28 February 2020 – Brainsre.news
The housebuilder Quabit finished 2019 below its annual targets. In May, the company led by Félix Abándanes was forced to make a downwards adjustment to its forecasts for home deliveries and turnover. That was due to problems with sticking to the timetables and with the construction work.
In order to solve this, the property developer from Alcarria carried out an initiative to internalise the construction process, by buying Rayet Construccion. However, delays in receiving the First Occupation Licenses and the entry into force of the new Mortgage Law meant that the plan could not be accomplished.
Furthermore, Quabit finished 2019 having delivered 157 units, well below the most recent forecasts made in May of between 500 and 700 homes, and even further below the 911 units estimated initially.
Original Story: Brainsre.news
Translation/Summary: Carmel Drake