Half of the apartments in Benidorm's InTempo skyscraper sold, including two most expensive properties
Half of the apartments in Benidorm’s InTempo skyscraper sold, including two most expensive properties
In the impressive InTempo building — the tallest residential complex in Europe — 256 apartments have been sold, including the two most expensive properties worth two million euros each. These two apartments are located in the central part of the building, in the so-called “Diamante,” and the keys have already been handed over to the buyers.
InTempo is one of the symbols of the real estate bubble and one of the best examples of the radical changes that the construction sector has undergone in recent years. A skyscraper designed during the upward cycle wave, a project paralyzed by the developer’s bankruptcy, the sale of an unfinished building to an investment fund, and reconstruction that finally lifts the curse and brings the original concept back to life.
This story has been repeated many times in Spain, but this time the main protagonist was one of the most famous buildings on the Mediterranean coast: at 198 meters high, InTempo is the tallest residential skyscraper in Europe.
Located on Benidorm’s western beach, the building is undergoing facade and interior renovations to bring the properties in line with modern demand. This is exactly the decision made by the SVP Global fund, which has owned the building since the end of 2017.
The previous owner was Sareb, which had the property in its portfolio since 2012, when the bank acquired a 108 million euro loan issued by Caixa Galicia to developer Olga Urbana for the construction of the residential building. However, this developer went bankrupt in 2014 and left the project unfinished.
Having acquired the asset for approximately 60 million euros, the SVP Global fund advanced the project in the summer of 2018, beginning negotiations with developer Uniq Residential to complete the building and achieve the original goal — constructing the tallest residential skyscraper in Europe.
Despite selling half of the properties, the developer still has apartments available. The most affordable option costs 263,000 euros (including parking space), has an area of 75 m², two bedrooms and a terrace, and is located on the fifth floor. Mid-range apartments with two bedrooms of 75-90 m² will cost approximately 400,000 euros and are located on the 25th floor of the skyscraper.
The InTempo building is a unique property thanks to its privileged location next to the exclusive Playa de Poniente beach. This uniqueness is complemented by modern Art Deco architecture, the quality and warmth of the materials used, as well as the original interior design. No less remarkable are the views that open from the apartments — and all this with maximum privacy for each property. The special lifestyle is emphasized by the high level and quantity of building services available to all owners, as well as the diversity and originality of common areas.