A RUSSIAN investment firm is set to present the first of four of its upcoming Marbella property projects on Thursday. 

Velum Group will officially present its Los Palacetes de Banus, consisting of eight luxury villas in the Rio Verde area.

Sitting just 700 metres from the beach, it is part of a €200 million investment portfolio set to be completed over the next few years.

The Marbella-based firm has its origins in the exploitation of oil wells in the former Soviet Union.

Following the fall of the communist bloc, the partners began investing in finance in Europe, before eventually venturing into property in Spain in 2016.

The firm will formally announce Los Palacetes de Banus at an event at the site on Thursday.

The Palacetes de Banus, which already has a building licence, comprises eight different villas built in a contemporary style and designed by architect Oscar García De La Peña, from Estudio Arquim.

Each villa has more than 1,000 square meters and a further 500 square meters of terraces and porches with green areas.

The prices range from €5.5 million to €6 million.

The expected delivery date is 2021.

The firm’s other projects include the Golden Mile’s La Finca de Marbella, an urbanisation with 104 villas, also expected in 2021.

It is also developing Alcala Valley, which involves the construction of 220 apartments, specifically in La Cala de Mijas, with a planned date, too, of 2021.

The fourth project on the Costa del Sol is an exclusive residential hotel on the seafront in ??Saladillo de Estepona that will be operated by an international group.

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