After a few years of volatility and slowdown brought about by the mid-decade decline in oil prices and other macroeconomic factors, the Middle East is now looking at rosier prospects thanks to stabilising crude rates, and increased investment diversification.
One sector that’s receiving increased attention is the region’s real estate sector.
Whereas the real sector experienced significant slowdown due to the region’s recent market woes, the Middle East property sector is expecting an upturn and increased activity in the next years.
The real estate industry in financial hubs such as Dubai, Manama, Amman, and Riyadh is enjoying increased activity as the economies improve and as investors begin pouring fresh capital once again.
Revolution Precrafted, a global company that supplies designer, collectible, transportable and limited-edition homes, pavilions and other structures, call this improving Middle East market conditions, as “great opportunities to re-energise the region’s property sector”
“As a company that’s in the middle of global expansion, the improving property sector in the Middle East is quite encouraging. This opens the industry for more local and international investments and collaborations,” said Revolution Precrafted founder and CEO Robbie Antonio.
“The ME property sector is ready for a rebound and Revolution Precrafted is taking this opportunity to create significant, landmark projects that will not only help revitalise the sector, but also offer regional homeowners more options in terms of housing,” Antonio added.
Revolution Precrafted, already present in 20 countries including the United Arab Emirates via the $3.2 billion “World Islands Project with Seven Tides and the 500-villa project with Property 1, the company is looking at further expanding its portfolio to other countries around the Arabian Gulf.
“We are exploring opportunities in other countries such as Lebanon, Turkey, Oman and Saudi Arabia,” Antonio said.
Antonio said the company is looking at offering 2-3 bedroom villas, measuring between 150 to 200 square meters, depending on market preferences.
With a fabricator network of over 700, including several companies in Dubai, Antonio is confident that the company will be able to respond to any increase in orders.
In terms of units, Antonio eyes at least 10,000 units in the Middle East in the next 4-5 years.
“Our business proposition is unique. We create homes designed by the world’s best architects and artists and we can do these in as fast as 2-3 months. This enables us to deliver products fast. This is also a factor why the company has grown exponentially over the past two years” Antonio added.
From only five employees in December 2015, the prefab firm’s manpower has ballooned to over 500 including its salesforce. In terms of partner designers, the number has reached 80 and fast increasing. Among these designers are Pritzker award winning Zaha Hadid, Jean Nouvel, and Christian de Portzamparc and Philip Johnson Alan Ritchie.
“We want to keep things fresh so we continue to look for architects and designers that have significant impact in their respective fields. We want to have a diverse portfolio for our projects globally.
At the moment, the company has projects in 20 countries such as Myanmar, Japan, Spain, Cyprus Brazil, El Salvador, among others. It is expected to deliver 35,000 units in the next 4-5 years.
“This is an exciting period for the company as we continue to expand our footprint worldwide. Middle East is an important part of this expansion because of its strategic location and its strong economy,” the company announced earlier this year.
And Antonio believes that while the Dubai and Bahrain projects are already milestones projects for the company, its expansion in the Middle East is just beginning.
communities, both in the Philippines. Batulao Artscapes consists of 8,520 homes while Flavorscapes will have at least 7,100 prefabricated homes.
ABOUT REVOLUTION PRECRAFTED
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 $8 Billion worth of big tickets projects including 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. It broke the European region via a $52Million eco-resort project in Tarragona, Spain.
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.
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