The engineering group is expanding into luxury homes and resorts in the Dominican Republic, with its balance sheet growing by 43 per cent as it pursues ambitious plans for a new coastal city

Spanish property developer CLERHP has reported more than US$410 million in sales at a major Caribbean development as it expands beyond its traditional construction and engineering business into luxury homes and resorts.

The company, which is listed on Spain’s BME Growth stock market, said its balance sheet had grown by 43 per cent to US $163.84 million, helped by rising property values and investment in its flagship Larimar City & Resort development in the Dominican Republic.

The project, near the popular holiday destination of Punta Cana, is being developed as a new residential and tourist community combining homes, shops, leisure facilities and other services.

CLERHP describes the development as the Dominican Republic’s first smart city, with plans to combine housing and commercial facilities with modern infrastructure and technology.

By the end of October, CLERHP had secured property sales worth $410.10 million, although most of that figure has yet to be reflected in the company’s financial results.

Under accounting rules, developers generally record revenue when completed homes are handed over to buyers, meaning CLERHP’s substantial advance sales will only begin contributing to its reported earnings as properties are delivered.

Juan José Moreno, CLERHP’s chief financial and operating officer, said the group’s current financial results did not yet reflect the full value of the properties it had sold.

He said: “Anyone looking only at the sales figures is missing what is happening within the company. A property developer does not recognise revenue when a home is sold, but when it is handed over.

“We have sold more than USD 410 million worth of property at Larimar, and almost none of that is reflected in the income statement yet.”

The company also reported a significant increase in the value of its land, which it now estimates at US $528 million.

According to CLERHP, the valuation represents an increase of US $484.25 million over the amount invested in acquiring the land, although the figure is a valuation rather than money realised through completed sales.

The growing property business comes as CLERHP returns to profitability.

Revenue for the first six months of 2026 reportedly rose 2.25 per cent to US$7.20 million, while earnings before interest, tax, depreciation and amortisation (EBITDA), a measure of operating performance, increased 28.64 per cent to US$4.61 million.

The group also recorded a net profit of US$2.24 million, reversing the losses reported in the corresponding period of 2025.

CLERHP is seeking additional financing to support its expansion, including through a bond programme registered in Panama.

The company reported total financing of US$69.50 million, comprising US$30.76 million from bond programmes in Vienna and Panama and US$38.74 million in private debt.

Its Panama bond programme allows it to raise up to US $75 million, with US $48 million of that capacity still to be placed. The programme has received A- ratings from Moody’s Local Panamá and PCR, which the company said are investment-grade assessments.

Looking ahead, CLERHP has outlined ambitious financial targets under its 2026–2028 strategic plan, forecasting total revenue of US $797.58 million, EBITDA of US$256.37 million and net profit of US$165.21 million over the period.

READ MORE: UK economy grows just 0.1 per cent as construction falls and services stall. Official figures show Britain narrowly avoided another month of stagnation in August, with manufacturing helping to keep the economy growing despite falling construction output and a slowdown in services.

Do you have news to share or expertise to contribute? The European welcomes insights from business leaders and sector specialists. Get in touch with our editorial team to find out more.

_{Main image: An artist’s impression shows Larimar City & Resort, CLERHP’s flagship development in the Dominican Republic, which the Spanish group says is driving its shift from engineering into property development. Credit: Artist’s impression courtesy of CLERHP / Larimar City & Resort}