Malaga's new 'golden mile' where one-bedroom apartments are selling for over half a million euros

The developers of La Térmica on the city's western coastal strip have taken 35 reservations on homes in just two months with prices reaching 1.6 million euros for the most expensive properties

Jesús Hinojosa

Malaga

Wednesday, 22 January 2025, 23:03

The western strip of Malaga city's coast is consolidating its position as the provincial capital's new 'golden mile'. The path started up by the Torre del Río project, where Metrovacesa and Sierra Blanca properties have come in for four million euros, has its continuity in the operation that has begun to materialise in the adjacent site, that of La Térmica. Investment fund Ginkgo and developer Aedas Homes, in charge of the management, are behind this initiative, which includes some 400 'renta libre' (free market, not price-protected as with builds that include public funding) homes, the first phase of which has already begun to be marketed.

Imagen principal - The luxury residential project planned in La Termica, in images. — The luxury residential project planned in La Termica, in images. SUR

Imagen secundaria 1 - The luxury residential project planned in La Termica, in images. — The luxury residential project planned in La Termica, in images. SUR

Imagen secundaria 2 - The luxury residential project planned in La Termica, in images.

Although prices are following the same trend of the figures recorded in the Torre del Río towers, in two months 35 reservation deals have been closed for the first building of 173 flats to be constructed in the area where estate development work has been under way since last summer. According to SUR sources, the average price of these apartments is around one million euros.

The cheapest sold so far, a one-bedroom property, has been reserved for 510,000 euros and the most expensive, a three-bedroom, has been set aside for 1,575,000 euros. According to the sources consulted, most of the buyers are "national clients", although they have not gone into more detail about the profile of these future residents of one of the most publicised residential projects in recent years.

As these homes can be built simultaneously with the residential estate work, the construction of this first housing development is expected to begin in the second or third quarter of this year, with the first homes of the Térmica Beach project expected to be delivered in 2027. However, the management company must first obtain the building permit from city hall, which is already being processed.

The first block to be built will have 11 floors and a total of 173 homes with one, two, three or four bedrooms, all facing the sea. The building will have an infinity pool, solarium, gym, sauna, spa, coworking facilities, social club, gardens and children's play areas. Following the launch of this first block of homes, Ginkgo and Aedas Homes will develop a second building for some 200 more properties.

The transformation of this plot, designed by architectural studio HCP and the consultancy Urba, has a completion period of four years and a budget of 23.4 million euros, all from private funds. It includes the relocation of an electricity substation to a municipal plot in the Martín Carpena area, for which the promoters have already begun negotiations with Endesa and Malaga council. In its place, 273 social housing units will be built, which will be promoted by the city hall.

Likewise, this urban development operation envisages the extension of the western promenade, which will begin in the coming weeks, along with refurbishment of the breakwater of La Térmica, converting it into a promenade area with a viewpoint.

It has been estimated that this new residential district for Malaga city, which will preserve the chimney of the old La Térmica factory with its protected status, could house some 2,000 residents, to which will be added the 150 hotel rooms included in the plans for the area. The urban development rights for this hotel establishment belong to Malaga city hall, which is why it will auction the plot of land on which it is planned so that the winning bidder company can keep it.

This project will provide the council with an income of 21 million euros spread over five years. In addition to this money, plus the corresponding interest, city hall will receive the land on which the hotel can be built, another plot for offices, the land for the 273 VPOs (social housing at protected prices), as well as spaces for sports and social facilities, green spaces, roads and an underground public car park with 200 spaces.

Top 50

Esta funcionalidad es exclusiva para suscriptores.

Reporta un error en esta noticia