Cyrela about to close purchase of Playcenter
DCI
The second largest real estate developer of Brazil, Cyrela Brazil Realty, stated it is interested in the acquisition of the land where Playcenter is located, in the north side of São Paulo. The land is valued at R$ 100 million (US$ 56 million). Located by Marginal Tietê, one of the main access roads of São Paulo, the 100 square meter area has been target of speculation because of a project of the construction of the soccer stadium of Corinthians made by Odebrecht. The Park says it is not for sale.
In the case of Cyrela, the speculations result from plans the developer has of building a real estate undertaking with commercial and residential towers, and a shopping mall. The real estate developer Helbor is also on the dispute. According to sources close to the business, Cyrela would have offered R$ 1.350 thousand (US$ 750) per square meter, while Helbor would have offered 1.6 thousand. The latter would be in advantage because one of the main owners of the land, entrepreneur Cesar Arades, is a shareholder of MAC, a partner constructor of Cyrela.
In the first quarter, Cyrela launched R$ 596.3 million (US$ 331.3 million) and lost the leadership of the market to PDG Realty, after its association with Agre. In the quarter, PDG launched properties that amounted to R$ 845.7 million (US$ 470 million).