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Ojén Development Gets Green Light

The small town of Ojén (population approximately 2,000) sits in the mountains behind Marbella. Despite its proximity to the coast it has remained relatively unspoilt, not attracting development in the way many local towns have.

However, London-based investment fund Round Hill Capital plan to invest 250 million euros in the area over the next seven years developing a complex of luxury apartments.

The town hall has confirmed the works permit for the first phase after a processing period of less than two months. The work on phase one will begin early in 2017.

Luxury Apartments

Luxury apartments in Ojén

Luxury apartments being built in Ojén

The complex will not be exclusive to millionaires with properties first being offered between 170,000 and 650,000 euros. However, following a successful market launch and the pace in which buyers picked up early release properties the prices have now risen to between 440,000 and 950,000 euros.

The project will be built on a 50-hectare site previously owned by Prasa Real Estate which was acquired from Sareb last year for 30 million euros. Consisting of 75 homes (60 apartments and 15 penthouses) the first phase will be distributed over nine buildings. Half have already been sold with buyers coming from 16 different countries. The first phase has an aimed completion period of not more than 20 months. It also features the construction of a club house which will include sports facilities.

Although the licence grants permission for 800 dwellings, the promotor does not plan to go over 600. This is partly because they are contemplating the introduction of a hotel and villas in the future.

The project was presented this week by the investment fund’s Spanish representative, Matías Villarroel, and the Mayor of Ojén, José Antonio Gómez, who highlighted the importance of the project for the economic development of the town. The project will be located next to the north entrance to the centre of Ojén. This is approximately five kilometres from La Cañada shopping centre.

The promotor hopes that at least a quarter of buyers will be full-time residents bringing life to the area. This is preferred to having the properties empty for most of the year.

More about the project including price lists and Phase 1 siteplan can be found here.