The finest aspects of Marbella’s luxury lifestyle are being recreated in an exceptional new development in the neighbouring Ójen municipality. Palo Alto is located just four minutes from La Cañada shopping centre in Marbella, in a tranquil setting surrounded by nature.
Officially presented at the end of November by Ójen mayor José Antonio Gómez Sánchez and architect and developer Matías Villarroel, the ultra-select, cutting-edge residential complex is being developed by Round Hill Capital and designed by award-winning architects Villarroel Torrico.
A leading global real estate investment company founded in 2002, Round Hill Capital has a proven track record in the acquisition and development of luxury properties. It has invested more than €6 billion in European real estate assets, has developed over 100,000 residential apartments in Europe, and is currently one of the largest landlords in the Netherlands and CEE region. In addition, the company owns and operates Nido Student Living, one of Europe’s fastest growing and leading student housing companies.
The name Palo Alto was chosen in honour of the pinsapo tree, a native species in the area that will surround the development, which is located on the outskirts of Ojén and offers panoramic views of the sea and mountains. It will be built on 50 hectares, of which 40 per cent is set aside for green open space.
Round Hill Capital stresses that the project is being developed in accordance with the Ójen PGOU (municipal town planning agreement) and it now has a building licence. Construction is due to begin early in the New Year and building work is planned between early 2017 and autumn 2018.
The total investment is projected at €250 million, taking into account land development, infrastructure and construction, and it is expected to generate hundreds of direct and indirect jobs.
The first of six phases planned in total for Palo Alto will be made up of 60 apartments of two, three and four bedrooms, and 15 penthouses of three and four bedrooms. In addition, the master plan includes a health club for phase one, comprising a state-of-the-art gym, spa, swimming pool and children’s club. It also includes a business centre with a concierge service, plus 24-hour security. The apartments vary in price from €440,000 to €1 million.
Palo Alto has already established itself as an ideal destination for those attracted to the area.
Fifty per cent of phase one homes were sold in just four months, with buyers from 16 countries in Europe (with a high proportion from Germany and Belgium), North and South America, and the Middle East.
Nearly half of the buyers are aged 50-60, with 40 per cent in the 40-50 age range. The majority either have older children or are “empty-nesters”, and they represent professionals from the business, finance, medical and design sectors. According to Round Hill Capital, in terms of preference, the buyers are mainly purchasing as a second home for holidays or to rent out, with a smaller percentage buying as a first home.
For a free brochure visit lp.paloaltomarbella.com or to book a tour call (+34) 900 102 322.