Tag: Domo

Cranes Appear in the Skyline of Madrid’s Center

17/11/2014 – Expansion

Pryconsa, Ibosa, Domo, ACR and Allegra are only examples of the companies that started a new home construction in Madrid. On average, their projects include hundreds of dwellings which were immediately snapped up, in spite of the high level of stock pending sales. Currently, most new projects are proposed by cooperatives.

Managers like Ibosa or Domo have discovered a golden strike in the sales of the plots the Public Administration decided to auction off in search of liquidity. For instance, Metro has sealed a deal on its headquarters in the intersection of the Cavanilles and the Doctor Esquerro street, in the Retiro neighborhood, with Domo Gestores which will raise 209 apartments and 7 single-family homes at prices starting from €91.800 (VAT included). The dwellings will be ready in 2017.

The same co-op is at the same time building two housing developments: first, at a very advanced construction stage and formerly serving as the premises of the Town Planning department of the City Hall of Madrid. In this case, Domo will build 220 flats priced at €305.000 each in the middle of the Chamartin district.

The other development will stand on a downtown plot acquired recently by the co-op for €111 million. Located next to the Paseo de la Castellana street, the piece of land will soon see construction of 355 dwellings selling at 3.400 Euros per square meter each.

Another cooperative manager Ibosa was awarded the plot carrying the depots of Madrid’s subway and situated in the Cuatro Caminos area for €88 million. Thereon, Ibosa is going to build a high-end residential estate with 62 subsidized and 381 unsubsidized apartments, for €1.940 and €2.600 per square meter respectively.

The development, distributed over a 25-floor tower and three eight-storey buildings, is set to be delivered within few years as before starting the works, Ibosa shall underground the existing depots and create a green area of 20.000 square meters.

Apart from the cooperatives, two real estate firms significantly contribute to project reactivation in the heart of Madrid. For example, Pryconsa has just bought the old Buñuel studio of RTVE for €35 million.

Furthermore, Allegra Holding led by Mario Losantos has also acquired a plot of 6.000 square meters in Madrid, specifically in the Puerta de Hierro area, with intention of constructing a new luxury housing development, made up between 50 and 60 dwellings.

Months prior to this project, Allegra and its partner ACR, ran a venture close to the Plaza de Castilla square on the Sorolla street. Out of the 96 marketed homes, 85 have already found buyers ready to pay  2.200 €/m2.

Original article: Expansión (by Rocío Ruiz)

Translation: AURA REE

Domo Buys Desirable Plot of MOD For €111.05 Mn

5/11/2014 – El Mundo

After months of keeping the sector on the tenterhooks, the sale of the plot located at 50 Raimundo Fernandez Villaverde street in the center of Madrid singled out the winner: Domo Gestora. The co-operatives manager purchased the piece of land from the Ministry of Defence for a price of €111.05 million.

Domo Gestora, under the brand name Residencial Maravillas S. Coop. Mad., bought the closed block formerly housing the TPYCEA, Spanish artillery research and electrotechnical testing center, situated adjacently to the Nuevos Ministerios light railway station and the Paseo de La Castellana street. The company offered €20.77 million more than the €90.28 million amount the Ministry set as the asking price.

At the bidding, Domo emerged ahead of such leading firms as Construcciones Amenabar (attending as Amenabar Arroyo del Fresno Avantium SL), Ferrovial (Vergara Promoinvest SL) and Pryconsa (Promociones y Construcciones PYC Pryconsa SA). Specifically, Amenabar submitted a €103 million bid, Ferrovial offered €102.19 million and Pryconsa €95.59 million.

Domo Gestora’s portfolio includes a plot at 13 Guatemala street and one at 58 Cavanilles street, recently acquired from the Metro of Madrid.

President of the company, Feliciano Conde did not hide his satisfaction from the purchase: ‘it represents triumph of the cooperative economy’, he assured.

Domo Gestora has designed a project for the 54.225 buildable square meters of the plot, assuming construction of 355 unsubsidized homes priced at €325.000 each. Two- to five-bedroom dwellings inside a private estate with a swimming pool and common areas will soon come up for sale. As the company claims, 90% of the products is already reserved and the rest of the apartments will be sold like hot cakes thanks to this deal. All will be handed over the soonest at the end of 2017.

According to experts, the feverous competition about the plot demonstrates revival of the residential development market in Madrid.

The Public Administration has got many more properties placed up for sale, giving an opportunity to the investors to build up thousands of new apartments in the very center of the capital.

 

Original article: El Mundo (by Jorge Salido Cobo)

Translation: AURA REE

Ferrovial, Domo, Amenabar & Prygesa Compete For Alluring Plot of MOD

31/10/2014 – El Confidencial

Within less than a week the sector will know the name of the new owner of the Madrid downtown plot sold by the Ministry of Defence that is asking €90.3 million for it. Merely 500 meters from the popular Paseo de la Castellana street and located on the Raimundo Fernandez Villaverde street, one may find the most attractive 14.500 square meters currently up for sale in the capital. The piece of land has been listed at portal Addmeet.com for one and half year.

Despite the commotion and interest the parcel invoked, only four companies presented their binding bids: Ferrovial, co-ops manager Domo, Basque builder Amenabar and Prynconsa’s branch Prygesa.

Participation of Ferrovial is somewhat surprising as the firm sold its residential development arm to Habitat in 2006. Allegedly, it operates on behalf of a fund. At one time, the company constructed more than 200 dwellings on land which used to house the old Madrid’s Town Planning Department, situated in the cofluence of the Guatemala, Alfonso XIII, Paraguay and the Puerto Rico streets. The piece of land was purchased by La Cooperativa EAI 310 for €65 million. Further on, the company named Domo Gestora de Viviendas to manage and develop the project.

Domo itself is another bidder at the tender for the Defense’s plot. If the firm wins, it will build 355 homes ranging from one to five bedrooms at a price fixed between 3.200 and 3.300 Euros per square meter. True bargain as for the Rios Rosas neighborhood inside the Chamberi district, where a year ago prices oscillated around 4.400 euros per built square meter, data by Foro Consultores. Also, Domo takes part in an auction of another plot in Madrid, located at 58 Cavanilles street, up for sale by Metro.

Next candidate to buy the piece of land of the Ministry is Basque builder Amenabar. ‘It is a proven, solvent company with great potential from the economic point of view’, sources from the sector describe it. Few years ago, Amenabar purchased several plots intended for subsidized housing in Arroyofresno from the city of Madrid.

The last player is Prygesa, company belonging to Pryconsa Group, one of the few recession survivors. Its project for the land assumes construction of 310 dwellings, from two to six bedrooms. Besides, Pryconsa bids for the Cuatro Caminos depots of Metro, shoulder in shoulder with Ibosa.

To take part in the auction, all bidders had to hand a 5% deposit equal to 4.513.913,25 Euros.

How high may the price reach?

The Ministry of Defense asks €90.3 million for the plot which is, in the sector’s opinion, a very low listing price. Therefore, the offers for sure will aim above that level but will not exceed €110 million.

 

Original article: El Confidencial (by Elena Sanz)

Translation: AURA REE