It will develop 450 homes on 44,000 square metres in the north of the city.
Malaga, 17th of May, 2006.- Grupo Sando has completed the purchase of land in Cartagena, in which it will invest more than €70 million. This operation is the second large-scale one that the company has carried out in the Region of Murcia, after its participation since 2005 in the Nueva Condomina project.
Sando Inmobiliaria, the group’s company that specialises in the development and construction of homes, buildings and properties, has acquired 44,857 square metres of floor space in the Action Unit 4 of the city’s General Urban Development Plan, which correspond to the north of the modern part of Cartagena.
Here, Sando will promote and build around 450 homes of different kinds, located in Cabezo de Beaza, one of the areas of Cartagena that is projected to grow most in the future. Here, the current planning covers future development that will mean more than six thousand new homes.
This is Sando Inmobiliaria’s second most significant action in its strategy for growth in the east of Spain, and it confirms the company’s strong commitment to a presence in the Region of Murcia, where it is already heavily involved with the Nueva Condomina project in the capital.
With Nueva Condomina, the most high-profile urban development project in Murcia, in 2005 Sando acquired more than 55,700 square metres of buildable land in an action that will mean an investment of more than €121 million over the next four years, of which €50 million have already been committed.
Currently, Sando Inmobiliaria manages a property portfolio of 6.9 million square metres located in Andalusia, Madrid, Murcia, Castile-La Mancha and Castile and Leon, which will allow the construction of two million square metres of floor space. These data will translate into a figure of more than 15,000 new homes and over 500,000 square metres of floor space for the industry and the service sector.
Grupo SANDO ended the year 2005 with a growth of 40% in its turnover compared with 2004, reaching €520 million. The behaviour of the property area had special relevance for this figure, since its total sales were 102 million, 110% more than the previous year. In 2005, Sando Inmobiliaria began more than 540 new homes.
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