As far as the real estate market is concerned, the past week started very calmly, but in a few days and in a sudden change, some segments revealed their strength, displaying significant investments all over the country.
The real estate developer IMOLOTE – Investimentos Imobiliários is going to invest 5 million euros in the reconstruction of a vacant building. Dom Hugo is the new development that will be born in the historic centre of Porto and will have 16 flats aimed at the segment for young people. Reconstruction will begin in 2023 and completion is expected by the end of 2024.
Meanwhile, still in the middle of the week, Hyatt has announced the launch of a new resort in Madeira. The Dreams Madeira Resort Spa & Marina project is scheduled to open in 2024 after renovation works, and will signal the entry into the new global portfolio of luxury resort brands – the Inclusive Collection. The resort, situated in a privileged location on the island of Porto Santo, comprises 366 luxury rooms, standard rooms, luxury villas, a beach and a private marina.
Incus Capital has also announced the investment of 7 million in the D.M2 building in Porto. The Spanish company will commence with the rehabilitation project of one of the most emblematic buildings in Porto, known as “Edifício Tranquilidade” in the city. The property, whose works should be completed by the end of the year, was so nicknamed for displaying the colours and symbology of its main tenant.
Soon after, Fercopor has launched a new luxury development in Porto, named PURE. This is the new real estate project located in Boavista, result of an investment of 18 million euros, scheduled for completion in 2025. The development comprises three three storeys buildings with flats with typologies from T2 to T5 Duplex, linked by landscaped alleys.
With the week coming to an end, Mercan Properties has also announced an investment of 108 million euros in the construction of two new hotels in the marina of Lagos. Mercan Properties signed an agreement with Hilton for the design of new units, Lagos Marina Hotel, Curio Collection by Hilton and the Hilton Garden Inn Lagos. The opening is scheduled for the summer of 2024 and both hotels comprehend a gross construction area of 23,000 m2.
In the meantime, the first ALDI supermarket promoted by Ten Brinke, was inaugurated in Viana do Castelo. The new commercial space has a surface of 1,800 m2, 1,200 m2 of which are for sales to the public. The new supermarket, which is located on a plot of 5,500 m2 in a commercial park, is located in one of the best areas of the city. Ten Brinke is developing a project in Viana do Castelo which covers a total of 14,000 m2 of commercial, residential and service areas.