signed term sheet between the two companies, Revolution Precrafted will 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.
Antonio said Revolution Precrafted is also looking at other locations in San Salvador.
“We want to explore other opportunities in San Salvador and nearby suburbs for more mid-market residential homes. El Salvador deserves design-driven homes that they can afford,” Antonio added.
El Salvador is one of the smallest but most densely populated countries in Central America with a population of over 6 million. Estimates from the real estate firms show that about 2 million Salvadorians live in substandard housing in around 2,500 informal communities.
Revolution Precrafted is a global supplier of designer, limited edition homes, pavilions, retail spaces and related structures.
Over the past six months, it has bagged over $7.6 Billion worth of big tickets projects including the $3.2 Billion partnership with Seven Tide, for “The World Islands” in Dubai, and the $1.2 Billion Okkyin project in Myanmar with KT Group. Last month, it signed a $300 million dealership agreement with Novo Development Ltd. to build at least 1,000 homes in the Caribbean nations of Trinidad and Tobago, Guyana, Jamaica and the Bahamas. It also landed a deal to build 85 luxury resort villas in Okinawa, Japan and 2,000 housing project in Puerto Rico with Grupo Cacho. It also recently announced its franchise agreement to supply mid-income homes in Ecuador.
Revolution Precrafted breaks through Europe through tourism and residential projects in the Ebro Delta in Catalonia Spain and Limassol, Cyprus.
In the Philippines, it partnered with Century Limitless Corporation for the $1.1 Billion Batulao Artscapes in Nasugbu Batangas, the $750 Million Revolution Flavorscapes in Mexico, Pampanga and the $125 Million Puerto Azul residential project.