“We are very detailed, we respect the word and the contracts are sacred. We always try to exceed expectations”, says Mauricio La Buonora, as if it were a mantra that guides his path, which began as that of an entrepreneur and now finds him a fundamental player in the Uruguayan real estate market.
Although the family mandate induced him to turn to carpentry, La Buonora decided to draw his own future on a blank sheet. This is how La Buonora y Asociados emerged.
Later, the pandemic prompted the search for properties with green spaces and, therefore, it was a clear launching pad for the private neighborhoods developed by La Buonora. Now, the founder of the company is thinking of replicating the success of his private neighborhoods of Carrasco and Canelones in Colonia and Punta del Este and is also planning to expand abroad. Below is a summary of Mauricio La Buonora’s interview with Coffee & Business.ç
What did you want to do as a child?
The truth is that I don’t remember very well, I think that like every child, being a firefighter or a police officer were the great options. However, already as a teenager, the idea of interacting with other people and negotiating for a purpose began to interest me and make sense. Similarly, I can say that studying architecture could have been a very good idea too. I loved to draw and the fact that there was a carpentry in the family brought me closer to the world of work and construction.
What do you like to do in your spare time?
I am a great fan of golf! I play whenever I can, it’s a sport that has allowed me to connect with nature and focus on that moment for hours. Also, without a doubt, thanks to him, I made great friends. In my opinion, it is the best therapy in the world. Something that cannot be missing is taking some time to share with the family. I enjoy cooking, so building a fire is always a possibility. I am a person who is always trying to “put together a program”.
How do you become a thriving entrepreneur when you are young?
It is not a big secret, the reality is that you have to put a lot of effort and sacrifice. Starting from that base, it is essential to feel passionate about what one does or plans to do. If you don’t find yourself “in love” with the project…, it’s better not to move forward. For me it is important to do things that way and not because “they are fashionable”, because, otherwise, you never end up convincing or you manage to put all of yourself to make it a success. Clearly, in my case, starting so young was an advantage. However, and in my humble opinion, to be an entrepreneur you have to know how to live with failure and get the best out of it. They are always situations in which we learn something, the key is to overcome. In the end, one begins to feel “comfortable” with fears, even with risk and uncertainty. The path of the entrepreneur can be lonely, difficult and present obstacles, but there are also moments that fill you with happiness, satisfaction and, above all, pride. Giving up cannot and should not be an option. You have to seek to transform, innovate, reinvent yourself.
What was the journey like until you came to form La Buonora & Asociados and how did you experience the first steps of the venture?
It was not easy. Despite the fact that he comes from a family of hard workers where nothing was ever lacking, things were not left over either. I really had the need to walk, alone, the path from scratch. Not to mention the economic part. Today, and after a long journey, I understand that all this was essential to achieve certain relevant and necessary skills in my work. The support of my family, friends and team was very important, as well as that of the people who gave me an opportunity when I began to take my first steps. It all started as a dream: managing to set up several companies; but, to make it a reality, it was necessary to visualize it and start working on it. I went through various areas to get to what we are today and I am extremely proud of that.
How has the business evolved in recent years? The pandemic served as the impetus for the boom in private neighborhoods and also the arrival of businessmen -especially Argentines-, is it possible that this growth is sustained over time?
In our case, a few months before the pandemic, we had already fully immersed ourselves both in Los Olivos de Los Horneros, a private neighborhood of lots and buildings, and in Huertas de Los Horneros, a neighborhood of “turnkey” houses, a concept that until now did not exist in the country. The context of the pandemic allowed us to be alert to understand the changes in habits that were taking place in people: being able to work from home, feeling safe, taking advantage of nature – having more “green” -. What’s more, I can say that it was essential to pay attention to it in order to take advantage of the opportunities that were being generated. It is necessary to keep in mind that the train passes… and you have to be encouraged to get on at the right time. I think these trends will continue and demand will continue to increase, especially for the eastern part of the country and the capital.
Most of your projects are located in Carrasco and Canelones, how much potential do you see in these areas? Do you think of new locations?
They are the areas that we know the most and where we develop with greater freedom. We are thinking of taking Orchards to other areas of the country, as well as exploring various possibilities for subdivisions. Normally, our investors, once they leave the project, try to enter the next one, so we have to be very dynamic.
How much have they invested in the last few years? What profitability do the projects leave you, on average?
Among the different projects that are underway today, we are investing some US$250 million, part of that investment comes from the buyers themselves, of course, and we have projects in the pipeline for US$250 million more.
In your experience, what do Uruguayans looking for their own home in La Buonora projects most request?
I believe that those who choose us manage to identify with us in several aspects: we are very detailed, we respect our word and contracts are sacred. We always try to exceed expectations. Hiring the best does not ensure that everything will be perfect, but it does ensure that they will respond in the best way.
How do you imagine La Buonora for the future? Do you think about internationalization?
I see it well, remaining firm in the convictions that brought us here, respecting our commitments above all and providing high quality products. The developer aims to create a land banking that allows it to project itself to 20 years, having quality land, well located, which guarantees much of the success. We are currently analyzing the idea of taking some of our projects, such as Huertas, first to Colonia and Punta del Este, then we will probably expand to Argentina, Paraguay and Chile.
What is your goal for 2023?
Being able to put together the investment fund we want, which allows us to speed up processes and scale the number of projects we have in the pipeline. There is a new business model by which a legal entity can enter the funding of a real estate development, thus combining the financial market with the real estate market. Since 2020 there has been a global trend in the markets, as a result of the pandemic and the war between Russia and Ukraine, for operators and investors to seek refuge in projects and developments that have less volatility. In this way, capital that was previously allocated to financial investments crossed the borders towards emerging sectors or those with physical support, such as real estate developments. he
