Urban Development Project in El Salvador is On-Hold

The development of the El Encanto Villas & Golf project, which includes residential lots, apartments, golf course and a country club, has become paralyzed.

Friday, February 27, 2009

The businessman, Rafael Castellanos, told Elsalvador.com: "El Encanto Villas & Golf has become paralyzed due to the electoral uncertainty in the country. The truth is that it has not been on pace with the rest of the economy and it is paralyzed due to the lack of credit and political uncertainty. Nobody is buying lots and nobody is financing them. Investors are saying, 'I like the project very much, but we will see what happens in the elections.'"

More on this topic

$400 million housing project in El Salvador

August 2008

The project, which will include an 18-hole golf course and club house, will begin to be built in November to the south of the capital.

El Encanto Villas & Golf, as it is called, will start will and estimated investment of $400 million and includes residential lots, apartments, golf course and country club. The figure includes investments by the owners.

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