• Culmia has been awarded lots 1 and 7 of the affordable housing plan under the tender organized by the Valencian Regional Government. Lot 1 consists of 91 homes located in Benidorm, and lot 7 consists of 78 homes in Valencia.
• The homes will have the highest energy ratings and will be certified with the BREEAM seal or a similar certification.
• Construction on these homes is expected to begin in late 2025, and they are expected to be handed over to families by the end of 2027.
• Culmia has already been awarded a lot under the first phase of the Community of Madrid’s VIVE Plan, consisting of 12 developments and 1,763 housing units, as well as the sole lot under the second phase of the VIVE Plan, comprising 1,137 housing units in three municipalities. In addition, it has been awarded two lots under the Madrid City Council’s Affordable Rental Housing Plan, comprising 871 housing units across seven developments.
October 28, 2024 – Culmia, Spain’s leading residential real estate project management platform, has been awarded two lots and a total of 169 housing units under the EVHA’s affordable rental housing plan, the Valencian Housing and Land Agency (EVHA), which is part of the Valencian Regional Government.
The developer has been awarded Lot 1, consisting of 91 affordable housing units in Benidorm, on Moralet Avenue, next to the Intempo skyscraper and the well-known Sunset Waves apartments; and Lot 7, consisting of 78 homes in Valencia, on Vicente Miguel Carceller Street, across from Malilla Park.
As for the timeline for this project, construction is expected to begin between the third and fourth quarters of 2025, and the first families are expected to move in by the end of 2027.
Culmia anticipates an investment of 25.8 million euros for this public-private partnership project focused on affordable rental housing. This is in addition to the 515,
million investment that the developer has already made in all of its affordable housing projects nationwide.
It is important to note that these 169 affordable housing units will have an energy efficiency rating of A—the highest possible—and, like the rest of the affordable housing units the company is building, they will have BREEAM certification or an equivalent certification.
According to Francisco Pérez, CEO of Culmia,“We are proud to continue working to build more affordable housingin our country, knowing that it is part of the solution to the major challenge we face. This new contract award in the Valencian Community means that we will build nearly 4,000 affordable housing units nationwide—a scale that makes us one of the leading players in this field. We will continue to work on and evaluate all public-private partnership projects that arise to uphold our commitment to advancing this housing program.”
Track Record in Affordable Housing
Culmia has already been awarded a lot under the first phase of the Community of Madrid’s Plan VIVE. Specifically, it consists of 1,763 homesspread across 12 plots located in the municipalities of Sebastián de los Reyes, Tres Cantos, Alcorcón, Alcalá de Henares, and Getafe. It has also been awarded the sole lot in the second phase of the VIVE Plan, consisting of 1,137 housing units in the municipalities of Boadilla del Monte, Pinto, and Colmenar Viejo. In addition, two lots from the Madrid City Council’s Affordable Rental Plan, comprising 871 homes and located in seven developments in the neighborhoods of Valdebebas (Hortaleza), San Fermín (Usera), Atocha (Arganzuela), Peñagrande (Fuencarral–El Pardo), San Isidro (Carabanchel), Rejas (San Blas), and Los Ángeles (Villaverde).
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