AEDAS Homes and LandCo Launch €125 Million Residential Project in Portimão
The Spanish residential developer AEDAS Homes, in a strategic partnership with LandCo, a company affiliated with Banco Santander, has announced its inaugural real estate project in Portugal. The joint venture is developing a large-scale residential complex in Portimão, in the Algarve region, with a total planned investment exceeding €125 million. The project's prime location, just 200 meters from the highly sought-after Praia da Rocha, positions it as a landmark development for the area.
The project specifications detail the construction of two 17-story towers. Each tower will house 116 apartments, bringing the total number of new residential units to 232. The development will offer a mix of apartment typologies, including one-bedroom (T1), two-bedroom (T2), three-bedroom (T3), and four-bedroom (T4) units, designed to cater to a broad market of buyers. The total built residential area is planned at 14,000 square meters, and the project will also include a 2,200-square-meter commercial area to provide amenities for residents and the public.
This development marks the official entry of AEDAS Homes, a leading publicly traded developer in Spain, into the Portuguese market. The partnership with LandCo ensures robust financial backing and expertise in the Iberian real estate sector. The comprehensive investment of €125 million covers all project phases, including land acquisition, construction costs, and associated development fees. The project is a significant vote of confidence in the continued strength and appeal of the Algarve property market.
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Pre-launch sales for the first of the two towers, which has been named 'Ribamar', have already demonstrated strong market reception. According to the developers, more than 40 residences have been sold off-plan, accounting for a sales value of over €20 million. This early success indicates robust demand for new-build properties in prime coastal locations in Portugal, both from domestic and international buyers.
The architectural design of the towers aims to maximize views and natural light, capitalizing on the coastal setting. The inclusion of a commercial component is intended to create a vibrant community hub within the development. The project is expected to be completed in phases, with construction timelines to be announced shortly. This major investment by prominent Spanish firms is set to deliver a significant number of new homes to Portimão and will likely be a benchmark for future residential developments in the region.
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