After the regeneration of the historical centre comes the Alta de Lisboa. This is the area of the Portuguese capital that will receive more than 500 new apartments in the coming years, in an investment totalling around 200 million euro. The first stone of the project, which is promoted by Solyd, is expected to be laid in March 2019, and promises to reanimate the Lisbon real estate market, not only at the residential level, but also at the level of retail, student residences and co-living.
On the more than 120,000 square metres (1.3 million square feet) of land, around 10 new residential buildings should be built in Alta de Lisboa, thus helping to strengthen the supply and meet the high demand for real estate products in Lisbon at the moment through new construction. This is happening against the backdrop of a growing number of new constructions in Portugal, which is helping Lisbon to become one of the most attractive markets for property investors.
The first two new buildings will be launched on the market in the month of March, with about 100 apartments with the number of bedrooms ranging from T1 to T5. The marketing values are expected to range between 2,700 and 3,000 euro per m2 (between 250 and 278 euro per sq ft), and if the first phase of sales goes well, the promoter intends to launch two or three more buildings in September 2019.
"Alta de Lisboa has had some development in the past and was then almost halted during the financial crisis. Recently SGAL launched two blocks to the market that were half built, and we bought nine lots in that location. We will create our own brand for our territory. We want an area that is not only residential, oriented only to housing sales, but also has retail, rentals, student residences and co-living, to make that area attractive," said one of Solyd's managing partners, Gonçalo Cadete, in the presentation of the new brand to the market, which took place at Gate 67 in Beato on Wednesday 20th February 2019.
Solyd is the former Estoril Real Estate, which has decided to change its name and look to kick off the new year in a partnership between Estoril Capital Partners and Oaktree Capital Management's European Principal Group.
More projects in the pipeline
Solyd will invest more than 400 million in a total of 15 projects in Lisbon, Cascais and Setúbal. With 6 projects fully commercialised to date, adding up to more than 20,000 m2 (215,000 sq ft) of gross construction area, the developer currently has 2 projects in commercialisation of about 18,000 m2 (just under 200,000 sq ft) and another 7 projects under development of close to 190,000 m2 (over 2 million sq ft), all dedicated to the residential and commercial markets.
Also in March 2019, Solyd plans to launch two buildings on Avenida de Berlin, in Olivais (Lisbon), in partnership with Habitat Invest, where 155 apartments should be built. It also plans to launch a project this year in the Algés area and on the other side of the river Tagus, in Setúbal.
"We have a large, important project in Setúbal, with 15,000 m2 (160,000 sq ft). It's still in the licensing stage, but we're working closely with the City Council," said Gonçalo Cadete.
Fontaínhas One, the name of the project that is set to be born in the centre of Setúbal, will be the first project of many others that Solyd intends to develop. The managing partners revealed that they are looking for more opportunities in Setúbal, which is increasingly asserting itself as a new centre of attraction for investment. "We are looking for more projects. There will be an important relocation of some services, such as the Montijo airport, in addition to the fact that the quality of life there is good and prices are lower than in Lisbon," he concluded.
