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Daily Mirror
Daily Mirror
World
Benedict Tetzlaff-Deas

'Mini' Trump Tower opens after ten years of delays and 'cash shortages'

The world's newest Trump Tower has been officially opened after ten years of delays and financial problems.

National and local dignitaries gathered for the grand opening of the luxury apartment complex in the exclusive beach resort of Punta del Este in Maldonado, Uruguay this week - although there was no sign of the embattled former US President himself.

It is the first new skyscraper to bear the name of Donald Trump since he won the 2016 Presidential Election, after the businessman officially 'stepped back' from property dealings during his four years in office.

Prices at the Trump Tower Punta del Este are characteristically expensive for the region, with flats in the 26 storey building coming in at around $5,500 (£5,000) to $6,000 (£5,500) per square metre.

The cheapest apartment is thought to cost between US$650,000 (£590,000) and US$700,000 (£630,000), while all units are expected to open when the building is fully finished in 2023.

Perks of living in the luxury high-rise include a 360-degree mirrored ocean view, 13 'state-of-the-art' lifts and marble-like porcelain floors.

A Trump valet service will also be available to residents. Earlier plans additionally described a two-floor marble foyer, tennis courts, two cinema screens, a cigar lounge and a restaurant, although it is not known if all of these will feature in the completed building.

The project - which has been licensed to use the Trump name but not run directly by the Trump Organisation - has been fraught with problems ever since it was announced in 2011.

Originally scheduled to open in 2016 after construction began three years earlier, it ended up running six years behind schedule. The site even once had to be evacuated due to a bomb hoax shortly before his winning US election, according to Fox News.

Concerns over allegedly undisclosed loans taken out by the developers saw a number of to-be occupants pull out of their contracts at one stage, dealing a blow to the progress of the building.

Financial issues later arose when the sale of units only brought in around half of the expected total, a local source told the New York Times in 2019, despite 83% of them having been sold.

An ensuing row over commissions then saw property manager Fortune International Realty sue YY Development Group for $3.3 million in damages.

The mounting problems saw construction stall completely in 2019, before a cash injection restarted work.

Investors and officials at Saturday's opening however looked to banish the storied tale of the Trump luxury property behind them, with one commenting: "we are here, we are finishing and there is a great learning process."

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