Filipino firm joins Seven Tides to build $3bn homes at Dubai's The World
The contract will see Revolution Precrafted design, supply, and install pre-manufactured luxury condos and villas for nine islands within the development
A Philippines-based company has been awarded a $3.2bn (AED11.8bn) contract to work within Dubai's The World islands master development.
The contract entails a partnership between Revolution Precrafted and Seven Tides, which owns 10 islands within the man-made archipelago.
Revolution Precrafted will design, supply, and install two- and three-bedroom luxury condos and villas for nine islands within the development.
These structures will be manufactured and shipped to Dubai, before being assembled at The World.
In an interview with Arabian Business, Abdulla Bin Sulayem, chief executive officer of Seven Tides, said the company had started developing a luxury resort on one of the South American islands, closest to the Dubai shoreline.
He reportedly added that his firm planned to develop Maldives-style villas on the island.
Jose Roberto Antonio, chief executive officer of Revolution Precrafted, said the exact number of villas is yet to be finalised.
"The total number of units is being masterplanned right now, so I can’t really verify or ascertain that as of this moment, but you can expect and approximate $300m to $500m [AED1.1bn to AED1.8bn] worth of sales, depending on how [tall] we would [build] each one," Antonio reportedly told Bloomberg Philippines.
"But we’re going to build a combination of unique homes that are decongested for private use, and some mid-rise, three- to five-storey hotels and hotel residential buildings."
He said the masterplan would be completed in the next two to three months, with a each island's launch to be announced in around Q3 2018.
"We’re going to do each island [in a] phase – we’re not going to launch nine islands at the same time, with nine different concepts," he said.
"We’re going to do it with one big island and one small island."
The 20.4ha Coronation Island is expected to be the first island that is developed in phases.
According to the report, commenting on the project, Bin Sulayem said: "We decided to partner with Revolution Precrafted because we believe in its vision and capabilities in creating [...] functional prefabricated homes, pavilions, and related structures."