IBERDROLA Inmobiliaria, a company chaired by Ignacio Galán, will build a luxury housing development in Calviá (Mallorca), after being adjudicated 408 square metres of urban land for residential use, which was publicly auctioned last 28 February by the City Hall of this city.

The company will invest 48.48 million euros in this new residential development, which is located on the Urbanización Golf de Bendinat and is both nationally and internationally recognised as one of the most prestigious housing developments on the island. It has a golf course and is just 10 minutes from the city of Palma, in the coastal town of Calviá.

With a buildable surface area of 12,866 square metres, the parcel will be assigned to the development of 81 multi-family luxury homes, some of which will have direct views of the golf course. IBERDROLA Inmobiliaria plans on completing the development in 2008.

Fully consolidated and equipped with all commercial services and sports and school facilities, the “Urbanización Golf de Bendinat” has the advantage of being close to the Cala Portals Nous beach and the Portals Port, and it has immediate access to the PM-1 motorway, which connects with the Vía Cintura to the city centre.

IBERDROLA Inmobiliaria has already constructed several residential developments on Mallorca (Son Xigala, Sometimes and Santa Ponça) and has developed industrial land for sale (Son Morro).

The IBERDROLA affiliate is a company that operates throughout the nation, offering a wide portfolio of products: first homes, holiday homes, offices, industrial warehouses and malls, among others. In 2005, it earned a net profit of 92.78 million euros, 6% more than the previous year, and its turnover figure grew by 13.7%, up to 467.88 million euros.

Moreover, the company ended the 2005 financial year with 16 residential projects under construction, totalling 1462 homes, and it was managing 13 other projects, representing another 965 homes. These projects, which are distributed throughout Spain, include both first homes and holiday homes. IBERDROLA Inmobiliaria delivered a total of 992 homes last year.