THE tallest residential building in Europe is for sale and the pressure is on to find a buyer.
Benidorm’s 200m-tall tower, InTempo, is close to completion but the project needs an extra cash injection to tidy up the landscaping and interior detail.
Described as ‘the Benidorm cathedral of the 21st century’, InTempo has cost the developer Olga Urbana more than €120 million to build.
The project now needs a buyer with a spare €90 million, in order to pay off the debt on the building with Sareb bank, which provided the original funds.
Olga Urbana estimates that an extra €3 million is needed to complete the work, which will take another five months.
Of the 269 apartments available, 100 were sold off-plan between 2006 and 2008. But the pace of sales has since plummeted, and only 20 have sold in the last six years.
Negotiations for the sale will not be a simple process, as they will need to satisfy the project’s developer, the Sareb ‘bad bank’, and the 120 home-owners.
But Olga Urbana is optimistic about finding a buyer soon, thanks to what it describes as the ‘attractive’ and ‘monumental’ style of the Qatari architecture.
It is said that two business groups – one French and one American – are interested in taking on the project.
Apartments in InTempo, which also boasts a pool and tennis courts, range from €323,000 to €3 million.
“It boasts a pool” For 269 apartments? Some pool. This thing should be listed and preserved as a monument, to mourn all the concrete follies scarring the Med. coast.
When is the next earth tremor due ?
I heard that the bank will finish of the work and sell the peoperty once it is finished, this contradicts that news..Who is the source behind your article?