Prime Punta del Este Parcel Coming To Auction

Patrick Archer foreign investment, real estate, uruguay

One of the most coveted parcels in Punta del Este is coming to the auction block next month, and the announcement will certainly attract multiple foreign investor groups. Land sales in and around Maldonado are nothing new, but the size and location of this particular parcel makes it extremely valuable.

According to Marcelo Gallardo of El Pais, the parcel in question is currently occupied by Grupo Techint, one of the region’s largest engineering and construction companies. At approximately 88 acres (36 hectares), the parcel will be one of the largest offered in Punta del Este so far this year.

For a non-primera linea (waterfront) Punta parcel, this property has some incredible location advantages. First, it is uniquely positioned on Aparicio Saravia Avenue on the north side of Punta del Este connecting the City of Maldonado to the west with the La Barra bridge to the east. Second, the El Jaguel airport is located on the adjacent parcel. Third, the site of the future Punta del Este Convention Center is only meters away.

With a price per square meter range of US$10-15 in this zone of Punta del Este, the parcel should sell for anywhere from US$3.6 million to US$5.4 million when it comes to auction on August 26. Bidding will begin at US$2.23 million, approximately 2/3 of current assessed value. (Full Story in Spanish)