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Eco Buildings Group PLC said on Tuesday it has secured a letter of intent for the purchase of 10,000 modular homes, following a visit by a Dominican Republic delegation to its manufacturing facility in Albania. Eco Buildings shares were up 13% at 7.66 pence in London on Tuesday afternoon. The London-based manufacturer of prefabricated modular housing products said the agreement has a value of $237 million of gross revenue to Eco Buildings, and entitles the delivery of 10,000 homes over five years. In 2023, Eco Buildings reported revenue of €139.553 and noted it had secured two contracts in Albania and Kosovo. These agreements are projected to generate up to €114 million in total sales revenue within the first three years after the factory becomes operational. The homes will be constructed by Gramma Constructora SRL, a private construction firm headquartered in the Dominican Republic. Under the agreement, Gramma Constructora is committed to an initial annual order of 2,000 units. Eco Buildings noted that the deal, which remains subject to regulatory approvals, is designed to address the Dominican Republic’s pressing social housing needs. Carlos Bonilla Sanchez, Minister for Housing, Habitat & Buildings, visited Eco Buildings’ manufacturing facility in Albania. Eco Buildings said this marked a key step forward in its discussions with the Dominican government. The company added that talks are also underway regarding the potential establishment of a local manufacturing facility in the Dominican Republic. Chief Executive Officer said: ‘We are very pleased with the progress achieved during the Dominican Republic delegation’s visit to our Albanian factory. The successful alignment of our vision with their housing strategy marks the beginning of what we hope will be a long-term, impactful partnership.’ Copyright 2024 Alliance News Ltd. All Rights reserved.
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