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SOURCE: Housetech Developments
News that the eldest son of American Billionaire Businessman Donald Trump is set to invest in Brazil has made waves in the nation. Housetech Developments founder, Waseem Saddique, comments on what this will mean for the future of investment in Brazil.
(PRWEB) January 14, 2013
Rio Harbour in Brazil has become an area of interest for American billionaire Donald Trump. Recent news that his eldest son, Donald Trump Jr, has announced a partnership with a number of private investors and the CEF to build five towers at the harbour location has sparked mass interest. Waseem Saddique comments: “We understand that the five towers will have 38 floors each.”
The towers look set to be built on Avenida Francisco Bichalo with construction set to begin on the first two towers in the second half of 2013. Completion date for the initial two towers has been set with the 2016 Olympics in mind.
The final three towers will be constructed subject to demand from the marketplace. The towers will raise the profile of the Brazilian Real Estate Market, particularly the commercial property sector. The construction of the towers also dispels any underlying myths that development in Brazil is slowing.
Waseem Saddique states: “The building of the Trump towers in Brazil serves to highlight the investment potential that is currently ripe all over Brazil. The North-East regions, southern locations and many other regions in the nation are experiencing rapid development projects taking place.”
The towers are set to remain with the typical Trump architectural features, including their iconic use of full glazing across all the towers. It’s understood that the value of the project will be in the region of $5 - $6 billion.
Those close to the project have suggested that this investment will be the largest of its kind in corporate offices taking place across the BRICs (Brazil, Russia, India, China and South Africa) union.
The location, where construction will take place, is made up of a group of Brazil properties that Rio Government officials have purchased to serve as ‘anchors’ for the Port district. The area covers around 332 thousand square metres and is to be purchased from the Dock Company.
Project architects estimate that the towers will consist of 38 towers; however, the towers will be constructed to the maximum height allowed by local law. In theory this allows for up to 50 floors to be installed.
In a statement from Donald Trump Junior, he said: “Our projects are a benchmark in quality. In many cases, it helps to appreciate the surroundings, especially real estate values. When we recently launched a hotel in Panama, the surrounding environment appreciated by about 20%.
The Mayor of Rio, Eduardo Paes said: “The Trump Group’s investment will provide a much needed boost to the commercial real estate sector, supplying much needed office space.”
Waseem Saddique states: “The Brazilian Real Estate Market continues to benefit from investment and the arrival of such a high profile name with an eye opening project is sure to encourage further investment into Brazil.”
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