Spanish Developer AEDAS Homes Announces €125 Million Residential Project in Portimão
The Spanish property developer AEDAS Homes, in partnership with LandCo, a real estate firm under the Banco Santander group, officially announced its entry into the Portuguese market with a new residential project in Portimão, Algarve. The company confirmed the development was launched in July.
The project involves a total investment exceeding €125 million. This figure encompasses the cost of the land, the construction process, and other related expenses. The development is situated 200 meters from Praia da Rocha, a well-known beach in the region.
The plan outlines the construction of two 17-story towers. Each tower will contain 116 apartments, bringing the total number of residential units to 232. The apartments will be available in various configurations, including one-bedroom (T1), two-bedroom (T2), three-bedroom (T3), and four-bedroom (T4) layouts. The total residential area is planned to be 14,000 square meters.
In addition to the residential units, the project includes a commercial area of 2,200 square meters. This space is intended for retail and other commercial activities to serve the residents and the surrounding community.
According to the announcement, the first of the two towers, which has been named 'Ribamar', has already seen significant market interest. The developer reported that more than 40 apartments in this tower have been sold.
The sales from these initial 40+ units have generated revenue exceeding €20 million. This pre-completion sales activity indicates market reception for the new development in the Portimão area.
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José Ignacio Fernández, a director at AEDAS Homes, commented on the venture, stating, "This project represents our first step into Portugal, and we have chosen a prime location in the Algarve that continues to attract significant interest. The partnership with LandCo and the backing of Banco Santander provide a solid foundation for this development."
The construction timeline was not detailed in the announcement, but the launch in July marks the official start of the project's development and sales phases. The project is one of the largest residential investments in Portimão in recent years.
This development adds a significant number of new housing units to the Portimão market, a popular destination for both national and international tourists and residents. The local municipality has been informed of the project details as per standard regulatory procedures.
The involvement of a major Spanish developer and a financial institution like Banco Santander is a notable event for the regional real estate sector. The project's progress and its impact on the local housing supply will be monitored by market observers.
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