Miramar Tower begins construction and only two homes are left for sale

There is a new development coming to Porto, which has turned out to be a sales success story. Construction began in September and completion is not planned until the end of 2023, but 19 of the 21 new flats for sale have already been sold, with promissory contracts signed. We are talking about the Miramar Tower building, a residential tower located at Rua Diogo Botelho, near Foz do Douro (the mouth of the Duoro), and promoted by Burgo Sublime, of the Macanese group KNJ Investment Limited, owned by Kevin Ho, the largest shareholder of Global Media.

A source connected to the developer stressed to idealista/news that the flats were "sold exclusively to individual clients or national companies."

The building, located in a luxury private condominium, will have apartments with T1 to T4 typologies. These apartments will have gross areas between 152 and 613 square meters (m2), including their balconies. In addition, there will be a common terrace located on the building's roof. Prices for the properties vary between 450,000 euros and 2.5 million euros. 

After the project was approved earlier this year, "the bidding for construction of the Miramar Tower took place," the same source said. They told us that "10 of the biggest construction companies operating in Portugal were invited to this bidding," and "the company selected was Edinorte Edificações Nortenhas, S.A."

Construction began last September 8, and the estimated timeframe for the project is 24 months. Predibisa is in charge of marketing the Miramar Tower development.

Clients favour architecture, balconies and views

The "attractive and innovative architectural design of the project is the common denominator in the interest of buyers" of the flats of Miramar Tower, says the same source from the developer. It should be noted that the building's architecture is the responsibility of a team from OODA, a Porto-based architecture studio. The studio has also a city signed several other projects in the northern Portuguese city, including the recent Antas Atrium, or the building of the city's old slaughterhouse, a project they completed in association with the Japanese architecture firm Kengo Kuma & Associates.

Another aspect that the buyers highlight is the enormous balconies in all of the flats. "The exterior area of all the flats is practically the same as the interior. Today this potential for outdoor living is a determining factor in the success of housing sales, particularly after the experience that the pandemic brought to all those who live in cities," says our source.

The "stunning views that can be enjoyed from most of the flats", over Foz do Douro, the sea, and the city, are another reason that investors were seduced by the tower's properties.

The KNJ Investment Limited group has been present in the national market since 2016, owning capital in Global Media. In 2017 the  group bought an iconic property in the city of Porto, called "Torre JN". This building was the headquarters of the Jornal de Notícias, which will now be transformed into a five-star hotel under the Marriott brand.