The Brooklyn project, in Dernier Sol in Bonnevoie, is being developed by Eaglestone Luxembourg. It involves the creation of a city district comprising an office building, a number of shops and six residences designed by M3 Architectes. The topping out ceremony for the first two residential buildings, symbolically marking the end of the construction of their structure, was held on Wednesday 24 July.
This first phase of construction comprises 44 flats, and sales have now reached 55%. “We would never have reached this threshold if we hadn’t launched the works with determination. We chose to launch the project in order to reassure the market of our ability to see a project through to completion,” says Raphaël van der Vleugel, CEO of Eaglestone Luxembourg. “This is a first step and things are progressing well. We’re very keen to deliver the project on schedule, and that’s possible thanks to trusted partners like CBL, which is acting as general contractor, and our financial partners at BGL BNP Paribas. Thanks to this, we can keep our promises and the first buyers in the project will take possession of their homes in around 15 months’ time.”
Residential buildings are the first structures to be completed as part of the Brooklyn project, in the Dernier Sol area of Bonnevoie. Illustration: M3 architectes/Eaglestone Luxembourg
Building customer confidence
But how did the Eaglestone Luxembourg team manage to launch this project in the midst of a real estate crisis, when sale in the future state of completion (vente en l’état futur d’achèvement, or VEFA, in French) have virtually ground to a halt?
“One of the key points was to rebuild trust with future buyers, and to do that we implemented a number of operational changes. This allows them to have a ‘100% Eaglestone’ customer experience, to be reassured about the construction process, to be informed about any changes that can still be made, and to ensure personalised follow-up,” explains , residential sales manager. The sales pitch is also tailored to the customer’s profile. “Residents need to be reassured about developments in the area, while expats need more explanation about price trends in Luxembourg,” she explains.
“This personalised approach is an integral part of the Eaglestone Group’s commitment,” adds Julie Sacré, the developer in charge of the project. “At the moment, we are working a lot with our Belgian and French counterparts, to take advantage of their personalised customer experience that has already been developed for their markets.”
The entire project team was on hand for the topping out ceremony, 24 July 2024. Photo: Eaglestone Luxembourg
Eaglestone has also opted for transparency. “We communicate the construction schedule, which allows buyers to see that we are meeting our deadlines and commitments,” says Lippolis. “And we don’t hesitate to go on site with them to present the project, the neighbourhood, the commercial activities and the progress of the building work. It’s a real 360° experience.”
“Generally speaking, there is much greater proximity between the various players, whether with companies, financiers, buyers or in-house teams. And that’s a guarantee of transparency and trust,” adds van der Vleugel.
Challenges indeed, but the strength of a group
However, challenges do exist. “When Eaglestone launched in Luxembourg, the market was extremely buoyant and sales were a formality. Today, the situation has changed and the fact that we are a group represents a real asset,” explains Sacré. “We are present in Belgium, France and Luxembourg, with 75 projects underway in a variety of sectors, including residential, office buildings and mixed-use retail projects, as well as hotels and student residences. And on very different scales of project, from the construction of a single building to the conversion of an old wasteland into a new district, like Brooklyn. It’s this diversification that enables us to be resilient and deliver on our promises in Luxembourg today. Because while the residential market is certainly weaker here, this can be offset across the group by projects that continue to be successful in other segments and other areas.”
View of the site on 24 July 2024. Photo: Eaglestone Luxembourg
Support from the public authorities
In addition, it seems that government aid is bearing fruit and helping potential buyers to make their decision. Investors are once again positioning themselves on properties, and are then supported by Eaglestone’s teams to enter the market at the best time for them. “We have completed four sales in Brooklyn in one month, which shows that the market is really picking up,” confirms Lippolis.
Van der Vleugel adds: “We are also in contact with the City of Luxembourg following the public call for tenders to acquire pre-fabricated projects. We are in discussions about a transaction for two buildings in the project. This interest confirms that we have made the right choices: to be a pioneer on a redevelopment site, to build in a low-carbon way, to find the right financial solutions and to cultivate a close relationship with our customers. It’s about daring to be sensible!”
This article was originally published in Updated 25 July 2024 at 9:40am with new illustrations of the site.