1 December 2016 – Expansión
Round Hill Capital, one of the leading international real estate investment firms, has launched operations in Spain with an investment of €250 million in the luxury Palo Alto real estate development. The project that will be constructed on a plot of land measuring 50 hectares in Ojén (Málaga) and represents the entity’s first investment in Spain.
The project will be divided into six phases and reflects Ojén’s General Urban Development Plan (PGOU). The licence has already been granted for the first phase and construction will begin as soon as the tender has been awarded. Six construction companies are currently competing to secure the bid.
Specifically, the first phase, which will be executed between January 2017 and the autumn of 2018, will involve the construction of sixty apartments and fifteen penthouses, which will be sold for between €440,000 and €1 million each.
At an event in Ojén yesterday, the architect and developer of the project, Matías Villarroel, explained that the land on which the housing development will be constructed was acquired from Sareb for €30 million. It represents one of the most important sales by the entity in the area. “The natural location is privileged and unique”, said the property developer.
According to Villarroel, Palo Alto “is going to put Ojén on the map with a development that will be talked about a lot in the future”. The urbanisation, which has panoramic views of the sea and mountains is just five minutes from the La Cañada shopping centre and thirty minutes from the Málaga-Costa del Sol airport.
Meanwhile, the mayor of the municipality, José Antoni Gómez, who also attended the event yesterday, said that a project like Palo Alto “represents a socio-economic boost for Ojén and for the coast as a whole”. Gómez said that this urbanisation will be “a balcony to the Costa del Sol and a door to the nature and mountains of Sierra de las Nieves”.
Original story: Expansión
Translation: Carmel Drake