Proaco started selling Pocito garages and prepares a digital financing platform

Grupo Proaco launched the sale of 300 garages of Pocito Social Life, the complex of apartments, offices and commercial premises that it develops on the corner of Vélez Sársfield and Pueyrredón in this city.

Meanwhile, after virtualizing the real estate operation by implementing the electronic purchase and sale ticket, now he wants to go one step further and put together a financing scheme in the capital market with digital instruments.

Lucas Salim and Martín Monforte, CEO and commercial manager of Proaco, respectively, presented the garage marketing plan to the press on Tuesday with a virtual conference through the Meet platform.

Pocito is a complex that will have 130 thousand covered square meters. On a land of 11,500 square meters, it will develop three towers – which exceed 100 meters in height – with more than 900 apartments, all in five stages and with a total investment of 150 million dollars.

It will also build more than 20 thousand square meters of commercial premises and offices, seven multipurpose rooms, two swimming pools and 900 parking spaces.

The first stage, which will be ready in three years, will include 150 parking modules and another 150 garages for those who live there, 18 offices and 10 commercial premises. The following year, it will deliver 91 offices, 10 premises and 315 apartments.

There he will create a parking lot that the developer will exploit. The launch price is 1.45 million pesos, with delivery of 500 thousand pesos -with a 10 percent discount on the initial integration- and the rest financed in up to 48 installments without interest.

The estimated profitability is five percent in dollars, which starts with a net of 6,250 pesos at the beginning and reaches nine thousand pesos when the complex is completed, a stage in which it will have added 900 parking spaces.

“Initially, the complex will have an income of 1,500 people per day, but when it is consolidated, circulation will reach 10,000 people a day, which ensures the growth of the return rate of the garages,” said Monforte.

On February 26, the company received the building permit, with which the work will begin as soon as the isolation provided by the national government to stop the coronavirus is lifted, something that will not happen before the next 20 to 30 days, as estimated by its managers.

“This is an area with many restaurants and high population density, therefore the demand for parking in the area is high. Furthermore, after the quarantine, there will be many people with dollars and pesos and a real estate market with very competitive prices, which opens an interesting window of opportunities, “added Salim.

According to the executives, for the first stage of Pocito 40 percent of the apartments, 80 percent of the offices and 80 seats for vehicles have already been sold.

More virtuality

Days ago, Grupo Proaco became the first Argentine developer to make the entire process of selling a property in virtual form, from contact with the client to the closing of the operation by sending the electronic purchase-sale ticket, applying a signature. digital.

This has allowed it to face 50 operations, 30 percent of which have already been “instrumented” (closed with the purchase-sale ticket). In turn, this week he delivered a hundred land holdings in Docta virtually.

Now, Proaco’s intention is to go one step further and create a financing scheme in the electronic capital market.

Until now, many institutional investors -especially insurance companies- buy deferred payment checks from SMEs as a way to meet the demand for investment in the real economy established by Argentine law.

In this context, the company works with an entrepreneur in the field of fintech (electronic finance) to build a collection platform that allows investors to pay with echeq (electronic checks), which can be sold in the capital market and achieve financing at rates from five to 10 percent per year.

“The works are progressing at the rate of payment of customer fees. If we manage to get investors to pay us 48 installments in echeq, a fund is set up in which money circulates faster and that allows us to leverage construction, which is the real business of a developer, ”warns Salim.

On the other hand, the businessman highlighted that the coronavirus pandemic generated a level of delay of 20 to 30 percent in buyer payments. However, this was attributed to the fact that the firm had no electronic payment channels. With the assistance of Banco Roela, in recent days it has opened virtual payment channels, with which it expects the delinquency to drop to 15 or 20 percent.

“This crisis is linked to the activity in which each one is. A person who belongs to the public sphere will not suffer the same fall in income as the merchant who still cannot open the doors of his business, ”said Salim.