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7m Euro invested in hotel & new home development in Palma area
Planning permission granted for work being carried out in four hotels & seven new houses
€7m has been invested - including €460,000 from the Palma City Council - in the new construction, renovations and expansion of four hotels and seven new homes in Palma de Mallorca.
The Management d'Urbanisme granted planning permission yesterday to allow the developments to go ahead. This small boost in construction has resulted in a brighter picture for the latter half of 2012, with a rise in the number of planning permissions being granted to hotel works, shops and some private housing.
There will be seven single-family homes built in the Bonanova region of Palma. This area lies to the west of the city, by Bellver Castle and Porto Pi Shopping Centre. The area is popular with families who enjoy the area's luxury villas and the international school, Queen's College. The €2.3m project has been undertaken by Solvia which is a real estate agency owned by Sabadell Bank.
The hotels acquiring a licence for expansion and renovations are the Ambos Mundos in Platja de Palma with €580,000. Also the Playa Palma Hotel and HM Jaime III have invested €1.7m and €392,000 respectively. Planning permission was also granted to the HM Balanguera for renovation work with an investment €392,600.
