At 244,000 m2, Lisbon’s Largest Real Estate Project Is Underway

19 July 2018

Designed by architect Renzo Piano, who won the Pritzker Prize in 1998, it is the largest real estate project under construction in Lisbon.

Facing the Tagus river, in the parish of Marvila, near the Parque das Nações, the long-awaited project, which has been awaiting development for decades, is now under construction. Designed by the architect Renzo Piano, the project will create a total of 499 homes and 244,000 m2 of gross floor area. João Brion Sanches, the president of Norfin, the company managing the Lisfundo development fund which is developing the project, stated that “from Norfin’s point of view, it was very interesting to take on a project like this. In practice, the two banks financing the project – CGD and Novo Banco – invited Norfin to manage the project at the end of 2013. For us, it’s a challenge that was impossible to refuse.”

The executive noted that the project is not just another condominium, “it is an entirely new neighbourhood in Lisbon with more than 244,000 m2 of construction and infrastructure including new roads, sewage, power lines and many other works. All this has been done in parallel with the construction of the first lot of 28 apartments, which is now already fully built and also almost completely sold. Now we will start construction on the second lot.”

The project’s success becomes evident when João Brion Sanches revealed only two of the 28 flats have yet to sell, and they also already have a potential buyer. Prices ranged between 600,000 and two million euros.

The buyers were half Portuguese and half foreign. “The Portuguese like Prata Living’s unique location and the quality of Renzo Piano’s design. We also have foreigners, like the Brazilians, British and Chinese, who are also enthusiastic about the project,” Mr Sanches stated.

Norfin’s president also believes that the project’s success is due to its good price/quality. “The Prata Living Concept offers what I think is a much-needed attribute these days, which is a well-organised and planned urban development,” he adds. The next phase of the project will consist of the construction of 12 lots and a small commercial space. “We propose to start building even before 50% of the apartments in the lot under construction are sold and, according to this schedule, we would say that we will have the project completed within five years. We consider that to be ideal,” Mr Sanches concluded.

Original Story: Jornal Econômico – Fernanda Pedro

Translation: Richard Turner