Mexico’s 561-Acre Coastal Resort Community to Feature Over 6,000 Condo Units
- Apr 06, 2009
By Anuradha Kher, Online News EditorRiviera Maya, MEXICO–Grupo Grand Coral, owned by Spanish financial houses including Bancaja and Banco de Valencia, has unveiled plans for Grand Coral Riviera Maya, a 6,900-unit resort condominium community located on 561 acres in the coastal town, Playa del Carmen. In addition to the condo project, the $2.5 billion investment will feature hotels, resorts, an 18-hole Nick Price golf course and entertainment and retail/restaurant outposts.Construction phases are estimated to take place over the next 10 years and $700 million has been invested to date. Mareazul (pictured), a 300-unit luxury beachfront condominium community, is currently under construction. Amenities at Mareazul will include a spa, Botanical Zen garden with Mayan sculptures and beach club with private cabanas. Units in the Mareazul development will start at $600,000. “We plan to adapt to the changing economic climate by being flexible,” Jordi Mercadé CEO of Grupo Grand Coral, tells MHN. “We are providing up to 70 percent financing to our customers with a 6 percent interest rate, through Bancaja.”Just about 130 condos have been sold so far; with 7 percent being bought by Americans and 40 percent by Mexican citizens. The rest of the units were bought by Canadian and European citizens. “The domestic demand in Mexcio is pretty strong,” says Mercadé. From last October, American demand has almost stopped, but since February this year, we have some interested buyers from the U.S.”Construction on another 250 units will begin by the end of the year. The majority of the condos will be used as vacation homes, and Grand Coral Riviera Maya is offering a rental management program which will allow residents to make some revenue from their investment, when they are not using it.Grand Coral Riviera Maya is also incorporating eco-friendly components to protect the surrounding environment as much as possible. More than 75 percent of the land will be kept in its natural state or turned into recreational parks and gardens in order to contribute to the preservation of the environment. Additionally, all greenery removed during construction will be housed in a greenhouse until ready for replanting. “We plan to build the rest of the condos as and when demand come up. We will adapt to the demand. If there is demand for luxury product, that’s what we will build and if there is demand for medium product, then that’s what we will build. Basically, we will pay attention to what is happening,” concludes Mercadé.