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VAPF to Invest €200M to Reactivate Martinsa’s Macro-Urbanisation in Alicante

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The abandoned Penya Roja de Pego urbanisation

The Penya Roja de Pego project was started by Martinsa Fadesa in the year 2000 but was suspended in 2008 following the outbreak of the real estate crisis and the bankruptcy of the property developer owned by Fernando Martín. Almost 20 years later, the family property developer VAPF, based in Benissa (Alicante), is planning to build approximately 1,200 homes by investing more than €200 million, according to Levante Emv.

This urbanization, which fell victim to the crisis, left an infrastructure that is almost finished, but which is now in a serious state of deterioration due to the abandonment and looting that it has suffered.

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