In the Golden Triangle of the Costa del Sol, an area that includes the towns of Benahavís, Estepona and Marbella, we find La Zagaleta, an exclusive development of 900 hectares which has become a favorite haunt of the great European fortunes seeking the most luxurious properties, but above all, discretion.
"These are successful business executives, with low public exposure," says James Cestino, CEO of La Zagaleta. "About 30% are English, another 30% German, 30% Swiss, Danish and other European countries and the remaining 10% is divided between Spanish and Arabs," said Jose Perez, also from La Zagaleta.
The development has a building permit for 420 houses and, today, between completed and under construction, there are 240. Their average prices are around eight million euros. "The estate is so vast that we have allowed ourselves the luxury of designing each piece differently. The customer chooses the plot, ranging from the smallest, with between 3,000 and 4,000 square meters, the largest, with 10,000 to 12,000 square meters, but can also join several."
Until three years ago, La Zagaleta was limited to selling the land. Now, also deals with the promotion of the houses. The most expensive house costs 100 million euros. Its owner joined five parcels to create a building with 50,000 square meters where there is a main house and two adjacent.
The Origins:
Who is the person behind this project? Enrique Flores Diaz, a businessman who in the 90s bought this plot of land made of 846 hectares, with other partners. Currently, two of his sons are in the direction of the company. The holding company belongs to La Zagaleta Limited, a London based company. "There are more than 200 shareholders, heirs of the founders," said Jose Perez Diaz.
"The company was born in a very adverse economic environment where there was liquidity, but with very high interest rates. The previous owner went bankrupt and Enrique Perez and his partners took over the ground", says Ignacio Perez Diaz, Director of Sales. Then the owners were in the position of choosing between a project of 4,000 homes or a development much less crowded and more exclusive. Now, project managers are committed to reducing the number of buildings that are there to be built to 160.
In addition to luxury real estate, La Zagaleta differs from other exclusive developments in its transfer policy. "We have financial control barriers. Someone who wants to buy a house with 7 million euros cannot have a wealth of ten million but 70 million", they say.
In addition, the complex has an exclusive golf club whose members must be property owners in La Zagaleta and between them decide who may enter it. "The best of La Zagaleta are our 200 ambassadors, home buyers, explaining the value of the brand," says Cestino.
Among the executives who have been seduced by this Spanish real estate project, we find Lord Stanley Fink, former chief executive of British investment fund Man and treasurer of the British Conservative Party, Jüergen Bartels, former CEO of the Starwood hotel group, and the founder of the operator Orange, Hans R. Snook. Among the Spanish, we find Mr. Santiago Foncillas, former president of Dragados and former advisor of Telefonica. About 1,000 people work in La Zagaleta, including security personnel, maintenance and domestic services.
Source:
Expansion.com
