10 July 2018 – Eje Prime
Quabit is continuing to expand in Spain. The property developer is pushing ahead with its growth plan and, to this end, has completed the purchase of new plots of land in Estepona (Málaga) as well as in the Madrilenian towns of Azuqueca de Henares and San Agustín de Guadalix, for a total investment of €15.2 million. On these plots, the property developer will be able to build 320 new homes.
The operation follows another that the firm recently signed in Menorca, where it acquired a portfolio of residential land for €24.6 million. During the first half of the year, the company led and controlled by Félix Abánades (pictured above) invested €32 million in new land in total.
On these surface areas for residential use, which span a buildable area of 108,3000 m2, Quabit is going to build almost 900 homes, with a forecast turnover of €162 million.
Since the company launched its strategic plan 2017-2020, the real estate company has invested almost €200 million in the purchase of land for the construction of 4,850 homes. If we add those units to the ones still to be developed, the company has already fulfilled 75% of its development objective for 2022, which amounts to 7,900 homes.
Currently, Quabit has 45 developments up for sale with almost 3,300 homes being marketed, after ending 2017 with 1,700 units under construction located all over Spain. The property developer’s land bank exceeds 1.1 million m2 of buildable space, with capacity for the development of up to 8,800 homes.
Original story: Eje Prime
Translation: Carmel Drake