On October 30, a change in the shares of one of the major real estate developers in Argentina was reported. On that day, Inversura del Sur LLC (owned by PointArgentum Master Fund LP) has transferred ownership 42.1% of the share capital it controlled in GCDI of Haselt SA.
The transaction included the transfer of 25,734,772 American Depositary Shares (ADR), representing 386,021,580 common shares from the former TGLT, which were now in the hands of a company controlled byP. Marcelo Figoli.
This is the owner of Alpha Media Group, consisting of several local AM and FM radio stations such as Rivadavía and Metro; Rock, pop, Splendid and Cologne, among others.
The businessman also owns the Noticias Argentinas agency, the local North American representation of Newsweek, and the entertainment production company Fenix Entertainment, in addition to operating Parque de la Costa and owning several football clubs in Spain and Uruguay.
Downfall in real estate
Through this process, Fígoli enters the real estate business after not being able to stay with Telefé, a channel that ended up being acquired by a company controlled by businessmen. Gustavo Scaglione, Daniel Vela, José Luis Manzano, and Claudio Belocopit.
In the case of GCDI, the owner of Radio Rivadavia has begun to control the company’s operations, to the point that he has already taken charge of management and expansion plans that will be implemented over the next few years.
the Real estate developer It has gone through difficult times, with negative balances and delays in its business within an industry, such as construction, which is also in a complex context.
The former TGLT does not escape a scenario characterized by a continuous increase in costs, macroeconomic uncertainty and the need to adapt to new technologies and production methods.
For example, last September Construction costs record a monthly increase of 3.34%with a cumulative figure since the beginning of the year also showing an increase of 23.63% and having a direct impact on the profitability and planning of the sector.
New trends that characterize the field of activity
From this context, Construction companies They must constantly adjust their budgets to avoid erosion of margins, while real estate developers face higher costs that affect final sale prices or lower surface area and quality of work.
The scenario forces companies to incorporate efficiency measures, process improvement and digitalization to maintain competitiveness, while also taking into account that the sector’s prospects depend largely on the development of the Argentine economy.
In reality, Analysts in the industry recognize that if a certain macroeconomic stability and low inflation are achieved, it is likely that cost increases will be moderate.
However, they warn that in the context of ongoing inflation or exchange rate depreciations, construction costs could continue to rise at a high monthly rate, affecting public and private investment.
It is also true that we are already beginning to notice some of these things Structural trends Which will determine the direction of activity in the coming years, such as the adoption of industrial building technologies; Use of digital tools; Prefabrication and process automation are all key to improving productivity and reducing costs.
The sector could also see a reshaping of demand with smaller projects, more compact homes, and businesses with a greater mix of uses emerging as alternatives to the rising costs of traditional construction.
In parallel, there are speculations with A Revitalizing public works Which could regain its dynamism if the national government restarts infrastructure programmes, which would provide stability to activity and employment in the sector.
Private real estate development and public works are the focus of the plan
For him New owner of GCDIIt is the context that forces your company to face a difficult scenario High costs and pressure on profit marginsBut also with opportunities associated with technological innovation, efficiency and sustainability.
In this sense, the entrepreneur will start implementing a plan focusing on two business units in his new company.
The first is private real estate development, taking advantage of… GCDI know-how in real estate And in alliances with key players in this business.
The idea is to centralize operations, taking advantage of special projects, and focusing on corporate clients that the company was already dealing with, such as Swiss medical, banks and even River Plateamong other things.
The second part that Feghouli is betting on after staying with GCDI is… Revitalizing public worksKnowing that after two years of doing almost nothing, there will be a rebirth of this sector due to the needs of the national government to deepen improvements in infrastructure.
In this case, the bet should be considered an attractive partner for companies that intend to “play” in this sector, by being listed on stock markets, being subject to a legal and judicial order, and having a portfolio of attractive future plans.
They are close to Fígoli and realize that this company profile makes GCDI an “ideal partner” to make alliances with large domestic or foreign companies and be able to win important business..
Special added value
According to the same sources, some current macroeconomic indicators indicate the presence An opportunity to strengthen the sectorTaking into account the revitalization of real estate credit and real estate development.
In the case of GCDI, the specific addition to this context is the possibility of leveraging its operations with the rest of the assets managed by Fígoli in the world of entertainment; Advertising on public roads; He appears; Marketing and communications.
“This is an excellent combination for building an attractive brand for any business tender, whether public or private,” says the owner of Alpha Media.
Along these lines, in the latest balance sheet submitted by GCDI to the National Securities Commission (CNV), some guidelines for this plan have already been defined, which will now be managed by the management appointed by Figoli.
Work in progress
And in the newspaper where A Loss of $9.735 million In the first nine months of this year compared to US$4,802 million in the same period in 2024, the company is expected to “continue to focus its efforts on construction work in order to grow its backlog (contracts in the portfolio), which as of September 30, 2025 amounted to more than US$44,525 million.”
In addition, The company will seek to complete ongoing real estate projects and will continue to work to enhance its operations, management systems and human resources structurein a way that allows you to make your current process and manage new projects more efficient.
In this sense, the document mentions some relevant milestones of its real estate projects such as Forum Puerto del Buceo, where it has already sold and delivered 327 functional units.
in case Astor San TelmoOn March 21, the General Directorate of Business Registration and Survey of the Buenos Aires City Government issued the permit for the implementation of the new business.
The company informed the CAyT of the situation to inform it that the judgment in the writ trial ordering the rework of the construction project had been complied with.
For her part, Construction of Puerto Norte Metro The project has been completed and currently the company has handed over ownership of 132 apartments and 4 shops. It is expected that ownership of all units will be completed during the coming months.