TM Group to Build More Than 2,000 Homes on Last Major Plot of Land in Torrevieja

9 September 2019

The TM Grupo Inmobiliario has plans to build more than 2,000 homes on part of the last major plot of available land in Torrevieja. A total of 5,000 to 6,000 homes are in the works for the 1.9-hectare area, which is called La Hoya. TM would invest approximately 30 million euros. Urmosa, a local developer, will build the largest number of homes in La Hoya.

The real estate market in Torrevieja is booming, as developers built 5,225 new homes during the past year. The most significant difference between Torrevieja and other hot spots like Marbella and Estepona is in the price of the homes on sale. Torrevieja is considered a ‘low-cost’ market, with homes on the beach available for less than 100,000 euros. Prices in the city have also been increasing at a relatively moderate pace, up by 2.3% in the last year, according to Tinsa.

While the development still lacks the necessary municipal approvals, La Hoya is likely to consist of 5,000 to 6,000 new homes, down from an initial 7,000 homes, as demand these days is largely for bigger homes than had been in the past. Prices are expected to range from 170,000 to 200,000 euros (1,200-1,300 euros/m2), far below the price of similar homes in Orihuela itself.

Original Story: El Confidencial – E. Sanz

Adaptation/Translation: Richard D. K. Turner

Baraka Invests €60M in the Construction of 2 Skyscrapers in Torrevieja

21 January 2019 – Idealista

Trinitario Casanova is on a roll with Baraka. Baraka Properties, the group’s arm specialising property development, has invested €60 million in the construction of two skyscrapers in Torrevieja, which will house more than 130 homes and 250 tourist apartments, according to explanations provided by the company to Idealista News.

The project is going to materialise into two 26-storey towers. Whilst the first will be dedicated to housing in its entirety, the second will be dedicated to hotel use. “Right now, the approval of the project is in the evaluation phase, although our plans are to finalise this first phase during the first quarter of the year”, explain sources at the group, “and once the project has been approved, we will request the licence”.

The land on which the two towers are going to be built is located on Avenida Doctor Gregorio Marañon, on the seafront next to the Doña Sinforosa park. “It is 200 metre from the marina, and all of the homes from the first floor up will have views of the sea. The homes from the fifth floor up will have 360º views”, say sources at Baraka Properties.

According to the company, these will be the first towers in the city, and the tallest to date. The other enclave with towers of this calibre is Benidorm. “The trend for tourists in the area is to look for more unique properties, with higher quality finishes, where they can be offered services like in an American condominium, and this plot fulfils all of those characteristics, both due to its location, and its scale/volume”, they conclude.

In total, 32,000 m2 of space is going to be built in the two towers, and by way of reference, the price per m2 of the penthouse will amount to around €7,000/m2, making it one of the most expensive developments in the area (…).

Original story: Idealista (by Custodio Pareja & P. Martínez-Almeida)

Translation: Carmel Drake

Socimi Castellana Properties Buys Habaneras Shopping Centre for €80.6M

9 May 2018 – Eje Prime

A new retail operation has been closed in the world of the Socimis. Castellana Properties has completed the purchase of the Habaneras shopping centre in Torrevieja (Alicante), for €80.6 million, from the listed real estate investment company (Socimi) Heref Habaneras.

The shopping centre has a gross leasable area of 24,158 m2, spread over three floors and contains 70 stores, according to the purchaser, which has highlighted that the centre’s occupancy rate stands at 94%.

In a statement, the CEO of Castellana Properties, Alfonso Brunet, added that last year the Socimi acquired eleven retail parks in Spain worth around €300 million, making it “a strategic player in the real estate sector and, specifically, in the retail segment”.

Original story: Eje Prime

Translation: Carmel Drake