SANTO DOMINGO.– Colombian businessman Antonio Castro Franco stated yesterday that the Dominican Republic currently offers the best investment conditions in the region and therefore plans to undertake real estate developments in three local destinations: Santo Domingo, Santiago, and Puerto Plata.
The CEO of ACF Constructora, with more than 17 years in the South American country's market and a track record of more than 20,000 housing units, decided to include the Caribbean country in its international expansion plans due to the favorable business climate and legal guarantees it perceives.
“It is a country with a favorable business climate, with stable governments that guarantee the legal security of foreign investments in the country. Due to its strategic location and infrastructure, with 8 international airports and flights of 1 hour and 30 minutes from Colombia, we consider it the appropriate destination to begin our international expansion,” the businessman said in an interview with El Inmobiliario.
Antonio Castro Franco. (Justo Feliz/El Inmobiliario).
His company will be involved in the Dominican Republic, in addition to developing Cruise On Land (COL), one of the most ambitious and revolutionary projects underway in the Punta Cana tourist area. This project represents a US$500 million investment and will include 4,500 residential units. The businessman is currently in the Dominican Republic assembling a team of approximately 15 technicians and professionals who will be responsible for bringing this new vacation destination to life, which will be built on an area of over 800,000 square meters.
Low-cost housing, a golden opportunity
In 2021, when he first visited the Dominican Republic, Castro Franco toured various shopping centers and malls, where he spoke with people and whose responses revealed their lack of housing, a deficit currently estimated at around 1.4 million units in the country. “Perhaps they pay rent that can be more expensive than a monthly mortgage payment,” the businessman emphasized.
In his native Colombia, his developments have been focused on this segment of the population, because "more than anything we like to give opportunities to those who have the least, those who find it most difficult to have their own home," he says.
Colombian engineers arrive in the country for new real estate developments. (Justo Feliz/El Inmobiliario).
Although he says he will venture into other developments, his main focus in the Dominican Republic will be on helping larger populations with lower incomes achieve their long-held dream of having a roof over their heads, the businessman explains.
“What we want to generate for the Dominican Republic is well-being for the lowest strata of the population and to ensure that people who earn 1 or 1.5 minimum wages can have their own home,” he explained.
Castro Franco said that the Minister of Housing, Habitat and Buildings (Mivhed), Carlos Bonilla, visited Colombia along with a delegation of 8 people, learning about the works of Constructora ACF and the process how they carry out the buildings.
Just like home
The Colombian businessman said he was fascinated with the Dominican Republic because he really likes the culture and the way of being of Dominicans.
“We feel very comfortable, like we’re at home. They’ve treated us very well since we arrived, and we’ve come more than six times now, with my family, my wife, and my children,” he said.
Cruise on Land
Regarding this massive project, which includes a theme park, he expressed his delight at being able to contribute his experience gained from developing over 20,000 real estate units. In Panama, ACF will build a short-term rental project.
For his part, Hernando Gómez, PMO of Cruise On Land, highlighted the contribution of the alliance with ACF. “This alliance is to develop a major destination like Cruise On Land, with a $500 million investment, more than 7,000 construction jobs, a tourism innovation, a redefinition aligned with the tourism expansion policy, and a new development hub aligned with Confotur,” he stated.
Hernando Gómez, PMO of Cruise On Land. (Justo Feliz/El Inmobiliario).
He said they chose ACF because of its construction capabilities, technological development, and sound sustainability policies. In other words, he pointed out, it's in ACF's DNA—the DNA we have—that goes beyond simply building large-scale real estate and economic developments; it also involves contributing to social development, sustainability, and environmental protection in a new area.
Gómez opined that the construction company is also strengthening alliances for a new and revolutionary low-cost model. “Low cost doesn't mean low-quality housing, but rather housing with the standards that I would like ACF to begin building here in the Dominican Republic.”.
Castro Franco emphasized that Cruise On Land represents a challenge he will embrace alongside his team, who possess all the necessary skills, competencies, and knowledge. Together with the great COL team, they will achieve spectacular results. “We are going to dedicate ourselves to building this project with the utmost care,” the Colombian businessman concluded.
