REVOLUTION Precrafted Inc., the precast property development company led by the Antonio family, said it signed an agreement with real-estate firm Grupo Cacho of Puerto Rico to supply over 2,000 residential villas on the offshore island of Vieques and on another prime location of a 212-hectare area near the Boqueron Bay Cabo Rojo, Puerto Rico.
Puerto Rico is the company’s ninth international market. The project is expected to help plug the deficit in the number of available housing units in the hurricane-hit Caribbean territory.
“This new venture represents a significant step as we strive to do our part to help revive the tourism infrastructure and help rebuild Puerto Rico. We want to address the pressing concern of the lack of housing units in Vieques and the surrounding islands,” said Jose Roberto R. Antonio, CEO of Revolution Precrafted.
Antonio, also managing director of listed firm Century Properties Group Inc., added the Puerto Rico project would be implemented in two phases.
For the initial phase, he said the two companies agreed to build a total of 27 mid-range and luxury residential units on a 4.2-hectare property along the state road in Vieques.
The houses will range from 200 square meters to 250 sq m, standing on 1,000-sq-m lots. These houses will be built across the W Retreat Hotel in Vieques, and will have a total cost of $13.5 million, the company said. Meanwhile, the bigger bulk of the partnership would start toward the first quarter of 2019.
“This phase will cover the construction of about 2,000 homes on a projected 212-hectare site near the world-famous Boqueron Bay in Puerto Rico. These will be two- to three-bedroom villas measuring 150 sq m, standing on an average lot size of 600 sq m,” Antonio said.
The residential villas will have an average cost of $250,000 and will take three years to complete.
For his part, Cacho said there is also an option to increase additional units depending on market demand. The company is confident the additional homes will help stabilize the supply of houses in Puerto Rico.
Vieques, the small Puerto Rican island located 13 kilometers east of the mainland, is known for its beaches and wild horses, and is considered one of the main attractions in Puerto Rico, a US territory.
“We are eager to maximize this new business opportunity and look forward to playing an integral role in forming a thriving, spirited island; rebuilding is our only north at this time,” Antonio said.
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