Maleo Offices Announces €4 Million Residential Project in Lisbon's Lumiar District
The office space provider Maleo Offices has officially announced its entry into Portugal's residential market with the launch of a new business arm, Maleo Living. The company has allocated an investment of four million euros for its first project, a 38-unit apartment building to be developed in Lumiar, Lisbon. According to the company's CEO, Nishel Rajani, the project is slated to commence before the end of the current year. This strategic diversification comes as Maleo celebrates five years of operation in Portugal, where it has established a significant presence in the flexible office sector.
The development in Lumiar will consist of T1 and T2 apartments offered on a rental basis. The project specifications detail a phased rollout, with an initial 10 to 12 units marking the first stage. Rajani, in a statement to Jornal Económico, described the venture as “a more innovative business compared to what we traditionally do.” The initiative is a direct response to market demand observed from Maleo's existing corporate clients, who report difficulties securing adequate housing for their international and local employees in Lisbon's competitive rental market.
The Maleo Living concept is designed to be a “disruptive product,” offering more than standard rental accommodation. The service model will be integrated with Maleo's office network, providing tenants with a comprehensive lifestyle package. This includes all-inclusive utilities, flexible cleaning services, and access to a dedicated business lounge within the residential building. Furthermore, residents will be granted access to all six of Maleo's business lounges across Lisbon, catering to the needs of hybrid and mobile professionals. The target market is the corporate sector, with clients including prominent international firms such as Visa, Salesforce, Amgen, and BCG.
Rajani stated that the project aims to contribute to solving the broader housing shortage, a problem he believes requires a collaborative effort from the state, private developers, and corporations. He referenced recent government fiscal incentives for companies that assist with employee housing costs as a positive signal of this shared responsibility. Maleo Offices has invested over 10 million euros in Portugal since 2020, with seven centers in Lisbon and one in Porto. This new residential project in Lumiar represents the next phase of its expansion, leveraging its established corporate network to address a critical need in the Lisbon property market.
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