Luxury homes: Coporgest invests 5.8 million in a project in Lisbon

Real estate developer Coporgest will invest 5.8 million euros in the rehabilitation of an old residential property from the beginning of the 20th century, in Lisbon, which it acquired at the beginning of the year and "will be mainly aimed at investors", for rent. There will be a total of 13 luxury flats: seven 1-bedroom and six 2-bedroom. The works are expected to start in July of this year and will last 14 months.

"Called Sousa Martins 6 - Premium Apartments, the new development provides for the recovery and expansion of an old residential property dating from the early twentieth century, located at Rua Sousa Martins, in the parish of Arroios, next to Palácio Sotto Maior," said the developer in a statement.

Quoted in the document, to which Lusa had access, the chairman of Coporgest, Sérgio Ferreira, explains that this is "a product essentially aimed at investors, seeking to take advantage of the current dynamics of the 'buy-to-let' segment, particularly in Lisbon, where many investors are buying flats to subsequently place them on the rental market.

The developer acquired the property at the beginning of January 2022, and the licensing project has already been delivered to the Lisbon City Council (CML). It was, in fact, "the first project to be submitted to the local authority" this year.

Project signed by Saraiva e Associados

The project for the rehabilitation of the building was delivered to the architecture office Saraiva e Associados, led by architect Miguel Saraiva.

Pointing out that "the project foresees the use and recovery of all the patrimonially relevant elements that exist in the building", Coporgest refers that, in place of the current eight flats, there will be 13: seven T1 and six T2. The total gross construction area will be 1,394 square metres (m2), of which 1,319 m2 will be above ground.

"The history of Sousa Martins 6 is directly linked to the urban expansion of Lisbon experienced between the last quarter of the 19th century and the first 30 years of the 20th century. The population growth experienced then, associated with economic and financial constraints of the time, led to major transformations in the urban landscape of the city and the emergence of a new way of building", explains the property developer.

According to Sérgio Ferreira, as in its previous projects, Coporgest intends to "develop an architectural solution of high quality and functionality, which makes the rehabilitation of the built heritage compatible, taking into account the context of the existing environment, with contemporary materials and construction techniques. "The ultimate goal is to provide maximum comfort and safety, with respect for the historical heritage elements of the city," he adds.