Tróia Resort’s General Director: “Sonae Has Invested €400 million in Tróia”

28 December 2017

The tourism/real estate venture has a total of 15,300 beds in a 486-hectare tourist development area.

Much of Sonae Tróia’s new tourist development venture has already been sold or rented. In an interview with the Jornal Econômico, the general director of the Tróia Resort project says that the Sonae group has already achieved sales of 200 million euros with the project. Most buyers are Portuguese, but people from 30 different nationalities have invested.

What has Sonae Capital’s investment been since the Tróia Resort’s inception?

Sonae invested around 400 million euros in the project, which includes, among other investments, the complete renovation of the infrastructure on the Tróia Peninsula, the renovation of the hotel units and the golf course of which it owns, the development and marketing of 546 tourist and residential units, the renewal of Atlantic Ferries’ fleet and support facilities, the concessionary company for the river crossing between Setúbal and Tróia, and more recently the One Tróia José Mourinho Training Centre. This amount does not include the investments made by Amorim Turismo in the Tróia Design Hotel and the Casino de Tróia.

What are some of the headline numbers for the Tróia Resort project?

The Tróia Tourism Development Area (ADT) is spread over 1,057 hectares, which has forecast a construction index of only 6%. The current project foresees about 15,300 beds, a five-fold reduction of the number that was planned in the original project that had been developed for the peninsula. Of these 15,300 beds, about 9,000 have already been developed. Of those, approximately 6,300 are pre-existent from the previous project.

Sonae Capital, between 2005 and 2008, built 450 units, including tourist apartments and villas. Currently, buyers include people from 30 different nationalities, from four continents (Europe, America, Africa and Asia). The majority of buyers are Portuguese, which to date represent 54% of total customers.

Is Sonae Capital the sole owner of Tróia Resort?

Sonae Capital is the promoter of the Tróia Resort, which covers an area of 486 hectares and represents about 50% of the entire Tourist Development Area of the Setúbal peninsula.

How have sales evolved?

The Tróia Resort project and the units owned and managed by Sonae Capital, namely the Aqualuz and Tróia Residence units (apartments and houses owned by investors and managed by Sonae Capital) have, since 2009, registered annual average growth in the double digits. Tróia Residence stands out for this very positive development, and its revenues have registered an average annual growth of around 20% since 2014, due to the increase in operating units and the number of customers.

These values are only possible due to our clients’ recognition of the quality of the project and associated services, in conjunction with the setting and the natural beauty of the Tróia peninsula, located less than an hour from Lisbon, next-door to Comporta.

How much has already been built and marketed from the initial project plan?

Our strategic decision was to develop the first two phases of the project in full over three years, between September 2005 and September 2008. Of the total of 450 units that have been built, including apartments and houses, and of the 96 lots developed, more than 400 have been sold, with a total value exceeding 200 million euros.

At the moment, the tourist apartments Praia Arrábida and Atlântico have sold out, and the last units in the marina’s tourist apartments are being finalised. There are also units available in the Ácala apartments in central Tróia and the villas in the Ocean Village. Individual plots of land for housing construction are still available, which have seen a high demand in the last two years.

These units are part of the Tróia Resort and are supported by a range of services, including private security, 24-hour reception, cleaning and maintenance services, and a dedicated staff that includes an exclusive concierge service.

How much have you valued the investment for individuals since the start?

Given the freedom of the owners to use their properties as much or as little as they want, it is not possible to individualise the return per unit. However, if we consider an overall analysis of the evolution of the Troia Residence, a brand that aggregates the property owners’ units under our management, we find that since 2014, revenues have been registering a growth rate of around 20% per year.

What are the prospects for new investments by Sonae Capital in this business segment in Portugal and other markets?

Sonae Capital in Tróia is maintaining its focus on improving its operations, both regarding results and customer service. In addition to this strategic focus, in 2017 we inaugurated the One Tróia José Mourinho Training Centre, which has contributed extremely positively to improving occupation rates in Troia, particularly outside the high season, with an emphasis on international markets.

Original Story: Jornal Econômico – Nuno Miguel Silva

Translation: Richard Turner