Amprop acquires maiden residential development site in Madrid, Spain

PETALING JAYA (Feb 16): Amcorp Properties Bhd (Amprop) has secured its maiden residential development site in Madrid, Spain with joint-venture (JV) partner Grosvenor Europe.

This is the RM331.6 million JV’s maiden acquisition following its formation last July, according to an Amprop a statement today.

Located in Jorge Juan Street, Salamanca district, the 8,826 sq ft site is a sought-after residential and commercial area with a high presence of retailers as well as food and beverage outlets.

“The site benefits from proximity to the Principe de Vergara metro station and Retiro Park — the famous green lungs and one of the main attractions in Madrid,” said Amprop.

Together with Grosvenor, Amprop is working with award-winning Spanish architecture firm Ortiz Leon to develop six exclusive apartments and a penthouse which overlooks the 350-acre Retiro Park.

“Underground parking and a 6,458 sq ft private garden will also be included as part of the high-quality scheme befitting its address,” said Amprop.

In 2016, Amprop had formed a JV with Grosvenor Asia Pacific to invest in Hong Kong.

Meanwhile in 2015, Amprop entered the Japanese market with its maiden project Forest Nanpeidai, which is also a JV with Grosvenor Asia Pacific, followed by Court Annex Roppongi and Conceira Tower’s West Shinjuku, both located in prime areas of Tokyo.