Marbella Town Hall has finally unveiled the beautifully restored and renovated Plaza de los Naranjos, the favourite meeting place for tourists and local residents alike in Marbella's Old Town. The many restoration projects and improvements currently going on up and down the Costa del Sol are especially good news for foreign home buyers interested in the brand new luxury apartment complex being built at nearby Ojén, a rural community just a short drive from central Marbella.
Orange Square is now blessed with new planters and much improved flower beds. The mosaic floor tiles covering the central avenue of Plaza de los Naranjos have also been relaid and many of the bar terraces that normally obscure the view across the centre of Orange Square have been asked to move back their tables and chairs. Marbella's mayor, José Bernal, has thrown the question over how much space these bar terraces should cover open to a public consensus.
What can Phase One Buyers at Ojén look forward to?
Orange Square is a fantastic place to come for a meal and a chat with friends. Since the new 75-apartment complex is located just a short drive from central Marbella, one doesn't have to worry so much about having a drink or two with friends – there are plenty of taxis late at night that will still travel out to Ojén.
Round Hill Capital Investment Fund, a London-based consortium, is going to invest 250 million Euros in the new luxury apartment complex in the hills above Marbella, where the first phase consists of 60 apartments and 15 penthouses that are scheduled for completion early next year. The whole complex is scheduled to be completed in seven years' time. The entire complex will cover 50 hectares of land which the investment fund bought for 30 million Euros from Sareb, Spain's “bad bank” dealing with repossessions.
Instead of building a series of villas costing in excess of a million euros each, the development will consist of desirable penthouses and apartments, which were initially pegged at prices of between 170,000 and 650,000 euros. Despite a sharp decline of British buyers since the Brexit referendum in June this year signalled Britain's imminent exit from the EU, interest in the project was so high that the developers felt sufficiently confident to increase their prices. Penthouses and apartments are now being offered at prices between 440,000 and 950,000 Euros,
Phase One of Palo Alto, the name of the new development, will comprise of just nine two-storey buildings, of which half have already been sold off-plan to home buyers from ca. 16 different nationalities. This cosmopolitan community can look forward to a club house with sports facilities and residents' services in Phase One. Palo Alto will be constructed adjacent to the northern entrance of Ojén. The village lies ca. five kilometres north of La Cañada shopping centre and Palo Alto will effectively be on the very edge of the Sierra de las Nieves, which is awaiting national park status.
For this reason the developers have stressed that the development will have an environmentally friendly focus, appealing to people who want to spend longer periods of time in Spain rather that just two or three short holidays per year. The aim is to attract at least 25% of buyers who want to become permanent residents.
A licence for 800 properties is in place, although the developers have stated that they only plan to build 600, leaving space for a hotel and a few luxurious villas in the future, should demand warrant this.
Prospective buyers currently exploring what Marbella has to offer will therefore be particularly pleased that Orange Square has received such an effective face-lift. Once they have settled into their new second homes, this landmark meeting place is probably destined to become one of their favourite hand-outs in central Marbella.