$3bn Sao Paolo luxury housing project seeks Middle East investors

$3bn Sao Paolo luxury housing project seeks Middle East investors
Proposed hotel at the Colinas De Catarina project.
Published: 28 April 2014 - 3:30 a.m.
By: Michael Fahy

Developer Majesty Holding has unveiled plans for a new $3bn luxury housing scheme to the west of the Brazilian city of Sao Paulo.

The project, known as Colinas De Catarina, is to be built on 5m m2 of land along the Castelo Branco Highway that has been acquired over a 12-year period.

A new special purpose vehicle has been set up to raise $100m of equity capital for the project, with shares being offered to investors in the Middle East.

Christian Mouchbahani, of Dubai-based financier M Capital Group, argued that an initial seed investment "is projected to provide over 40% IRR’s (internal rate of return) in less than five years".

The development will contain luxury houses, healthcare, hotels, education and leisure facilities, as well as its own private airport.

Majesty Holding founder Dr Youssef Chatataoui described the project as "a very exciting moment for Sao Paulo and prime new standards of real estate market in Brazil in general”.

 

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