Tag: urbanisation work

Plans are Reactivated for Málaga’s 2,847-Home Urbanisation

8 Noviembre 2018 – Diario Sur

The 170 owners of the Rojas-Santa Tecla sector are working on the preparation of a project comprising 2,847 homes and a golf course.

After years weighed down by judicial lawsuits, which resulted in sentences that forced the review of the steps taken until then to approve it, the project to build the largest urbanisation in Málaga over the coming years is being reactivated. The board comprising its 170 owners, including individuals, as well as Unicaja, the real estate firm Altamira, the Ministry for the Environment and the Ministry of Defence, has published plans for the reparcelation of the sector known as Rojas-Santa Tecla, a complex of plots located to the north of the Benítez camp and to the west of the Carretera de Churriana, which measures 1,488,269 m2.

The plans include the construction of 2,847 homes on the site, which will be lined with new roads, which will run across the land surrounded by the population nuclei of Monsálvez, El Olivar and El Cortijo de Maza. The homes will be grouped around a golf course, which will have a surface area of 450,000 m2, spread over six sectors and will offer at least 18 holes.

According to the urban plan approved by the municipal plenary in March last year, this action will also have two plots for commercial use – one on the border with Torremolinos, on the other side of the motorway, and another to the north of the plots comprising the Benítez camp – which span 30,115 m2; a golf club on land measuring 3,000 m2; sports facilities on a surface area spanning 22,784 m2; social areas (24,207 m2); and school facilities (45,690 m2). Similarly, 330,353 m2 will be reserved for green space and 244,172 m2 for roads. The sector is crossed by a stream and by a cattle track that is free from buildings, although 29 homes currently exist on it, whose future will have to be analysed as a result of the development of this urbanisation, which will maintain the houses located around El Camino del Pilar.

€60 million

Proof of the size of this project is that the urbanisation work alone is expected to cost around €60 million, including the external charges that its developers will have to bear, the construction of the roads and the creation of the golf course. Nevertheless, several procedures will need to be completed before the construction work can begin, given that now is when the approval of the sectoristion plan is going to be launched, advised by the law firm Ius Urbis on the legal side and by the architectural studio HCP on the technical side. Approval from the Urban Planning Management department also remains pending, although it is currently being drafted.

Nevertheless, the large number of owners in the sector makes the execution of the project very challenging, and so its effective development will depend on what a property developer with sufficient economic capacity to undertake a project of this magnitude does with most of the urban planning rights.

Original story: Diario Sur (by Jesús Hinojosa)

Translation: Carmel Drake

Madrid Nuevo Norte will Generate €13.2bn of Business for the RE Sector

12 October 2018 – Eje Prime

Madrid Nuevo Norte represents good news for the Spanish real estate sector. The Town Hall led by Manuela Carmena expects the project, which received the green light at the end of September, to generate €13.2 billion of business for the real estate sector.

The urban development project, to the north of Chamartín train station, is going to house 10,485 new homes, as well as 1.5 million m2 of offices and another 103,119 m2 of commercial space. The acquisition of the plots will involve a total cost of €3.74 billion and the construction costs will exceed €2.78 billion.

The Town Hall of Madrid has confirmed that the tertiary assets will contribute the bulk of the income for the property developers that participate in the construction of Madrid Nuevo Norte. Together, the sales price of those properties will amount to €10.2 billion. In the case of the development of new homes, the business will amount to €2.98 billion, according to reports from Cinco Días.

The results of an economic study for the project show a range of returns of between 11.2% and 16.4%, although the Town Hall warns that the margin will depend heavily on factors such as the evolution of the real estate market and the acquisition price of the land. In terms of the latter, an orientative cost of €2,899.47/m2 is forecast for private housing located in the financial centre.

Following several adjustments, the total buildability of Madrid Nuevo Norte has decreased by 21%, down from 3.37 million m2 according to the initial plan to €2.66 million m2 under the current plan. In addition, the district has been divided into four areas: Chamartín station, the business centre, Fuencarral-San Roque-Tres Olivos and Fuencarral-Las Tablas. Each area will have its own construction timetable and urbanisation costs.

The project will have to be financed almost in its entirety by the landowners, who will disburse €1.2 billion on average. The Town Hall of Madrid is going to spend €307.89 million with the aim of covering the urbanisation costs, which will be added to €24.78 million from the Community of Madrid and €220.49 million from Adif, the concessionaire of the rights.

Original story: Eje Prime

Translation: Carmel Drake

Metrovacesa to Invest €400M in a 2,870-Home Residential Project in Sevilla

7 June 2018 – Eje Prime

Metrovacesa is looking south in its growth plan for the next few years. The listed property developer has unblocked, together with the Town Hall of Sevilla, what is going be its largest project outside of Madrid and Barcelona and what constitutes the largest development currently being planned in the Andalucían capital.

The project is going to bear the name of the Sevillan neighbourhood in which it is located, Palmas Altas Sur, and will consist of a 2,870-home development, of which 2,000 units will be built by Metrovacesa. The remainder will be social housing properties and their construction will be entrusted to the Town Hall, according to El Confidencial.

For the property developer, this land is the most significant plot that it has undeveloped at the moment in its Andalucían portfolio – that region accounts for 25% of the company’s total land bank. The first 600 homes in Palmas Altas Sur will start to be handed over from 2021. Moreover, Metrovacesa will also build 400 VPO homes as part of its construction plan for the area, which will last for five years.

In terms of investment, in the access routes and urbanisation of the land, Metrovacesa is going to invest €60 million, which will come from the corporate loan the firm signed with seven financial institutions at the end of 2017. For the construction of the residential buildings, Pérez de Leza has announced that they will be financed through property developer loans for each phase.

Original story: Eje Prime

Translation: Carmel Drake

Town Hall of Madrid Approves Construction of 400 Homes on Land near Barajas

3 May 2018 – Eje Prime

The Town Hall of Madrid is promoting housing in the city. On Thursday, the Town Hall approved plans that will result in the construction of 400 homes, green spaces and other facilities on land owned by Iberia. The plots span a surface area of 54,600 m2 and are located in the district of Barajas, to the south of the Adolfo Suárez Madrid-Barajas airport; they are currently home to some warehouses, owned by the airline.

This land is going to be urbanised by Iberia so that it can be used for the construction of around 400 new homes, green spaces, other tertiary-use buildings and a private facility. The budget for the urbanisation work amounts to €5.1 million and the execution period is nine months.

Specifically, the plans involve eight plots spanning 54,600 m2, of which 23,507 m2 are destined for residential, tertiary and private facility use, whilst 31,093 m2 are earmarked for public use, including for green spaces, road networks, parking and facilities.

The Town Hall approved this project after the Ministry of Development announced an urban development macro-plan on some of Aena’s plots close to the airport, where hotels, logistics centres and offices are going to be built.

Original story: Eje Prime

Translation: Carmel Drake