Ibosa Sells the 85 Flats on Madrid’s Most Sought-After Plot in Record Time

18 March 2019 – El Economista

Last year, Ibosa was awarded one of the most sought-after plots of land in Madrid following a closely fought battle. This year, the property developer is in the news again as it has managed to sell all of the future homes that are going to be built on the site in less than two months.

The cooperative manager was awarded the plot, located on the corner of Calle Doctor Esquerdo and Calle de los Astros, just 800m from the Retiro Park, in November 2018 after submitting the highest bid (€33.5 million) and fighting off competition from 16 other players.

The competition for the homes themselves has been just as fierce with all 85 being sold in just 50 days. That achievement is all the more impressive when you consider that the homes have an average price of €5,000/m2, including parking space and storeroom.

The development, known as Residencial Becrux, is going to comprise 85 homes with between one and four bedrooms, with constructed surface areas of between 52 m2 and 245 m2. The total budgeted investment amounts to €55 million and the homes are expected to be handed over during the first quarter of 2022.

Original story: El Economista (by Alba Brualla)

Translation: Carmel Drake

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