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New stage in works "from the well": they launch a project in Caballito that can be paid in pesos for 22 years

2020-07-11T03:33:57.922Z


It is in the lands surrounding the State of Ferro where IRSA planned to build a shopping mall. The details of the initiative.


Gustavo Bazzan

07/10/2020 - 16:54

  • Clarín.com
  • Economy
  • Economy

In the geographical center of the city of Buenos Aires, on a 24,000-square-meter plot of land located on Avellaneda Street, next to the property where the Ferro club stadium is located, the IRSA company planned to build a shopping mall.

The project was resisted for years by neighborhood residents, until it was shelved. Over the years, the fate of those lands changed. These days, the first movements of excavators are already being seen. There, in a first stage, two apartment buildings will be built, ten stories high , with a commercial ground floor and green spaces.

The project will be carried out by the Portland Group , which, according to current times, bought the land from IRSA, and will pay it with built square meters , the payment currency that is imposed today in the real estate development market. .

Portland counts among its list of works the only project that is raised in Argentina by the famous Iranian architect Zaha Hadid , in Libertador and Bullrich. Ciudad Palmera was designed by the BMA studio (Weddings - Miani - Anger)

The marketing, as a "master broker" will be led by the real estate Lepore , which over the years became one of the most important in this area of ​​the city.

Ciudad Palmera housing project, in Caballito

The peculiarity of this undertaking is that the buyers of the apartments are going to be offered the possibility of paying the property in two parts: one during the work and the other, after possession, in a term of up to 22 years.

The project is framed in the profile of real estate developments that must adapt to these times when home credit is absent , and who knows when it will reappear. And it also seeks to attract, from the sharp drop in costs in dollars , those who have savings in currency and look for bricks as an alternative investment or store of value.

Clarín already reported, days ago, the potential resurgence of the works "from the well."

The proposal of accessibility to housing, for the complex that will carry the commercial name of Ciudad Palmera , will be this:

- For a two-room apartment of 61 square meters, an initial payment of $ 22,000 will be made, and during the 16 months that the work lasts, an approximate fee of $ 258,000 pesos adjusted by the cost index of the Construction Chamber (CAC).

- That amount, advance plus fees, is equivalent to 38% of the value of the unit . The balance, for the remaining 62% of the unit's value, may be paid  over a term of up to 22 years , in installments in pesos adjusted by a combination of the wage index and the cost index of the Construction Chamber (CAC) .

The resulting fee ( $ 39,500 at current values ) is intended to be equivalent to the value of a rent and a half of that unit.

For the three-room units, the advance is $ 35,000, the 16 installments during the construction process averages $ 312,000 pesos and the initial fee to be paid for 22 years from when the unit was taken over would be around $ 50,000.

The prices can go down, naturally, by means of financial bonuses according to the cash payment or advance of quotas during the term of work.

As mentioned, this is the first stage: a work of 18,900 square meters, 178 apartments and about 100 garages . The global project includes more than 1,000 units distributed in eight other similar buildings . The Portland Group has purchase options for the entire land, which runs on Avellaneda Street, from Fragata Sarmiento Street to Olegario Andrade .

At the head of Grupo Portland is the builder Gustavo Menayed, who told Clarín some details of the operation.

- The work has to be completed yes or yes in 16 months, that is to say by the end of 2021 , because that is how it is put in the contract signed with IRSA. If we do not meet the deadline, we have penalties.

- The investment required for this first stage is around 12 million dollars, funds that are already guaranteed beyond the pre-sale rate.

- There is no indexing of securities here. It is sold through a trust at a certain price and only the debit balance is adjusted with the mixture of wages plus the index of the construction chamber and the wage. No interest is charged.

- All supplies are already purchased and all project prices are set.

- We have a very fast construction system, imported from a Malaysian company, with vertical formwork that allows us to cut construction times in half.

- That has a major impact on the rate of return on the project because money flows are much more convenient.

At the end of 2019, when IRSA reported the sale of this land - it had bought it in 1997 - to the Stock Exchange, it stated that "the buyer must pay the company the equivalent of 23.53% of the square meters own, with a minimum insured of 2735 m2 ”. To put a specific number on it, IRSA valued the operation at $ 5.5 million.

Source: clarin

All business articles on 2020-07-11

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