Since the last communication in July, great progress has been made in the project and the developer is pleased to be able to share them with you. As the developer has already informed investors, the developer has focused on achieving two fundamental milestones, one of them being the obtaining of bank financing. In this sense, the developer is pleased to confirm that on October 8 the developer signed the mortgage loan with the banking entity Caja Rural del Sur.
The developer is also pleased to inform investors that on October 15, the signature of the mandatory reconsideration act the works has been signed. In the course of this week, the initial work of this phase will begin materially. From a commercial point of view, all the clients have signed their private contracts for sale and are fully informed of all the steps the developer is taking.
The developer wants to inform investors that the second phase of the project is progressing at a very good pace, having obtained today a commercialization percentage of 75%, which allows the developer to face the next phases of the project, with the aim of signing the financing bank and start the works within a maximum period of 4 months from this date.
As the developer has always conveyed to you, the developer remains fully committed to the project and therefore with the investors. The developer will continue to inform investors as significant progress continues to be made in the project or any other relevant aspect that investors should know.
Once again the developer would like to thank investors very much for the trust the investors continue to show for this project.
From Urbanitae, we present a new project that consists of the development of a residential complex of 16 new construction townhouses in El Puerto de Santa María, Cádiz . We leave you the link to the promotion website:Pinares Puerto
The Port of Santa María is a city within the province of Cádiz, it is the fifth most populous municipality in the province and the 15th in Andalusia. Its main economic activity is the tertiary sector, highlighting mainly the tourism and services sector.
The project is located in the lands of San José del Pino located in front of Vallealto, on the edge of the Rancho Linares pine forest. A privileged place for its large green areas that is also known as 'Puerto Alto'. Enjoy a situation with direct access to the N-IV motorway from the “501” roundabout. The project is located 5 minutes from the center of the city and 7 km from the beach area.
PROJECT DESCRIPTION
The promoter of this opportunity, CARPIO CAPITAL , is a Madrid real estate company with developments in the Cadiz area. Its managers have a professional experience linked for more than 30 years to the real estate field both nationally and internationally. Within the documentation area you can find information about the promoter.
The project has a capital gains strategy , which consists of an alliance with the developer to develop the complex 16 free homes, primarily for first homes. The developers have signed a purchase option with the owners of the land. The works license was requested in September 2019 and it is expected to be definitively obtained in the coming weeks. It currently has reservation contracts signed with 12 buyers . At the time of obtaining the license and buying the lots, the reservation will be formalized in contract.
The proposed promotion consists of 16 houses organized in two rows of 8 terraced houses. All homes have the same typology of 3/4 bedroom and 4 bathrooms. They have parking spaces on the same plot and a private garden area. Each house has approximately 135 m2 built.
STRUCTURE
The operation will be structured through a company already constituted exclusively for this project by the promoter. In said company, a capital increase will be made where both the developer and the Urbanitae investors will contribute the necessary capital for the purchase of the 16 plots where the promotion is located. The operation has already been submitted to a financial institution that has shown interest in financing the construction; given that at the time of applying for such financing, the plot will be acquired by the company free of charge, it will have a building permit and with a high degree of homes signed in contract. The remaining four homes, the developer plans to sell them during construction execution.
The promoter will be dedicated to the integral management of the promotion and will also be an investor of the project, contributing around 26% of the total capital of the investment.
WHY INVEST?
There are several reasons to invest in this project:
12 of the 16 homes are already reserved . The demand is aligned for this type of housing at the prices set by the developer.
Investment opportunity in a new construction promotion project .
The total estimated net return by the promoter is 41.1% in 22 months.
The project will be promoted by CARPIO CAPITAL , with great work experience in the area. It currently has 2 more operations in the same location.
The promoter of the work invests its own capital in it, which aligns the interests of all the agents involved in the investment
COST EFFECTIVENESS
The developer expects to generate total revenue of 3,220,960 euros with the sale of 16 homes, which would be an estimated net gain for the investor (after taxes) of around the 41.1%. Currently, 75% of the total number of homes has been reserved , which represents more than 75% of the total volume of expected income from the developer.
A variable remuneration structure has been proposed with the promoter. It is a successful commission in favor of the promoter; If the annual internal net rate of return of the project exceeds 22%, the excess will be distributed in proportion to 65% for the Promoter and 35% for Urbanitae investors.
MARKET
A market study has been carried out to determine if the sales prices raised by the promoter are reasonable. Given the great demand already demonstrated in the promotion (12 units reserved), the developer does not foresee great difficulty in selling the other four remaining homes. You can see more information in the documentation, " Sales Witnesses ", where you will find a list of homes for sale in the area.
There are currently several promotions underway. There is no similar witness of new construction in the area for this type of terraced house.
WHEN WILL I RECOVER THE INVESTED MONEY?
The estimated term of this project is 22 months .
The planned deadlines for the promotion are as follows:
December-January 2019 obtaining works license.
March 2020 start of works.
June 2021, end of construction.
July– September 2021, first occupancy license and home delivery.
October 2021, liquidation of the company.
It is important to keep in mind that in any real estate development the terms may vary both upwards and downwards.
RISKS
All investments carry a risk. We detail the clearest risks we have identified for this project:
Increase in the deadlines foreseen in the project, due to construction delays.
Deviation of fixed costs associated with investment, unforeseen in construction.
Risk of not reaching the expected sales rates and consequently the delay in terms.
Risk of not getting the expected sales prices in the promoter's business plan.
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Documents
Payment schedule
Date
Status
Late
Assignment date
31.10.2021
No
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Invest in Pine trees,El Puerto de Santa Maria, Spain
Amount €
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31.10.2021
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