Developing the high life in Asunción

hotel interior Asuncion

Luxury real-estate developer Fortune International Group, founded by Edgardo Defortuna and with over 40 years’ experience in the US, has chosen Asunción as the location for its first project in Latin America: Jade Park. A joint project with construction company Jiménez Gaona y Lima, the residential development includes three towers with a total of 122 apartments.


Interview with Santiago Steed, Manager of Jade Park


Leading Edge (LE): Jade Park is part of the portfolio of Fortune International Group, which is a leading international real estate business. Could you explain the company’s background to our readers?

Santiago Steed (SS): Fortune International Group, Miami’s leading luxury housing development company in Miami, has nearly 1,000 real-estate brokers in 15 offices in Florida, to which it can now add its presence in Latin America, specifically in Paraguay and Argentina. Fortune has developed important projects in Miami, including Jade Signature, Jade Ocean, Jade Beach, Ritz-Carlton Residences and Hyde Resort & Residences in Sunny Isles. Each Jade is an architectural icon, characterised by innovative design and firstclass facilities. We chose Paraguay because the country benefits from political stability, economic growth and low taxes. It is a historic time for foreign investment. These factors, added to the sheer size of the land in the Santísima Trinidad neighbourhood, mean conditions are ideal for Jade Park.

LE: What is the real-estate concept behind Jade Park? And what does it want to offer its customers?

SS: We analysed the local market and profiled the lifestyle of our target client base, and we concluded that these people prioritise big social spaces, enjoy family gatherings and enjoy spending time at home with friends. Jade Park is a luxury project, where each owner will have the comfort of living in a first-class apartment, enjoying services and facilities similar to those found in a hotel. The fact that the project is located on a plot of 18,00m2 and has a large park with gardens and access to a club house, allows its residents to enjoy the feeling of living with the same comforts as a house. Residents can step out of their apartments and access the park, tennis courts, club restaurant, pools, gym, pilates room and spa area — they are guaranteed a quality of life that exceeds expectations.

LE: Jade Park decided to partner with respected local companies JimОnez Gaona y Lima SA (JGL), Grupo Barcos y Rodados and Tierra Buena SA. Why is that important? And how are these companies supporting the tough demands of Jade Park? 

SS: Having the support of our local partners has been fundamental and decisive for Jade Park’s success. The strength and track record of these three significant businesses gives enormous confidence to our buyers. It is especially important to highlight the strategic role of the construction company JGL, which has worked with us on the development of Jade Park. Having the vision and experience of JGL has enriched the development and ensured successful construction.

LE: What is the future of the luxury real-estate market in Asunción?

SS: I think that we are living at an excellent time for luxury real-estate growth in general; including for the residential, shopping centre, office, hotel and restaurant sectors. Jade Park is looking to capture and satisfy the most demanding market, by offering a new concept of residential luxury that has no precedent in the city. Our vision is that Asunción will continue to go through a process of change, which will push the development of vertical housing and an urban reorganisation of the city.