ARCHIVED - Development as large as Camposol gets the green light to expand in Fuente Alamo

Fuente Álamo council approve agreement to expand the Hacienda del Álamo residential, leisure and tourism complex

The Hacienda del Álamo development has followed a similar path to that travelled by Camposol in that the constructor went into insolvency after the financial crisis in the early 2010’s, leaving the planned development unfinished with many new properties unsold and large areas of land left undeveloped.

The main difference is that in Camposol’s case the insolvent constructor company’s assets were assigned to a bankruptcy administrator and auctioned to pay creditors, whereas with Hacienda the assets and debts were taken over by Banco Sareb, a semi-public entity set up by the Spanish Central Bank after the financial crisis to absorb the toxic debt and overvalued assets which were affecting the viability of smaller banks. Sareb became better known as the “Banco Malo” (Bad Bank).

Sareb still own the Camposol Golf Course (not the Clubhouse) and took control of the Hacienda del Álamo complex in 2013. Now, in conjunction with conglomerate company Profusa they have signed an agreement with Fuente Álamo Town Hall to enlarge the development, although this may take some time as Sareb still have many unsold properties on their hands.

The agreement involves expanding the development by around one million square metres, adding a possible 3,000 properties to add to the existing 1,400-plus. In return Sareb and Profusa will cede some three million square meters of land for their inclusion in the El Valle and Carrascoy Regional Park and write off a total 1.3 million euro debt owed by the Council to both companies in lieu of two agreed urban plans of 2005 that were never developed.

Should the project go ahead the development will rival Camposol in size.

Another similarity with Camposol is that both developments have 4-star hotels which are currently closed.

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