Emprendimientos Inmobiliarios de Interés Común Partners and Directors PATRICIO LANUSSE JUAN ÁNGEL SEITÚN JORGE O’REILLY MATEO SALINAS
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de Interés Común
JUAN ÁNGEL SEITÚN
Agronomist, before forming part of EIDICO, he took part in the organization of the following private neighbourhoods: San José and Las Marías at La Horqueta; and El Lago at Bella Vista.
Attorney, partner of the law firm Seitún & Asociados. He also took part in the organization of the private neighbourhood San José at La Horqueta.
JD - Pontificia Universidad Católica Argentina - UCA Argentina.LLM - Georgetown University - Washington DC.
MBA - IESE Business School - Barcelona, Spain.
Licentiate in Management.
EIDICO is a service provider company specialized in the development of ‘at cost’ private urbanizations.
Since 1994 it has designed, marketed, and managed
projects that take up a surface of
hectares, divided into more than
units (between lots, dorms and farms)
million dollars subscribed under the Eidico system
“EIDICO is a nationwide service provider company devoted to cooperatively develop real estate and investment businesses, directed to a group of persons with interests in common by means of a direct and personalized communication.”
EIDICO’s function is to organize and develop real estate undertakings, without initial capital, bringing together the direct interested parties (beneficiaries).
Two things need to be put together:
We are a service provider company that detects basic common needs unsolved by traditional systems.
We design the needed product and propose the way of having access to it, collecting and managing the aggregate individual contributions needed to achieve the goal of constructing the proposed real estate or investment project ‘at cost.’
One of the keys of this system is the ability of placing within subscribers’ reach a goal that, if individually faced, would be absolutely impossible to achieve.
For the owner of the land
Today our business has also expanded to leisure developments, and savings and investment projects (tourism, forestation, shopping malls).Developments
Santa María de Tigre
The five areas constantly interact, and they act jointly.
- price of the land
EIDICO as Land Developer
The term “developing” can have different meanings, but in the EIDICO’s system it takes a particular dimension.
Developer for us implies two different visions:
(i) The usual real estate point of view.
(ii) The main objective of developing any project is not the transformation of the land itself, but fulfilling plural and/or community needs.
People’s interests are the start and end of our projects.
The term “emprendimiento” can have different meanings, but in the EIDICO system it takes a particular dimension.
“Emprendimiento” implies two basic meanings:
(i) Firstly, it originates from “company,” not in the commercial sense but in that of human work, of goals people bring to the company; and (ii), it points to a plural sense, that of a community (an “emprendimiento” is a “company” of several members.)
The fact that this is an “at cost” development originates the following consequences:
Financial: subscribers’ contributions are made according to the duration of the work (between 24 and 48 months), with which subscribers obtain a form of payment that results in a virtual financing, although in fact nobody finances anyone.
Economic: EIDICO determines its costs without “markup,” thus obtaining differences between 60 to 100% compared to similar market values.
Legal: the work is performed through management, that is to say, the subscriber pays the cost, undertaking the greater costs.
Being this a closed system, the subscribers’ commitment is obtained for 100% of the project; otherwise this is not carried out. Thus the capitalist’s margin and the risk of the work being stopped due to lack of sales disappear. The system’s only actual risk is default in subscribers’ payments.
The key of the system lies on the fact that there are no capitalists or entrepreneurs who assume the risk of obtaining the funds as sales occur.