Land developers resume mega projects
Valor Econômico
With the reheating of the real estate market, the land developers are taking the mega projects off the drawer. All had been completely taken off the radar during the most acute stage of the crisis. For more than a year, the companies have not launched anything besides the conventional undertakings, in small pieces of lands, centrally-located and with a single building. More enthusiastic with the economic scenario and the fast answer of the purchaser of real estate, they now start investing again in projects with great sales volumes - of more than one tower, launched in several stages that can be anchored by commercial buildings and even shopping malls in the same land.
In the apex of the crisis, smaller companies or companies undergoing difficulties could not keep larges lots of land and, mainly, have cash to erect such projects. That was when the more capitalized companies saw the opportunity to have in their hands major projects in privileged locations at a relatively low price. The American Tishman Speyer and Helbor followed this logic and are already getting ready to test the demand for the large-size condominiums.
Tishman Speyer, with tradition in the Brazilian of high quality residential market, goes one step down and stars in the mega-projects for the middle class. It launches, still in October, an undertaking with 11 towers and 1180 units in a 93 thousand m2 area at the Raposo Tavares highway. The construction takes place in three stages, the first one will have four towers and 432 units. The total General Sales Value (VGV, in Portuguese) of the undertaking should get to R$ 500 million (US$ 278 million).
One of last large lots of land of the West side of São Paulo, at Avenida Francisco Matarazzo, should be one of the next to enter the roll of the mega undertakings. Helbor bought 50% a Setin project for R$ 50 million (US$ 28 million). It awaits the approvals to launch, until the beginning of 2010, an undertaking with a commercial tower with 475 small suites and four towers with 384 apartments each. Casa das Caldeiras - a landmarked house that hosts events - will become a café.. The total VGV amounts to R$ 310 million (US$ 172 million).
Cyrela is in stage of sales of the Nova America, a five-residential-condominium project with a commercial tower in a piece of land of 70 thousand square meters in front of the Transamerica Hotel. Gafisa that became known by the Villagio Panamby and Colina San Francisco - more than 40 towers - is looking for new areas. "The challenge is to find adequate lots of land, but it is a winner concept", says Antonio Carlos Ferreira, land development director.