President Leonel Fernandez was in Cap Cana on Saturday, 12 February to inaugurate the first phase of the Sotogrande at Cap Cana development. The US$71 million Spanish investment consists of 122 residential units in 13 three and four-floor buildings. The first phase was built on a 52,638m2 lot with financing from the governmental Banco de Reservas. The apartments run from a 60m2 studio to a 350m2 penthouse. Sotogrande and NH Hotels executive Ignacio Aranguren gave the keynote address for the Spanish group. The project is a private 254,000m2 development within the Cap Cana hotel, beach and golf complex.
The project is located facing holes 10, 12, 13 of the Las Iguanas golf course, and in addition purchasers have beach access at Playa Coralina.
Speaking during the event, President Fernandez said that construction work on the project had started when the modern world was suffering from the effects of a major financial crisis, evidence of the confidence of investors in the country.