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July 14, 2017
The Star : Amprop, Grosvenor to develop high-end apartments in Madrid
 
Amprop, Grosvenor to develop high-end apartments in Madrid
Friday, 14 July 2017 | MYT 10:13 PM
BY M. HAFIDZ MAHPAR 

KUALA LUMPUR: Amcorp Properties Bhd (Amprop) and joint venture partner Grosvenor Europe Investments Ltd have acquired two new properties in Madrid, which will be transformed into high-end residential and commercial space.

In a filing with Bursa Malaysia, Amprop, which last year formed a joint venture with Grosvenor Europe to invest in Madrid, said the properties in the Chamberi district were a 10-storey office building and a six-storey corner building on Modesto Lafuente and Santa Engracia streets.

The office building with 32,292 sq ft of space, with  “a beautiful frontage view of greenery”, would be converted into 13 exclusive apartments, offering a modern looking façade together with underground parking facility, it said.

“Modesto Lafuente is located close to the main Jose Abascal Street in the sought after Rios Rosas neighbourhood,” the company said.

As for the 19,375 sq ft corner building, which is situated at the intersection of General Arrando and Santa Engracia streets within the affluent Almagro neighbourhood, Amprop said it would be refurbished into 18 stylish apartments including two unique terraced penthouses.

There will be common facilities such as gym and concierge. It said a ground floor commercial space would enhance appeal of the scheme as it would be occupied by a retailer, restaurant or bistro.

Amprop did not provide an estimated gross development value for the two projects.

The Amprop-Grosvenor Europe joint venture bought its maiden property in Madrid in February. It is an 8,823 sq ft residential development site located on Jorge Juan Street, Salamanca district.

Amprop said the property would be developed into six exclusive apartments and a penthouse with underground parking and common facilities.
 
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