Quabit concludes a new investment in Madrid for the sum of 7.4 million to build 125 additional dwellings
Madrid. April 6th, 2018. Quabit Inmobiliaria continues progressing towards its goal of becoming one of the leading development businesses in Spain. The company chaired by Félix Abánades continues to meet its operational milestones as set out in its strategic sales plan, launching new projects, developments under construction and new land acquisitions.
The latest Quabit´s acquisitions is a development-ready land located in El Cañaveral (Madrid), with an investment of 7.4 million euros and an expected turnover of 29.4 million. This new land has a development potential of almost 13,500 square metres for the construction of 125 units in addition to a further 4 developments Quabit has in progress in El Cañaveral. This is the second land operation by the company this year, following the development-ready residential land portfolio acquired during the first quarter in Guadalajara and Corredor del Henares. With all these operations Quabit consolidates its high-quality land bank, making available over X million buildable square metres for the development of 7,500 residential units.
It will close the first semester with over 1,400 dwellings under construction
At the same time, this year will see the start of construction work on approximately 1.700 dwellings, 473 of which commenced during the first quarter, in addition to the 302 already under construction. The company maintains its goal of 7,900 units delivered from here to 2022, a figure backed by its capacity to obtain construction licences in an average of 4 months. It currently has 632 residential licences being processed which will see work commence before summer.
800 new dwellings for sale before summer
Quabit will conclude the first semester of 2018, with 800 new residences in Madrid, Malaga and Costa del Sol, Guadalajara and Corredor del Henares. Estimates for the second half of the year stand at around 500 new units, although this may vary, as the company is still highly active in acquiring new investments. In all, Quabit will end 2018 with a commercial portfolio of some 3,000 dwellings. This year will also see the first deliveries of developments, although it will be in 2019 when the figure of a thousand registered dwellings will be achieved, reaching a rate of 3,000 deliveries a year in 2022.