2 July 2018 – Eje Prime
Aedas Homes is extending its tentacles in Madrid and has reached Torrejón de Ardoz with its first residential project. The listed property developer is going to develop 100 homes in that municipality, which will constitute the Lángara urbanisation.
The homes, which include ground floor garden flats and penthouses with two, three and four bedrooms, have already gone on the market with prices starting at €165,000. The promotion will have a garden, a swimming pool, a gym, a children’s play area and a lounge bar in the common areas.
Lángara is designed for both first-time buyers and those looking to reposition themselves on the property ladder, according to Aedas. With more than 1.5 million m2 of buildable land in its portfolio, the property developer still has space to develop around 14,000 homes in Madrid, Cataluña, Sevilla, Costa del Sol, Levante and the Balearic Islands.
The plans of Aedas, in which the US fund Castlelake holds a stake, include reaching a handover rate that exceeds the number of homes under construction by 2022. The company led by David Martínez wants to achieve the break-even point after launching more than 2,000 homes this year: 2,500 in 2019 and peaking with 3,000 homes in 2020 and 2021.
Original story: Eje Prime
Translation: Carmel Drake