The Vale da Amoreira Urbanisation Plan (PUVA) is set to be developed in the Penha and Vale da Amoreira areas, just one kilometre from Faro's city centre. "This is one of the largest projects in both the Algarve and Portugal," says Finangeste in a statement. The project is being developed in partnership with an undisclosed international investor, along with the investment amount. The plan includes the construction of 1,641 residential units, for example.
Covering a total area of 21 hectares, with a potential construction area of 168,000 square metres, the PUVA will be divided into various plots, allowing for a mix of uses, including housing, retail, offices, and even spaces for student accommodation, healthcare, and senior housing. The company, which is one of the leaders in real estate investment, development, and project construction, as well as in credit acquisition and management and company acquisitions in Portugal, explains the scope of the project.
According to Finangeste, a large urban park spanning over 10 hectares will be created in this area of the Algarve, which will become the largest green space in Faro. The park will feature bike lanes, playgrounds, and sports facilities, among other amenities.
"Like other Finangeste projects, the PUVA stands out for its focus on urban regeneration, sustainability, and the creation of spaces that enhance quality of life and stimulate the economic vitality of the surrounding regions," reads the statement.
The project is being developed in phases, with around 60% of the infrastructure work already completed, according to the company. The area under development spans 168,000 m2, and it is expected that 1,461 residential units will be released to the market in the coming years. These homes will be sold "at reasonable prices."
The landscape architecture is being led by architect Álvaro Manso, and several companies have contributed to the development of the project, including CPU Architects, GEG Engenharia, Oyster PM (oversight), and Casais Construction, Finangeste notes, positioning itself "as a significant and active investor in the Portuguese market."
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