Jereissati plans new luxury shopping next to Daslu

The "king of shopping" - known from Iguatemi - announces an investment of 200m reais for a high-end shopping combined with hotel and office tower, next to Daslu. It will be developed by WTorre.

The neighbourhood, Vila Olimpia, is already flooded by new projects - Cidade Jardim by JHSF, Shopping Vila Olimpia (Multiplan / Plaza).

Jereissati himself is also planning a second high-end shopping at the entrance of Alphaville - an investment of R$300m, financed with the R$549m he collected with his recent IPO.

For the hotel, he cites names like Four Seasons and Ritz. The residential part would benefit from the high square meter prices of Vila Olimpia; where a 250m2 apartment tends to cost around 1 milion reais - three times as much as in central Sao Paulo.

Jose Carlos Aguilera, partner of Galeazzi & Associados, who manage Daslu, says that Daslu is not afraid of the new shopping - and has a 10-year rental contract renewable for another 10. Between March 2006 and March 2007, monthly sales rose from 12 to 19 million reais; and the average ticket from 1200 to 1800 reais.