About 58% of the permits for the increase of real estate, called Cepacs, in the Faria Lima region, in São Paulo, were awarded at the 6th Public Distribution of the Faria Lima Consortium Urban Operation, in auction held at B3.
It moved, among the 94,811 awarded certificates, R $ 1.67 billion, amount 42.4% lower than the total assessment of the event, which offered 164.5 thousand certificates of R $ 2.9 billion.
CEPAC (Certificate of Additional Construction Potential) is a title issued by the City of São Paulo that allows the owner of a property to build beyond the basic limits established by municipal legislation. This certificate is used as payment to obtain additional urban law in specific areas called consortium urban operations.
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Each cepac represents a value corresponding to extra square meters that can be built or modifications to land or project uses and parameters.
“Cepacs auction resulted in the placement of only 57% of the securities offered, maintaining the minimum value stipulated and without goodwill. Although the collection reached R $ 1.67 billion, the result shows that the initial price was overestimated, which limited the interest of the market. The signs of a new event, without definition of deadline or change in commercial conditions, reinforces the uncertainty as to the effectiveness of the effect. Absorption of remaining titles, ”said Giselle Vergal, a B/Luz partner and a specialist in real estate law.
The high initial bid of the Cepacs of the Faria Lima consortium Urban Operation, R $ 17,601, was being appointed by real estate agents, and the collection of the auction below the expected attests that even the popularity of the region – which covers part of the neighborhoods of Pinheiros, Jardim America, Itaim Bibi, Moema, Vila Nova Conceição and Ibirapuera – was able to beat the price factor.
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“I don’t think there was a participation of someone who was evaluating a land, thinking of buying. I think this kind of intention sank. It only bought Cepac who already has land and needed to resolve the issue. The price of $ 17,601 approved in this auction is expensive,” says Sergio Belleza, director of transactions and real estate businesses at Binswanger Brazil.
According to BELESSA, among the factors that repelled award -remedies is the interest rate by 15%, which increases the cost of money, the political and external internal scenario, as well as the suspension of 30% increase in the potential of construction conferred to already acquired Cepac owners, who fell last night (18), on the eve of the auction, after decision of the Court of São Paulo.
“The other factor that emerged was the internal demonstration of the Municipal Court of Auditors saying that there should be readjustment of the minimum price of the last auction here (…) we had auctions in 2015, 2016, 2017 and 2019 to R $ 6,531.01 [lance inicial]. There is no legal obligation to readjust price for auction. This demonstration pushed one or another interested. I personally had some customers who stopped operating because of this uneasiness, ”he added.
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Pine
Although information about the bidder is under confidential, Pinheiros, in the west of the capital, should be one of the most impacted regions for the investments that will come on the auction wake.
“The most visible effect should happen in Pinheiros, especially around the Potato. The region has everything to become a more vibrant pole, with new buildings, houses and services that bring life to the neighborhood. With the integration of public transport and the proximity of Faria Lima, the tendency is for the neighborhood to consolidate as one of the main destinations of new investments in São Paulo,” says Ygor Chrispin, the Division Manager Colliers.
