Myanmar’s KT Group has inked a deal with the Philippines’ most valuable startup to import prefabricated homes and meet growing demand for low-cost housing.
Revolution Precrafted will manufacture and ship homes and pop-up outlets Pop to Myanmar, the companies said in a statement yesterday after they signed a dealership agreement in Yangon. The prefabricated homes can be completed in just three to six months, including approximately five days of installation, they said.
Revolution Precrafted founder and chief executive officer Mr Robbie Antonio said the deal would give Revolution Precrafted a significant foothold in the real estate market here.
“We believe that these mid-market prefabricated homes will appeal to a significant chunk of the Myanmar population,” Antonio said. “Myanmar is an emerging economy with 53 million people. We want to take advantage of this sizable market and make it a cornerstone of our regional expansion.”
A KT Group spokesperson said homes would start at US$12,000 and retail stores from $20,000. Initially it will sell two types of prefabricated home: the 23-square-metre Revo Crib and 36-square-metre Revo Origin.
“Competitive pricing is something which is very important to us and we continuously strive to lower these costs,” the spokesperson said.
KT Group executive director Daw Deborah Kyaw Thaung said the similarities between the Philippines and Myanmar suggested the company would find strong demand for precrafted homes.
“The people of Myanmar are looking for a new approach when it comes to their homes. They are looking for personalised spaces that are sophisticated, functional, but affordable,” she said.
In barely two years, Revolution Precrafted has grown to be worth more than $1 billion, offering a range of prefabricated homes, pavilions, hotels, furniture and glamping structures. Its eye-catching designs are created through partnerships with 72 of the world’s leading architects, designers and artists.
Earlier this week Revolution Precrafted announced a $3.2 billion deal to build condominium apartments and hotel villas in Dubai, and is aiming to expand into 20 countries this year.
Established in the 1950s, KT Group’s core business is real estate and property development but its has in recent years diversified into energy, trading, international port terminals, pharmaceuticals, telecommunications and agriculture.