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Azzurra builds on the taste for quality homes

Oct 26, 2015
Credit : GMI Post

Amid the rapid economic progress in the country, Azzurra Constructores, a Lima-based property developer, has capitalized on an ongoing construction boom by building residential apartments for a population with growing disposable income.

While the larger construction companies secure the contracts to build the high-rises and commercial properties in the Peruvian capital, the company chose to specialize on high-end properties for a clientele with very distinctive tastes and exacting standards.

“In the places where we work, we have the best quality. If you bet on your quality, you will sell for sure,” said Azzura CEO Roberto Levaggi.

That staunch commitment to perfection has allowed the company to grow from a tiny construction operation that owned one crane to a developer of much sought-after residences and a distributor of custom-made, own-branded tiles from Italy and Spain.

Judging by the number of its completed and sold-out developments, Azzura has successfully built a strong reputation for its products and services in the real estate sector and among clients.

The company has several property developments in the drawing board and will pursue its growth plans, albeit in a deliberate, steady manner.

“We want to grow and be able to work on more projects with good people,” Levaggi said.

With the economic upturn in Peru expected to continue for the next few years, Azzura has positioned itself well – very ready and well equipped to take on all business opportunities that may arise.

“We need to change our mindset and help push the car forward, not help break it down,” said Levaggi.

Menorca Inversiones: Improving Peruvian Lives

Oct 25, 2015
Credit : GMI Post

Like many countries, Peru has had its share of highs and lows throughout its history. The political instability in the 1960s remains a traumatic memory but has yielded deeply ingrained lessons for the future.

Menorca Inversiones Chairman and CEO Renzo Carozzi recalled the challenges that Peruvians had to face at that time the military took power: “My family was very involved in agribusiness in Northern Peru, Lima and the mountains. Everything was taken away from us at that time. I had gone abroad to university in order to study agriculture, only to find out there was no longer an agriculture business to come back to. So, I had to adjust”.

The Carabayllo Project is among Menorca’s property developments that have been nurturing new communities in Lima.

While trying to recover his family’s seized assets, Carozzi entered the shoe manufacturing business at a time the economy was highly unstable and volatile. But, he persevered.

“You will never reach the top without having fallen a couple of times,” Carozzi stressed.

A few decades later, Peru restored democratic rule and introduced free market economic measures. The government of former President Alberto Fujimori is widely credited with jump-starting the country’s impressive turnaround.

“He did pretty well. This country was broken and needed people to invest. Fujimori gave us the tools to do so, as he respected private property,” said Carozzi.

By 1996, with the Carozzi family assets recovered, Menorca Inversiones came to life. The company committed itself to converting land once used for agriculture toward housing developments for low-income Peruvian families, which raised the quality of lives of its residents.

The developed communities provide families with large green spaces, convenient locations, state-of-the-art security systems and utmost attention to details and finishing.

“Our promise is to deliver more than what our customers expect,” he said.

With a projected sales total of close to US$60 million for 2015, Menorca’s strategy is paying dividends as it offers seven-year financing to its low-income customers who have no access to traditional banking loans and provides them with an opportunity to own a home.

As the family business continues to prosper, new ventures in the food industry, shoe manufacturing and retail are creating opportunities to forge partnerships with Asia.

“We are very much open to listening to ideas from aboard,” Carozzi said.

Peru 2015 was prepared for and originally printed in Forbes Asia magazine.

PDF of the printed report

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