February 17, 2017
The Edge : AmProp enters Spain property market
AmProp enters Spain property market
By Chester Tay / The Edge Financial Daily   | February 17, 2017 : 10:21 AM MYT   

KUALA LUMPUR: Amcorp Properties Bhd (AmProp) has acquired its first residential development site in Madrid, Spain, with its joint-venture (JV) partner Grosvenor Europe.

In a filing with Bursa Malaysia yesterday, AmProp said the 820-sq m site is located in Jorge Juan Street, Salamanca district, a sought-after residential and commercial area, with lots of retailers and food and beverage outlets.

AmProp said the site benefits from close proximity to the Principe de Vergara Metro Station and Retiro Park, a famous green lung and one of the main tourist attractions of Madrid.

“Following the formation of a €70 million (RM331.6 million) joint venture with Grosvenor Europe in July 2016, this is the JV’s maiden acquisition of a residential development site in Madrid,” AmProp’s filing read.

“The JV is working with award-winning Spanish architecture firm Ortiz Leon to develop six exclusive apartments and a penthouse which overlooks the 350-acre (141.64ha) Retiro Park,” it added.

AmProp said underground parking and a 600-sq m private garden will also be included as part of the high-quality scheme befiting its address. 
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