A new player has entered El Salvador’s real estate market with ambitious plans to invest $100 million in high-end residential projects. SFORMA, a new real estate company backed by INGN Holdings, announced its arrival with two major residential developments set to begin construction this year.
The first project, a 24-story residential tower in the heart of Santa Elena, Antiguo Cuscatlán, will feature 105 luxury apartments and commercial space. With an investment of $40 million, this development aims to cater to the high-end market.
The second project, located in Nuevo Cuscatlán, will consist of a 12-story building offering 300 units targeted at the middle market, with sales expected to reach $60 million. This area is already a hotspot for major real estate firms due to its high property value.
SFORMA anticipates that construction for both projects will commence this year, pending final permits, with completion expected between 2027 and 2028.
Julio Segovia, CEO of SFORMA, emphasized the company’s dynamic approach and commitment to sustainability. “We aim to break paradigms and surprise the market with sustainable solutions that transform lives,” he said. Segovia highlighted the positive impact of improved security in the country, which has encouraged both local and international developers to propose various real estate projects.
SFORMA’s initiatives are expected to generate approximately 500 direct and 500 indirect jobs during the construction phases. The company also plans to expand into horizontal residential developments in the western and eastern regions of the country.
“We are at an interesting juncture in the country and in our industry. While we start with vertical housing, our future plans include rapid expansion into horizontal housing and other sectors like commerce and logistics,” Segovia added.
SFORMA’s strategy involves close collaboration with future clients, municipalities, regulatory bodies, and both national and international architectural firms, leveraging co-creation to achieve significant results.