The residential market Málaga beats records with the luxury apartments with swimming pool on the terrace and sea view of Sierra Blanca Estates, which reached 10,000 euros/m2. The Marbella developer has recently started the construction of its first project in the capital of Malaga: Sierra Blanca Tower, one of the three buildings that make up the complex of towers in Malaga. The tower, in which some 75 million euroswill have 71 apartmentsof which more than 70% have already been sold, while the remaining 30% should be sold before the work is completed, within a year.
A few months ago, a buyer paid more than three million for one of the apartments, which represents an outlay of around 8,000 euros/m2. But the promoter’s success did not stop there and he managed to sell one of the houses of Sierra Blanca Tower for 10,000 euros/m2, something unimaginable in Malaga a few years ago.
However, this amount could be exceeded with the sale of the jewels of the tower: two duplex penthouses on the top floor. “Perhaps the unit price of the penthouses exceed this figure, because the higher the altitude, the greater the exclusivity, ”he explains to OKDIARIO Carlos RodriguezCEO of developer Sierra Blanca Estates.
The tower, located on Paseo Marítimo Antonio Banderas, is 71 meters high, distributed over 21 floors with sea views. Concretely, the project will have 69 accommodations from 1 to 4 bedrooms with an average area of around 130 m2 and a terrace of around 40 m2. In addition, Sierra Blanca Tower will have two duplex penthouses of 600 m2which will be built under the concept of branded residences con Fendi House.
Another of the great attractions of the project are the common areas and the services it offers. The tower will have 24-hour security, a concierge service, a coworking space, an infirmary, a toy library, an audiovisual room, a gym, spa with sensory experiences outdoor and indoor heated swimming poolsolarium with infinity pool, pool bar and electric vehicle charging facility. In addition, on the second floor, the opening of a renowned restaurant is under consideration.
Bet on luxury
A Sierra Blanca Estates he was surprised by how quickly the tower’s first residential units sold, which were the most affordable, with an asking price of around €500,000. Carlos Rodríguez explains that a large part of the buyers were young workers from technology companies.
Since the start of marketing, prices have increased by about 30% for various reasons: the evolution of the city’s residential market, the increase construction costs and inflation.
Since its inception, Sierra Blanca Estates – which has over 34 years of history in the development sector – has opted for luxury, despite the lack of support. Pedro Rodríguez, founder of the group, assures: “They told us that we were crazy because we wanted to take Málaga the luxury housing concept that we are building in Marbella”. “But two years later, we showed that we were right”, he underlines, recalling the commercial success of the project.
The Málaga Towers project, made up of three towers (one promoted by Sierra Blanca and two by Metrovacesa), is located west of the Malaga capital. An area that not so long ago was designed as an industrial area, but is now undergoing transformation due to the General Urban Plan of Malaga in 2011.
Part of the land where the three towers project stands belonged to Royal Urbis. However, after the housing bubble burst and the property company went bankrupt, they ended up in the hands of BBVA and Banco Santander. The land where the towers of Malaga stand is the first area of the city that begins to develop after the financial crisis and will be one of the most transformed neighborhoods in Malaga.