The first phase of construction of the mega development, which will incorporate residences, medical clinics, shops and offices, begins shortly.
During this first phase of Paseo Cayalá, complete construction of which will take 15 years and consist of 63 hectares, houses, shops, restaurants, jewelry stores, and barber shops, among other things will be constructed in 7.2 hectares.
Behind this ambitious project is Cayalá Group, which for the past three decades has been devoted to developing condominium homes in exclusive areas around the capital.
An article in Elperiodico.com.gt states: "Juan Carlos Salazar, director of research firm Global Real Estate Inspections, said it is a bold initiative that is trying to find new symbolism in the country’s housing market.
"They did not take the easy road, which would have been to keep developing gated condominiums, an area where they were doing very well, but instead have decided to take a risk and change the type of product they offer which will give them good results," said Salazar. "
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The company Urbánica Desarrollos Inmobiliarios plans to develop an residential project, known as Portal Canarias in a 15.7 hectare area in El Espino.
The project, which includes four residential condominiums, will generate about five thousand jobs both direct and indirect, said Alvaro Barraza, Commercial Manager of the project.
Property Developer Cubitá will begin in September a project by the same name in the Province of Herrera, Panama.
The works include the converting five acres into land suitable for residences, a shopping mall, condominiums and a hotel, the construction of which is expected to be completed in late 2012.
Billed as a "private city", Paseo Cayalá is the first of several complete urban projects to be developed outside of the capital of Guatemala.
The complex located about seven miles from the capital and is the first of several to be developed which include, in the same place, different types of houses, boutiques, supermarkets, restaurants, parks and even a church, all with security service included.
Industrial parks, shopping centers, office complexes and homes are the new developments announced by real estate groups.
Among the projects for this year include the extension of Avenida Escazú, the opening of Mango Plaza Mall in Alajuela and the inauguration of the fourth office tower El Cedral in Escazú, all scheduled for May.