Dienstag, 17. Juni 2008
10% of the Master Plan, American title of the Spanish PAIs, has been completed and will be inaugurated in the coming months. With a capital of $190 million and financing of $360 million provided by Bancaja, the Gran Coral Riviera Maya project consists of a series of mini-projects, all of which carry the same seal. A total of 7,000 residences are planned to be built alongside hotel areas and a golf course designed by Nick Price.
In yesterday’s press conference, Bancaja explained that $1,500 million are needed to finalise the project, placing it in the hands of Félix González Canto, governor of the state of Quintana Roo, to recruit investors. González Cantó explained that Mexico’s economic situation offers “financial stability, controlled inflation, easy access to credit and growth of the middle class.”
Governor of the area in which the project is being developed, Félix González Cantó continued by stating there are five United States international airports just three hours from the complex, thus enabling the Gran Coral Riviera Maya to become “a weekend residence” for Americans. In addition, he said that 50 million Americans with high buying power are at the point of retirement and, therefore, are potential buyers of these types of projects.
Currently, the Master Plan has developed the first of 14 developments under the name of “Mareazul,” with an investment of 60 million euros in the Playa del Carmen, where already 80% of the 300 luxury apartments has been sold. These apartments range in price from 356,000 to nearly 993,000 euros, featuring two to four bedrooms and spanning from 152 to 349 square-metres.
Another emblematic development underway within the same project is the “Emerald Residential,” which consists of a 20-storey complex next to a natural dune. The apartments range from 370 square-metres (the smallest) to 700 square-metres, the development’s most spacious accommodations.
80% of the company created for the project, named Grupo Grand Coral, is dominated by Valencian companies. Bancaja and Banco de Valencia have more than 40%, while Grupo Mar, from Benidorm, possesses close to another 40%. The remaining shares are held by “minority Spanish shareholders.”
Las Provincias.es
