• The developer plans to begin marketing its homes by the end of the year in the “Retamar de la Huerta” area, one of the most prominent urban development projects in the Community of Madrid, which resulted from the consolidation of all vacant land between Villaviciosa and the M-50.

• Culmia has approximately 59,000 m² of residential building area available for the development of 17 single-family and multi-family housing projects, and is currently the project’s largest private owner, holding 21% of the total.

June 16, 2021.—Culmia , one of Spain’s leading real estate developers, plans to begin marketing the homes planned for Retamar de la Huerta by the end of the year, the largest residential development project in Alcorcón and one of the most significant in the Community of Madrid, where the developer will invest a total of 143 million euros in land, infrastructure, and development. The project covers 114 hectares and results from the consolidation of all vacant land within the boundaries of the built-up areas of the municipality of Villaviciosa de Odón (Campodón Development) and the M-50.

Culmia, which has led the development since 2015 and chairs the Compensation Board, has 59,000 m² of residential building area available for the development of 17 projects that will include 544 homes, both single-family and multi-family. The project comprises a total of 3,503 homes, with Culmia being the largest private owner, holding 21% of the total.

We are working with the City Council to obtain final approval of the urban development project and the special infrastructure plans (East Access and South Access) with the goal of putting the project out to bid, awarding the contract, and beginning urban development work by the fourth quarter of 2021, with the goal of carrying out the urban development and housing construction work simultaneously in mid-to-late 2022. If all deadlines are met, the first homes are expected to be delivered in the fourth quarter of 2024.

Retamar de la Huerta is located in a prime area surrounded by housing developments and other low-density residential areas. The planning of the area has been based on three criteria: the exclusively residential nature of the development, the concentration of commercial uses along a north-south axis running through the main road, and the connection of all green spaces, open areas, and community facilities.

According to Xavier Tapias, director of Urban Development at Culmia, “the good working relationship we have maintained for so many years with the Alcorcón City Council and the other property owners in the area has allowed us to complete each phase with widespread consensus. It

“This is one of the most ambitious and promising projects in the Community of Madrid, and it will undoubtedly continue to attract investor interest in the coming months.”

Since 2013, Culmia has delivered more than 5,000 homes throughout Spain, and has a sales portfolio of 80 developments and 4,000 homes, as well as land to develop an additional 11,000 homes.