29/02/2020
OFFICIAL STATEMENT FROM REVOLUTION PRECRAFTED
Over the past days, several articles have been released and circulated by online publication sites relating to Revolution Precrafted reporting about the status of its earlier announced projects.
We want to address these issues by presenting facts on the status of the company’s projects.
In the projects mentioned by these online publications, 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.
We originally offered prefabricated homes, pavilions and related structures designed by global and local architects, designers and artists. However, as early as 2018, we have announced that we are expanding our product portfolio to include traditional structures in order to increase our customer base.
We announced our flagship project, the Batulao Artscapes in December 2017. This was followed by our Flavorscapes project which we formally launched to the market in April 2018.
In both projects, Revolution Precrafted serves as a supplier of homes. The developer of Batulao Artscapes is Century Limitless Corporation, a wholly-owned subsidiary of Century Properties Group, while the developer of Flavorscapes is Central Country Estates Inc. (CCEI).
As the developers, Century Properties and CCEI are responsible for the land and site developments of the projects. 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.
Since the launch of Batulao Artscapes, it offered homes that will be built using a combination of conventional construction methods and prefabrication.
On the other hand, the homes in Flavorscapes are homes built through conventional methods.
As of date, Batulao Artscapes and Flavorscapes are under continuous works exhibiting a combined construction of nearly 300 homes.
Century Limitless reported that it has sold 249 units, 124 units of which are already in-progress with an average completion of 67% as of Jan 31, 2020, and with an additional 68 units to start construction. Batulao Artscapes Village 1 land development is at 97%. 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.
In a statement, Century stated that: “Century Properties has been in the business of real estate development, marketing, and property management for 34 years and has completed, as of end 2019, 13,619 units in 24 residential buildings with a total gross floor area (GFA) of 994,166 square meters on top of retail, medical, and office buildings (a combined GFA of 182,620 square meters). In line with this long history and tradition of project completions, Century Properties remains committed to fulfill its contractual obligations to its clients in Batulao Artscapes and will ensure that the homes will be completed as agreed upon.”
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. 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 said that the project is accredited by several banks who are currently financing existing home loans for third party buyers apart from offering in-house financing. Further, “CCEI wants to assure the public that the project is proceeding as planned, contrary to what has been reported earlier. CCEI is committed to deliver the Flavorscapes Project the same way as it has completed the 12 residential villages of The Lakeshore.”
Given the heavy demand in the Philippines, Revolution Precrafted focused on its local orders 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.
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.
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.
