SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15b-16 OF

THE SECURITIES EXCHANGE ACT OF 1934

For the month of July, 2004

Alto Palermo S.A. (APSA)

(Exact name of Registrant as specified in its charter)

Republic of Argentina

(Jurisdiction of incorporation or organization)

Moreno N°877 22^nd Floor (C1091AAQ)

Buenos Aires, Argentina

(Address of principal executive offices)

Form 20-F      *                 Form 40-F            

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes                No      *    

ALTO PALERMO S.A. (APSA) (THE “COMPANY”)

REPORT ON FORM 6-K

Attached is the English translation of the summary of the payment notice related to the Company’s Fixed Rate Convertible Notes in a principal amount of US$ 50,000,000, due 2006:

ALTO PALERMO S.A. (APSA) Fixed Rate Convertible Notes in a principal amount of US$ 50,000,000, due 2006

Alto Palermo S.A. (APSA) (the “Company”) informs that on July 19, 2004, will start the payment of the fourth installment of interests related to the Notes issued on July 19, 2002.

Payment Agent:	Caja de Valores S.A. 25 de mayo 362, Buenos Aires, Argentina
Date of effective payment:	July 19, 2004
Payment Hours:	From 10:00 to 15:00 hours.

Number of service to be paid: fourth installment of interests

Period comprised by the payment: January 15, 2004/ July 19, 2004

Payment Currency: the payment will be made in argentine pesos using the type of change for the vendor published by the Banco de la Nación Argentina on July 15, 2004

Residual Nominal Principal:    49,065,410

Annual Nominal Interest:        10.00%

Interest being paid:                    5.09589041%

Amount to be paid:                    US$2,500,319.52

Amortization coupon:                do not apply

The interests will be paid to the people at whose name the notes were registered at least 3 business days prior to the payment date in the registry held by the Register Agent.

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized, in the city of Buenos Aires, Argentina.

ALTO PALERMO S.A. (APSA)
By:	/S/ Saúl Zang
	Name: Saúl Zang
	Title: Responsible of Relationships with the markets

Dated: July 14, 2004