From typicallyspanish.com
Saudi Royal Household plans a new development in Estepona
By m.p.
Mar 26, 2008 - 10:04 PM
The Saudi royal family is said to be investing in a new urbanisation in Estepona in a project which has been presented to the local Town Hall by lawyers representing a company which is linked to Saudi Arabia’s Royal Household.
La Opinión de Málaga reports that the local planning councillor, Rafael Duarte, confirmed the news on Tuesday, and said the development is planned on land classified as suitable for development which the Royal Family owns in the area. The councillor described the proposal as interesting, particularly given the current situation in real estate, and said conversations are currently taking place before any possible planning agreement is signed.
The paper gave the details as a 600,000 sq metre area of land in the area of El Paraíso near the N-340 coast road. It’s an area which is governed by construction density of 25 dwellings per hectare, and it’s understood that 30% of the properties would be officially protected housing.