Since the groundbreaking in March 2024, the project has generated over $10 million (P588 million) in cash payments from unit buyers, according to DoubleDragon, which is owned and led by tycoons Edgar “Injap” Sia II and Tony Tan Caktiong.
These include retail investors tapping Spain’s Golden Visa program, which grants residency to wealthy foreign property buyers.
The construction of Hotel101-Madrid is being led by Ferrovial Construcción, one of the largest construction companies in Spain. The project is expected to be completed by the fourth quarter of 2025.
In April this year, Spain decided to end the Golden Visa for those investing at least €500,000 (P37 million) in real estate. The move, meant to address housing affordability, is expected to take several months to be fully enforced.
Miguel R. Camus has been a reporter covering various domestic business topics since 2009.
