- It will build both multifamily and single-family homes, with construction set to begin in 2025.
- With this transaction, Culmia adds 17,850 m² of residential development area to the 10,700 m² it already owned in this sector. As a result, it now owns more than 60% of the land and is the majority owner of the project.
October 7, 2022 – Culmia, one of Spain’s leading real estate developers, has acquired land in the Morales urban development in Málaga, committing to an investment of more than 81 million euros.
This is one of the best urban development areas in the city of Málaga. It is one of the capital’s most exclusive residential areas—quiet and featuring extensive green spaces—where the developer plans to build 300 homes, including both single-family and multi-family units. The homes will be designed to the highest standards of sustainability and with a focus on residents’ comfort.
Culmia already owned 27% of the project, and following this purchase, it now holds 17,850 m² of floor space—34% of the total development—making it the majority owner of the project with more than 60% of the total.
Morales is one of the main urban development areas in Málaga. It is located north of the Limonar neighborhood, specifically between the Toquero and Quirosa streams, and is bordered on the south by the Los Montes highway. It has a total area of 297,178 square meters and a buildable area of 51,313 square meters of floor space. The project includes a total of 430 housing units, two lots for commercial use, one for an educational facility, one for a sports facility, and one for a community center. In addition, more than 100,000 square meters will be set aside for green spaces that will help prevent soil erosion and desertification.
2 In the words of Pablo Méndez, Chief Investment Officer at Culmia, “We are very pleased to take another step forward in establishing our presence in Morales, a strategic initiative for our company. Málaga is a very interesting city for us—and for many investors—and this development represents a challenge for the city’s future.”
Since it began operations in 2013, Culmia has delivered more than 6,200 homes—814 during its most recent fiscal year—and 95 developments. Culmia also holds a strategic position in other major urban development projects, such as Alcobendas-Carriles, Madrid-Solana de Valdebebas, Pozuelo-Arpo, Alcorcón-Retamar de la Huerta, and Barcelona-Marina del Prat Vermell, among many others.
