8 January 2018 – Eje Prime
TM Grupo Inmobiliario is starting 2018 with the largest purchase in its history. The property developer specialising in the construction and sale of large residential developments on the Mediterranean Coast has acquired 165,000 m2 of land in Benidorm. This purchase represents the company’s largest investment in land since it was created in 1969.
The acquired land is located one road back from the beach Playa Poniente in Benidorm and most of it will be used to build homes. The first properties are expected to go up for sale in the summer of 2019, which means that the first phase of constructed homes would be handed over in the middle of 2020.
This operation, the fourth undertaken by TM in the Alicante municipality in the last three years, not only completes the sales forecast per the company’s strategic plan for 2015-2019, it also assures its activity in the area for the next 10 years. The project will involve the development of around 1,200 homes in residential developments targeting both the domestic and European market, according to explanations provided by the group in a statement.
During this period, the company expects to invest around €260 million, over several phases of execution lasting two years each. Since 2015, TM Grupo Inmobiliario has successfully carried out the development, execution and sale of other developments in Benidorm, namely: Ocean Drive, Sunset Drive and ‘La Ermita del Mediterráneo’ in El Tosal.
Original story: Eje Prime
Translation: Carmel Drake
Source:: AURA Real Estate Experts