TM Real Estate Group is delighted to announce its largest investment since it was founded in 1969. It has officially acquired 165,000 m2 of land on the second line of Benidorm’s Playa Poniente Beach. The project will see around 1,200 homes built across a number of residential developments, 90% of which will boast sea views. They’re due to go on sale by the summer of 2019, supplying demand primarily from domestic and European buyers.
The acquisition, the fourth one by TM in Benidorm over the last 3 years, secures its real estate activity for the next 10 years. Over this period, an estimated 260 million euros will be invested in the construction. This venture will provide a significant economic investment boost to the local area of Benidorm, generating hundreds of jobs. The land purchase on one of Costa Blanca’s most coveted locations follows a string of TM successes. These include the residential complexes of Sunset Drive, Ocean Drive and La Ermita del Mediterraneo in El Tosal.
Angeles Serna, TM Real Estate Group’s President, was recently interviewed about the business venture by the Spanish financial magazine, Economia3. When asked how a family business became a prominent leader in the Spanish real estate sector, she cited a number of factors at play. Among them was the creation of its Family Office and Corporate Governance Department, both of which were key in developing the holding company’s structure from the outside in. Serna also highlighted the rebound effect of the previous year’s success in surpassing Business Plan objectives. The 2017 financial year closed with around 750 sales and 24 properties built along Costa Blanca, Costa de Almeria, Costa del Sol, Murcia and Mallorca. This makes up a portfolio of 1,605 properties in construction, with a consolidated net turnover of around 222 million euros.
Reinvestment of profits and self-financing were among the intrinsic family values inherited from the President’s father and company founder, José Luís Serna Almodóvar. “During the last few years we have been autonomous in making our decisions, without having to depend on banks”, stated Angeles Serna. Construction of the first 275 homes in Benidorm are forecast to be underway in 2018. This is an exciting year of sustainable growth both for the company and the municipality of Benidorm. A symbolic milestone along the TM’s trajectory towards leading the real estate sector on Costa Blanca and beyond.
