Revolution Precrafted Responds to Reports Questioning the Status of Its Projects
Local unicorn startup Revolution Precrafted has responded to news reports questioning the status of its ongoing projects.
In a statement sent to Esquire Philippines on Saturday, February 29, the company said that while it had initially offered prefabricated homes, pavilions, and related structures designed by well-known architects and artists to the market, it has since expanded its portfolio to include traditional structures to increase its customer base.
Revolution Precrafted said that, in the projects mentioned in the reports that came out in online publications DealStreetAsia and The Ken, “the participation of Revolution Precrafted is limited to being the supplier of homes. We maintain an asset light business model which allows us to partner with any developer landowners, or fabricator.”
The company said that its first two projects as home supplier were Batulao Artscapes in Batangas, developed by Century Limitless Corporation, a wholly-owned subsidiary of Century Properties Group and announced in December 2017; and Flavorscapes Lakeshore in Pampanga, developed by Central Country Estates Inc. (CCEI) and launched in April 2018.
The reports had earlier alleged that Revolution Precrafted was far behind schedule in delivering homes to buyers in both developments.
“As the developers, Century Properties and CCEI are responsible for the land and site developments of the projects,” the satetment read. “Only after being paid by the developers will Revolution Precrafted and its partner contractors build the homes. Construction of homes is anchored on timely payment of clients.”
The statement goes on to provide updates on the status of both developments.
“Century Limitless reported that it has sold 249 units, 124 units of which are already in-progress with an average completion of 67 percent as of Jan 31, 2020, and with an additional 68 units to start construction,” it said. “Batulao Artscapes Village 1 land development is at 97 percent. All roads inside the village will be completed by the second quarter or 2020 while amenities will be completed in the third quarter of 2020.
“For Flavorscapes, land development at the Nest, Cocoon, Alcove and Spaces blocks, is at 51 percent with home construction in full swing with 92 homes in varying stages of development and completion,” it added. “Our partner developer Central Country Estates Inc. eyes initial turnover of Nest and Cocoon units in the middle of 2020. Construction of the Alcove and Spaces units on the other hand will begin late 2020.”
A separate statement from CCEI quoted in the Revolution Precrafted one said home buyers need not worry.
“CCEI wants to assure the public that the project is proceeding as planned, contrary to what has been reported earlier,” it said. “CCEI is committed to deliver the Flavorscapes Project the same way as it has completed the 12 residential villages of The Lakeshore.”
The report in DealStreetAsia also mentioned Revolution Precrafted’s deals and partnerships with several international companies, some of which the news platform tried to get in touch with to ask about said deals but received no replies.
According to the startup, it had decided to focus on fulfilling local orders “given the heavy demand in the Philippines,” and “pursued international projects through dealerships to make products more price competitive. This is considering that shipping and logistics add to costs and we want to empower local contractors/fabricators in the dealership territories to build our designs, under Revolution Precrafted’s supervision.”
Founded by Robbie Antonio in 2015, Revolution Precrafted became the country’s first, and so far only, unicorn (a startup with a valuation of P1 billion) in 2017.
According to both The Ken and DealStreetAsia, the company was seeking investments for as little as $1 million to $3 million, amounts that were quite small given the company’s significant valuation. The reports also suggested Antonio may have been spreading himself too thin given how he has other new companies under a new parent company called resident Holdings Inc., under which Revolution Precrafted was just one of about a dozen subsidiaries.
The company statement did not address these issues.
“Aside from its goal of making design accessible, one of the original missions of Revolution Precrafted is to help more people realize their dreams of owning beautiful homes,” the company said. “We would like to assure the public that the company remains committed to this mission and that it will continue to work hard to deliver homes to our loyal customers for both Batulao Artscapes and Flavorscapes.”