MIAMI, FL - (Accesswire - September 6, 2013 ) - Metrospaces, Inc. (OTCQB: MSPC) today announced the company has obtained the necessary permits and authorizations to start construction of the "La Tour 320" Luxury Residential Condominium Project in Caracas, VZ.
Metrospaces, Inc. received the final construction permits on Thursday, July 25th, 2013, to initiate construction of its La Tour 320 Residential Project. La Tour 320 is approximately 30 days into construction and has already finalized excavation and is now beginning the piling stage. This 9-unit elite residential condo project is the company’s first luxury undertaking in Caracas. Metrospaces is the developer of the project.
Oscar Brito, President of Metrospaces, Inc. commented, "We are very excited and we expect this project to generate close to $4 million in sales and EBITDA of over 35%. We are seeing a very liquid market for these types of high-end luxury projects in Venezuela and are very confident these units will sell very quickly at the premium end of the market."
Mr. Brito, added, "The funds are already available from Banco Activo to the company and with this financing, we will be able to meet the construction costs for this project."
Metrospaces http://www.metrospaces.net/ is a publicly traded real estate investment and Development Company which acquires land, designs, builds, and develops then resells condominiums and Luxury High-End Hotels, principally in urban areas of Latin America. The company’s current projects are located in Buenos Aires, Argentina, and Caracas, Venezuela.
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SOURCE Metrospaces, Inc.
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