Punta del Este is celebrating. After a long wait, the mini Trump Tower was finally inaugurated in the presence of President Luis Lacalle Pou.
The building has seven apartments per floor and is already collecting good numbers.
According to Montevideo Portal, 80% of the investment has already been returned, and Argentines have already purchased 80% of the properties.
Most buyers are people who resided in Uruguay during the pandemic period and decided to bet on the local real estate market to spend their summer vacation.
The handover of the first apartment took place on August 1 of this year, out of a total of 160 apartments that make up the tower, representing an investment of US$100 million.
Sales prices for the apartments in the exclusive building in Punta del Este range from US$5,500 to US$6,000 per square meter, depending on the unit type.
The least expensive apartment ranges from US$650,000 to US$700,000.
Work on the mega-complex began ten years ago when its construction was announced. Also present in Punta del Este were Eric and Ivanka Trump, the children of U.S. tycoon and former President Donald Trump.
Construction slowed in 2018, then stalled in 2019. By June of that year, the project seemed to have reached an impasse, and the New York Times even called the skyscraper “the white elephant of Punta del Este.”
Initiated by a group of 120 owners of the project, formed in 2020 and led by Rolando Rozemblum, Trump Tower was inaugurated. Under a trust, the owners took control of the building and were able to find a way out of the problem.
“The greatest difficulty was making this project fiscally equal to others in the area; the Lacalle Pou government and Mayor Antía were very supportive of the project,” Rozemblum told the Observer.
Although the complex is not yet fully completed, it offers 360-degree mirror views of the sea.
Currently, 120 lots have already been purchased, and 20 are ready for delivery.
The apartments are accessible via 13 state-of-the-art elevators.
The units have hot and cold climate control in each room, which can even be controlled remotely via a wireless device.