The acquired land is located one road back from the beach Playa Poniente in Benidorm and most of it will be destined to houses, 90% of them will have sea views. The promoter from Alicante expects that the first units go up for sale in the summer of 2019, which means that the first phase of constructed houses would be handed over in the middle of 2020.
According to Pablo Serna, general manager of TM Grupo Inmobiliario, "this is a strategic bet of present and future of TM by the municipality of Benidorm and the Costa Blanca, which also positions us as real estate leaders in the tourist capital of Europe, being the promoter with more land in the municipality of Benidorm.”
This operation, the fourth of 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, but also ensures its activity in the area during the next 10 years, with the promotion of about 1,200 residential homes targeting both the domestic and European market.
During this period, it expected an investment of around €260 million, over several phases of execution lasting two years each.
In the last three years, TM Grupo Inmobiliario has carried out the development, execution and sale of other developments in Benidorm: Ocean Drive, Sunset Drive and ‘La Ermita del Mediterráneo’ in El Tosal.