Real estate investment and development company Metrospaces announced it has obtained the needed permits and authorizations to begin construction of its La Tour 320 luxury residential condominium project, located in Caracas, Venezuela.
On July 25, 2013, the company received the final construction permits to commence construction of the La Tour 320 residential project. About a month of construction has now been completed, excavation has been finalized, and the piling stage is now beginning.
This elite residential condo project, which will feature nine units and of which Metrospaces is the developer, is the company’s first luxury development project in Caracas.
Metrospaces anticipates the project will generate close to $4 million in sales and EBITDA of more than 35%. The market for these kinds of high-end luxury projects is very liquid in Venezuela, and the company is confident the units will sell quickly at the premium end of the market.
Banco Activo has already made funds available, which the company will use to meet the construction costs of the project.
Metrospaces is engaged in acquiring land, designing, building, developing, and then reselling condominiums and luxury high-end hotels, chiefly in urban areas of Latin America. In addition to the La Tour 320 residential project in Venezuela, Metrospaces has another current project in Buenos Aires, Argentina.
For more information, visit www.metrospaces.net
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