Residential Project Changes Hands

In Costa Rica, the Málaga City housing project, which was to be developed by Rock Constructions, was acquired by ALD Inmobiliaria, which plans to resume works.

Friday, August 24, 2018

In January 2017 the company Infinito Versol S.A. announced its intention to issue $42 million in debt bonds in the local market in order to finance the construction of a residential development of 1,600 homes. 

See "$42 million Bond Issue for Real Estate Project".

From a statement by the MEIC:

August 24, 2018. This Thursday, ALD Inmobiliaria, met with the authorities of the Ministry of Economy, Industry and Commerce (MEIC) to announce the acquisition of the Malaga City residential project, located in Alajuelita, belonging to the company Rock Constructions, with the aim of reactivating it under the name of Residential Terra Verbena.

The MEIC, for its part, is making the necessary arrangements so that the project complies with current regulations and the commitments and obligations of the consumers who handed over deposits with the dream of having their own home, are met.

According to the information presented, ALD Inmobiliaria will lead the project under the figure of its subsidiary Infinito Versol S.A., a special purpose company created for the development of this project, which will be developed in conjunction with Constructora Traesa and Urbanizadora La Laguna through a bank loan which ensures the continuity and conclusion of the project.

We hope that this transition process is fluid, and allows consumers to regain confidence in the market that has been undermining it because of repeated failures by some developers.

Read full statement (in Spanish).

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