by Arabian Business
A Philippines-based developer has signed a $3.2 billion agreement to build luxury apartments and hotel villas in Dubai’s The World Islands.
The partnership with luxury developer Seven Tides will see Revolution Precrafted design, supply, and install two- and three-bedroom luxury condominium apartments and villas. The various structures will be pre-manufactured, shipped and then assembled on The World Islands.
Seven Tides, owner of ten of the islands in the man-made development archipelago, announced plans last year to develop luxury resort on The World islands.
In an interview with Arabian Business, Seven Tides CEO Abdulla Bin Sulayem said he the company had started developing a luxury resort on one of the South American islands, closest to the Dubai shoreline. He said the planned to develop Maldives-style villas on the island.
The contract with Revolution Precrafted is to develop villas for nine of the islands, according to CEO Jose Roberto Antonio, with the exact number of villas being finalised.
“The total number of units is actually being masterplanned right now, so I can’t really verify or ascertain that as of this moment, but you can expect and approximate that $300-$500m worth of sales, depending on how mid-rise we would do for each one,” Antonio told Bloomberg Philippines.
“But we’re going to do a combination of unique homes that are decongested for private use, and some mid-rise –three to five storey hotels and hotel residential buildings.”
Antonio said the price point for villas would be about $150,000 to $1.5m, and averaging $500,000.
He said the masterplan would be completed in the next two to three months, with a launched planned for Q3 this this year on an island by island basis.
“We’re going to do each island per phase – we’re not going to launch nine islands at the same time, with nine different concepts, we’re going to do it with one big island and one small island,” he said.
In a statement to media in Asia, Bin Sulayem said, “We decided to partner with Revolution Precrafted because we believe in their vision and capabilities in creating elegant, bespoke but functional prefabricated homes, pavilions and related structures.”
The first island to be developed, measuring 2.2 million square feet, called Coronation Island, will be done in phases.