Savoy Residence Insular Going Up in Funchal in a €60-Million Investment

2 February 2021

A company controlled by the AFA Group, Savoy Investimentos Turísticos S.A, is set to invest approximately 60 million euros in an urban rehabilitation project in Funchal.

Savoy intends to completely rehabilitate and upgrade the city block called Insular, which is delineated by the Largo do Pelourinho, Rua Visconde de Anadia and Travessa da Malta.

At a meeting of the city council last Thursday, the municipality greenlighted the project after receiving a favourable opinion from the Regional Directorate of Culture. Savoy Residence Insular, as the new project is called, will comprise four distinct interlinked apartment blocks, with construction expected to take one and a half years.

Original Story:  Vida Imobiliária – Ana Tavares

Translation: Richard Turner