Related Group To Invest In Latin America Real Estate
With the objective of investing in the Latin American real estate industry, Miami based Related Group Inc. has formed a new subsidiary named as Related International. Under this brand, the company is planning to invest around $1 billion over the next two years.
While announcing this in a news conference, the chief executive officer of Related Group Inc, John Perez said that the company was very excited with the recent developments. He emphasized that the establishment of Related International is the beginning of their association with Latin America. He stressed the objective of the company saying that it does not want to develop any ordinary projects. Instead, it aims at developing real estate projects based on the culture and tradition of Latin America, which will be a landmark pertaining to the art, history and beauty of the region.
Currently, the group will develop a 343 unit condominium project on 5 acres in Puerto Vallarta, Mexico called ICON Vallarta in which it will be investing around $200 million. Yoo of Phillipe Starck and Arquitectonica would be responsible for designing the project. The project is scheduled to commence in mid 2007.
Apart from this, Related International is also aiming to build a chain of condominiums and hotels in other selected places of Mexico including Acapulco, Cabo San Lucas and Zihuatanejo. The group is not only concentrating on the real estate market of Mexico, but is also planning to invest money in the markets of Costa Rica, Panama, Argentina, Colombia and Uruguay.
Roberto Rocha, who has been appointed as the Chairman of the newly formed Related International, wants to make the presence of Related Group to be felt in every prominent places of Latin America. The group wants to develop projects and bring about more attractions and modernizations without disturbing the natural beauty of the region.
More Articles :
|
