The month of March has had a surprising start, particularly in this last week, in which not a day passed without news of important news of investments or transactions in Portugal’s real estate market. The residential sector saw special emphasis, which showed itself unequivocally to be the most dynamic by the end of the week.
On Monday, the Fortera group announced the implementation of a new concept in all its new buildings, likely in a €500-million investment. Alive by Fortera will receive an initial investment of around 115 million euros. In comparison, the group is forecast to invest 500 million euros over the next five years, including 1000 new homes. Their unique concept aims to revolutionise how we live and think about housing. Fortera Properties informed that it would design infrastructure for its buildings, introducing the ‘Alive by Fortera’ concept, which consists of a series of new services and amenities that will make resident’s lives easier: from spaces for sharing knowledge to leisure activities, and also moments of interaction, joint spaces for coworking, etc.
Meanwhile, the 700-flat residential development “Jardins da Seara” will go up in Vila Nova de Gaia in a 100-million-euro investment. The SPintos S.A. Group and Chave Nova – Mediação Imobiliária, Ltd. will develop the complex. After the conclusion of the architectural project, construction will begin in mid-April 2022. Sales of the one, two and three-bedroom flats will begin this month. The development is divided into ten lots, in around 70,000 square metres aboveground including homes, retail and services.
Earlier last week, it became known that BPI Imofomento acquired part of Hotel Intercontinental do Estoril for 22 million. The BPI fund bought 62 of the building’s 88 flats from the Turístico II Closed Investment Fund. The deal was finalised for 4.4 million euros, below the property’s last valuation of 26.3 million euros. The agreement includes a 20-year lease contract, and the hotel management will remain in charge of the Intercontinental group.
The week was already ending when a new investment was announced, the NOOBA in Barreiro, which may reach 130 million euros. With a total gross area of 98,360m2, the real estate developer Solid Sentinel’s residential project consists of 518 one-to-five-bedroom flats, with prices starting at €189,000. The project was designed by the architect Miguel Saraiva. This most recent residential real estate project in Barreiro will be the target of investments of between 110 and 130 million euros. The complex is will be built on the riverside and is designed for local families and young professionals. The building will have an A-level energy certificate, intelligent energy management in common areas, and the systematic use of natural light and ventilation to optimise its overall energy efficiency.