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More Yachts, Private Jets & Helicopters Make Annual Punta del Este Pilgrimage

On January 24, 2012, In foreign investment, lifestyle, tourism, uruguay, by InvestBA
Jet on the tarmac at Punta del Este

Bombardier jet on the tarmac at Laguna del Sauce Airport near Punta del Este (Photo: R.F. Simonetti)

The number of yachts, helicopters and private jets descending on the waterfront playground of Punta del Este has doubled in the past two years, according to a new analysis in El Pais. And while Argentines still account for the majority of all arrivals on private planes and watercraft, the number of visitors from Brazil, the US and other foreign countries keeps growing, according to Viviana Ruggiero.

Ruggiero pegs the market value of all private aircraft and watercraft arriving in Punta del Este at US$1 billion. On water, the approximate value of all yachts arriving at the Port of Punta del Este rose from US$150 million in January 2010 to over US$300 million this January. 543 yachts passed through the Port of Punta del Este this summer, and their owners paid as much as $4,500 per day in docking fees.

At the Laguna del Sauce Airport, the number of private planes landing was 6,500 for all of 2011. In January alone of this year, there were 3,000 private plane arrivals and departures meaning 2012 will be another record year. During the peak summer season, the approximate value of jets parked at Laguna del Sauce was US$500 million including several Gulfstreams and an Airbus 320.

The value of all private helicopters landing in Punta has also doubled in the past two years. Ruggiero says anywhere from five to ten helicopters are typically on the tarmac at El Jaguel. When the owners are not flying over the waters of Rocha and Jose Ignacio, she says several helicopters are used as private taxis to Buenos Aires at an average cost of US$3,000 per trip. (Full Story in Spanish)

For more information about living and investing in Punta del Este, download the new issue of InvestBA Privada.

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New Casino Comes To Uruguay/Brazil Border

On July 25, 2011, In foreign investment, real estate, tourism, uruguay, by InvestBA
Cassino de Rivera

Jackpot: The Rivera Casino aims to lure more high-end gamblers to an already profitable venue.

Anytime we raise the issue of Uruguay casinos, it usually has something to do with the glitz and glamour of Punta del Este. Sure, coastal casinos like the Conrad are high-profile moneymakers, but what about the rest of Uruguay? Not unlike the trend we are seeing with real estate developers and franchise owners in Argentina, the smart money in Uruguay is looking to the interior.

Manteo, a consortium of developers from Argentina and Uruguay have banded together to invest US$32 million in the construction and modernization of the Casino de Rivera, an aging casino located in the northernmost tip of Uruguay bordering Brazil. Rivera may not be as flashy as Punta, but the city has a Duty Free Zone and tons of inbound traffic from both sides of the border. On a recent Thursday during Holy Week, over 30,000 people descended on Rivera in 8,200 cars and 140 buses.

Manteo’s focus will be on keeping the existing customer base happy and expanding Rivera’s appeal to high rollers. “We want to attract high net worth visitors, so we are going to build a five-star hotel and casino similar to what you would find in Las Vegas, not just in terms of gaming, but also in the quality of shows and restaurants,” said Manteo’s Director of Marketing Raul Sarasola in an interview with Danilo Ucha of Brazil’s Jornal do Comercio. (Full Story in Portuguese)

For more information about investment opportunities in Uruguay, download the current issue of InvestBA Privada.

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La Azotea: A Piece of Punta History For Sale

On February 25, 2011, In real estate, uruguay, by InvestBA
La Azotea de Haedo

Think Pink: If these walls could talk, the asking price would be much higher than US$2 million.

For Sale: Historic mansion in Punta del Este, built over six decades ago by a former President of Uruguay, gated compound spread over 3.7 acres, lush gardens and towering pines, central location next to the Cantegrill Country Club and only twelve blocks from Playa Mansa, walking distance to four public schools and two private colleges. And while the asking price is just north of US$2 million, the historic and cultural significance of La Azotea de Haedo is priceless.

If the walls could talk, the asking price would be much higher. The home which has functioned as a museum and center for arts and cultural events in recent years, has welcomed Ernesto “Che” Guevara, Dwight Eisenhower, Arturo Frondizi, Alfredo Stroessner, Juan Domingo Peron, Jorge Luis Borges, Ernesto Sabato, Jose Ortega y Gasset and Pablo Neruda among other historic figures who visited the former president, Eduardo Victor Haedo.

Maldonado residents were understandably saddened this week when two red “For Sale” signs were placed at La Azotea’s entrance. A visibly emotional Beatriz Haedo, the only daughter and heiress of the property, told El Pais, “I live in Buenos Aires which makes it difficult for me to maintain the property.” While there is no shortage of new real estate coming to market in Punta del Este, a property like La Azotea is more than a home, it is a piece of Uruguay history. (Full Story in Spanish)

Purchase Inquiries: haedo@investba.com

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At Summertime, Argentine Banks Follow Their Clients to the Beach

On January 12, 2011, In competitiveness, tourism, by InvestBA
HSBC Playa

Argentine banks like HSBC, Banco Galicia and Frances are following their clients to the coast with discounts.

It may be time for summer vacations, but don’t expect Argentine banks to give their discount and loyalty programs a rest. On the contrary, the big banks are all putting on sunblock and setting up shop on the beaches of Mar del Plata, Pinamar, Carilo and even Punta del Este, says Lujan Scarpinelli in La Nacion.

“As a natural continuation, the inflation-fighting, credit card discounts that stoked consumption at the end of December to record levels, has carried over into the tourist destinations.”

“We are extending our promotions to the main destinations where our clients typically vacation. For example, we now offer 30% discounts in more restaurants in Mar del Plata and Pinamar on Fridays,” says a Banco Frances spokesperson. Frances is also offering 15% discounts on Sunday gas purchases when clients pay with their credit card. Other clients are enjoying 15-30% discounts on movie tickets and 20% discounts on clothing.

Scarpinelli says the online promotions are also quite generous. Banco Galicia posts a list of business partners offering discounts through March 15, and Galicia clients can expect 20-25% discounts at supermarkets, restaurants and ice cream shops along the coast. Citi has better visibility on the websites of the main shopping centers along the coast and also a physical presence in Uruguay with Citi Montoya Beach where clients receive bar and gym discounts. Aiming for the top of the luxury pyramid, HSBC chose the beaches of Jose Ignacio and Carilo to entertain their clients with discounts of 10-20%. (Full Story in Spanish)

For more information about investment opportunities in Argentina and Uruguay, download the new issue of InvestBA Privada.

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Uruguay Luxury Toys Soon to be Unwrapped

On December 16, 2010, In a-bric, foreign investment, lifestyle, real estate, uruguay, by InvestBA
Obsidian Group Uruguay

Luxe del Este: Obsidian's Uruguay project counts actor Michael Caine among its elite group of owners.

With only nine shopping days until Christmas, many Argentines and other international buyers are preparing for the mass exodus to the beaches of Uruguay. And waiting on the opposite side of the Río de la Plata are a myriad of million-dollar homes and condominiums purchased and constructed over the past two years. Contexto gives readers a preview of what residential toys and adjacent amenities await those spending their summer holiday in and around Punta del Este.

For those who prefer condominium living, Le Parc Punta del Este is one option with two luxury towers rising from a 14,000 square meter parcel at Rambla Lorenzo Battle. (Note: The two Le Parc projects in Palermo and Puerto Madero rank among BA’s Top 10 High-rises) Each 24-story tower has ocean views and prices ranging from US$240 to $360 per square foot. Contexto also mentions Imperiale, One and Ocean Drive as other Punta high-rise offerings that offer “sophisticated amenities for demanding buyers.”

Those buyers willing to trade direct ocean views for square footage and resort-style living may want to opt for a Luxury Chacra development. One of the newest is Rincón de Arditeia, a 28-chacra complex on the coast of Rocha; while Brazil’s JHSF just announced Las Piedras; The Setai José Ignacio will take Punta luxury to a zen-like Setai level with residences priced at US$3.5 million; and a Spanish group has added Valeria Mazza’s beauty to their new US$36 million coastal chacra, Selenza Village.

And some of the largest and most exclusive toys waiting to be unwrapped are currently being built on 225-acres purchased in 1996 by U.K. developer Obsidian Group. The Villalagos project, which features 13 multi-million dollar homes on large 12-acre parcels with views of  three lakes, counts actor Michael Caine among the property owners in this project with a gross development value approaching US$40 million. (Full Story in Spanish)

For more information about investment opportunities in Uruguay, visit our archives and download the latest issue of InvestBA Privada.

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