Residencial Luxor & Spa is a new building development project in the metropolitan area of Valencia. The development company, Chilet Inversions 2018, will carry out a capital increase incorporating the opportunity investors in a maximum of 90% of the shareholders.
The project has bank financing pre-granted by a first level entity (See in DOCUMENTS Pre-agreement Bank Financing) for 80% of the sale price of the houses.
The deadline for the distribution of benefits is 36 months for a promotion of new construction of 60 homes for sale, with more than 70% of the project already reserved.
According to the feasibility study of the project, the investors who participate in the capital increase could obtain an annual return of more than 20%, with an accumulated return on the investment of more than 60%. The partnership agreement foresees a success bonus for the promotion managers, once the 15% annual return on the investment has been exceeded.
The development consists of a corner building with three streets and a main façade facing east on a newly created pedestrian street. The building will consist of more than 8,000 m2 constructed, divided into 60 dwellings, 69 parking spaces and 62 storage rooms. The types offered are 1, 2 and 3 bedrooms, all of them with large terraces. The complex has a common area with heated swimming pool with spa, gym, changing rooms with toilets and shower, as well as all the necessary machines and facilities for its use. Both in the facade of the building and inside the flats offer excellent qualities in collaboration with suppliers of first level.
The developer has already acquired the plot of 1,490 m2 through a public deed for a price of 500,000 euros with a valuation of more than 2 million euros.
The project is located south of Valencia, approximately 2 kilometres from the capital of Turia. Due to its proximity to Valencia, it enjoys two great conditions: being a nucleus of dormitories for those who work in the city looking for a residence with cheaper prices and also being a town with constant growth on the part of its autochthonous inhabitants. The communication with the different main arteries for their departures to Madrid, Barcelona or Alicante makes it an area of great demand for real estate. In addition to being a few kilometers from Manises airport and privileged environments such as the Albufera of Valencia and different beaches catalogued with the prestigious distinctions of Blue Flag. The site is located between Cami LʼOrba and Calle Almirante Císcar. In this environment we find a large number of services such as banks, supermarkets and various grocery stores, schools, bars and restaurants, bus stop, recreational areas for children, etc. ...
The estimated time to carry out this project (from the time the capital increase is formalised until the capital and shareholder dividends are paid out) will be 36 months. the investment in the opportunities published in this platform entails a risk of total or partial loss of the capital invested, the risk of not obtaining the expected monetary return and the risk of lack of liquidity of the investment.
Chilet Inversions 2018 S.L. is the holding company for this project, founded by Oscar Chilet Vila and Raúl Chilet Gimeno.CHILET INVERSIONS 2018, S.L. represented by its two joint administrators Oscar Chilet Vila and Raúl Chilet Gimeno, with registered office at Calle San Carlos, number 50-1º, 46470 Albal, Valencia, with Tax Identification Code B98955271. The managers of this project are Óscar Chilet Vila and Raúl Chilet Gimeno. Both add up to more than 40 years of experience in the real estate and construction sector, intervening as developers and consultants in more than 300 homes. In addition, all their projects have been developed in the region of L'Horta Sud de Valencia so they are experts in this area.
Investors attending the capital increase will become shareholders of the holding company Chilet Inversions 2018 S.L, whose main asset is the land that has already been acquired for a price of 500,000 euros, having been valued at more than 2,000,000 euros.
80% of the project financing will come from a first-rate bank (BBVA), which will appoint a company to be in charge of project monitoring, reviewing monthly the state of progress of the works, budget compliance and the financing needs of the project. All investors in this opportunity will have access to timely information on project developments.
The project has an overall B rating with a score of 80.18 out of 100 based on the study carried out by the Bricks&People team. In all the sections the project obtains a superior grade of notable or outstanding.
The average price of new construction in Valencia is 1,622 euros/m2, while the average price of new construction in the metropolitan area of Valencia is 1,557 euros/m2.the dominant type of demand consists of 3-bedroom, 2-bathroom homes. The project is aligned with the most demanded product with 60% of the units of 3 bedrooms and 2 bathrooms, while 35% are dwellings with a domitory, a typology that has an important demand in the environment of the project. the shortage of finalist land and the delay in granting municipal licenses in the city of Valencia is influencing the shift in demand to adjacent municipalities.
The project is located in the town of Benetússer within the metropolitan area of Valencia, a town located 2 km from Valencia with a population of 15,535 inhabitants and a radius of influence by proximity on the towns of Alfafar and Sedavi with approximately 32,000 inhabitants. It is located between the streets Cami LʼOrba and Almirante Císcar and very close to the main artery of the town, Avenida Camí Nou, where you can find all the most important services, such as supermarkets, banks, pharmacies, schools, secondary school, nursery school.In the first half of 2018, the greatest growth in sales is taking place in regions that had not led the recovery among them, the Valencian Community. The new loan to finance housing purchases grew 16.9% year-on-year in the first eight months of the year. Sales in the Valencian Community have grown by 65% from the minimum in 2013 (48,00079,100), but this is 53% of what was sold in 2006 The shortage of finalist land and the delay in granting municipal licences in the city of Valencia is influencing the shift in demand towards neighbouring municipalities. The dominant typology of demand consists of 3-bedroom, 2-bathroom dwellings. The market will continue the trend of recovery that began just over two years ago, although it still has a relatively long way to go to reach the desired cruising speed. The shortage of finalist land in those areas with the highest demand has not yet been resolved, thus increasing the upward pressure on prices, which is expected to continue in the short or medium term. Housing sales in the Valencia Region show greater dynamism than the national average, which stimulates construction activity and price growth. Between January and July, 60,100 homes were approved nationwide, 26.1% more than in the same period in 2017. Visas in the Valencian Community grew more than the average in recent months: 27.6% vs 26.2% in 2017 and 30.2% vs 26.1% in Jan-Jul-18. The average price of new construction in Valencia is 1,622 euros/m2, while the average price of new construction in the metropolitan area of Valencia is 1,557 euros/m2. Source Appraisal Society and BBVA research.
The price of housing is far from the peaks reached in the previous cycle in all regions, being in the case of Valencia still 30% below pre-crisis levels. it is expected to maintain the rate of growth of new building permits. Source BBVA Research
The sale prices of the Luxor&Spa Residential Project are adapted to the average of the current market prices, its appraisal value being higher than the expected sale price. 60% of the units of 3 bedrooms and 2 bathrooms are in line with the most demanded product, while 35% are dwellings with one bedroom, a typology that has an important demand in the surroundings of the project.
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