Spanish residential developer Neinor Homes has commenced construction of the second phase of its residential project Neinor Panoramic Homes, located near Puerta de Hierro in the Peñagrande neighbourhood in Madrid, Spain.
The development, valued at approximately €110 mln, is being carried out by the joint venture formed by Neinor Homes and AXA IM Alts.
AXA IM Alts owns a 90% stake in the JV, with Neinor holding the remaining 10% and acting as delivery partner manager overseeing the project design, licensing, commercialisation, and construction.
The start of construction on this second phase comes just five months after the launch of the first phase, reflecting the high demand for this ambitious project.
Ignacio Gómez Loarte, regional director for Central Spain at Neinor Homes, said: 'We are very pleased with the success of the first phase of this development, which has enabled us to launch the second phase in just five months.
'We reaffirm our commitment to this area within the M30, where new-build properties are scarce. Through this project, we can offer premium homes in a highly sought-after location just a stone’s throw from the centre of Madrid. These homes offer a new lifestyle encompassing quality, design, exclusivity, sustainability, and privileged views.'
The development consists of 240 homes spread across two 17-storey buildings, featuring terraces of up to 60 m2 with panoramic city views. The project brings a premium residential offering to a market with a significant shortage of new-build properties in the capital.
This development boasts cutting-edge design with 1, 2, and 3-bedroom apartments, as well as studios with spacious terraces. Neinor Panoramic Homes also offers premium communal facilities such as a gourmet room, swimming pool, and children's play area.
Both buildings are situated within a private residential complex with premium common areas. They have been designed by architectural firm Cano & Escario.
