Pablo Campana: At this time is when investors, entrepreneurs and businessmen who create in the country are most required

Pablo Campana, executive president of the real estate developer Millenium, gives details of the short-term plans that will be executed from your real estate firm. In addition, it analyzes what is required to boost investments in the country.

Even in a scenario in which the pandemic continues, is there still a commitment to investing in the country?

There are two sectors of the Ecuadorian economy that generate the most employment, one of them is construction. At this time is when investors, entrepreneurs and businessmen who believe in the country and aim to reactivate it with the generation of jobs are most required, investing in Ecuador is a way of making a homeland.

At what point are the projects managed by the real estate company?

Several projects in different stages of execution we have projects underway in Guayaquil, Daule and Manta. The advance of commercialization are in more than 50% and some in 95%. For example, Torre Millenium only has 39 apartments available. In Titanium, on the other hand, there are twelve offices and four apartments available, this project is to be delivered in December 2023. We are also working on new projects for this year, both in high-rise buildings and in single-family homes. There is an extensive investment portfolio.

Is there a projection to reach other cities?

Projects in Machala, Quevedo and Quito are being evaluated. But for now the radius of action is Guayaquil, Daule and Manta.

More than $80 million is expected to be invested for the construction of a housing project in Manta

Why do you sign up to work in Daule and Manta?

In Manta, for example, there is the factor of being a city with a port and attracting tourism. In addition, in this canton there is facilitation for investments through its municipal administration. The Grand Bay Manta project consists of four 14- and 16-story buildings. Now 67% of the first tower has been sold and construction of the building is expected to begin in the next five months. It will be a project that will be delivered in stages.

And Dale?

There is land available that is not found in other parts of Guayaquil, it is an area where you can grow. It is an area to explore and continue executing projects.

What other projects are estimated in the short term?

Land has been acquired for real estate development in the Ciudad del Río area, in Puerto Santa Ana, and in Kennedy Norte. They are high-rise buildings that are not only interesting for boosting the economy, but also contribute to the beautification of the city. There is also a project for the health sector, we are talking about hospitals and clinics, close to the land terminal in the north of Guayaquil. The goal is to start with the new projects in 2022, continue and conclude with the existing ones.

Promoter delivered Platinum II, the second tower of Ciudad Millenium

From your vision as an entrepreneur, are the incentives that currently exist sufficient to boost construction activity, which has been one of the hardest hit by the pandemic?

There must be comprehensive policies that go from facilitating the use of land in the Decentralized Autonomous Governments (GAD) to providing soft credit lines to builders, which do not yet exist. Likewise, in the lines of access to mortgages. You have to work hard, for example, today the country is not in financial conditions to access housing bonds. When there is no ease of bonds, there must be more incentive for large, medium and small construction companies, engineers to develop projects and not depend only on the Government.

What facilities, for example?

The most important thing now is to achieve policies to generate preferential rates for sectors of the economy that are highly job-generating through state banking. There are some private banks that are already working on that. Apart from mortgage credit, credit is needed for the builder at soft and preferential rates to reactivate the sector.

How do you see the Investment Law project that the Executive expects to send this year?

Let us remember that there was a Productive Promotion Law that was approved in 2017 that proposed incentives that have now been repealed. The hope of the sector is that what is repealed is for something equal or better and that it favors the attraction of Foreign Direct Investment (FDI), which is very important. The Government must be analyzing and specifying a new project that seeks this objective. (I)