Central Park withstood the economic turbulence

Project in Escazú enters its second phase, which is 50% sold.

Flow of capital required to lift the work was not injured with the credit restriction. View Company develops sector recovery in the short term.

The lack of liquidity and credit barriers were the main enemies of the construction this year. Some projects are short-term programs have fallen behind because the scarce resources for their works.

However, amid the turbulence some real estate companies in Costa Rica announced the expansion of its residential complexes such as Central Park to be built in Escazú.

The signature Invercaribe developer responsible for this condo, begin construction of its second building, which was sold by 50%.

The whole project consists of seven buildings and is estimated to be in about five years to complete settlement. The total investment is $ 100 million.

One of the variables that have contributed to the dynamism of this residential is that the flow of capital both to lift the gray work to leverage the acquisition of customers has not been exhausted.

“We have two types of bank financing, a local and abroad and we had no problem, which has helped the achievement of Central Park,” said Andres Taborda, general manager of the complex.

Another peculiarity is the clientele, the vast majority-90% – is made up of Costa Rican consumers with adequate capacity to pay and minimum funding requirements.

“There has been speculation in the prices as investors in the condo they do to live in, not to resell,” said Taborda.

Central Park is located in an area of 50 thousand square meters. It consists of seven buildings with 25 apartments each, with areas of 300 square meters and up.

Despite Escazú is a canton with a strong momentum in building projects, entry into force of the regulatory plan at a 70% limited the availability of lots for construction, which in the eyes of foreign investors to develop Central Park is a great advantage.

“The competition is limited, although there are other condominium buildings, which have no green space and common areas that we offer,” said Taborda.

For example about 38 thousand square meters was allocated to forest area.

The strategy of development has focused on ensuring the financing for potential customers, variable which some competitors do not have at the moment.

Signs of recovery in the economy have been felt in the company because in the last month have made a significant volume of sales and have achieved outstanding resume negotiations earlier this year.

I believe that for the fourth quarter of this year we have this rebound effect, leading to greater demand in the property sector, “said Taborda.

Another strength with which the project is that the condo is close to Avenida Plaza Escazú, which complements its supply of housing with other facilities of commerce and offices.

By the time the work is creating jobs for some 300 people both directly and indirectly.