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€30-Million Investment Brings New Luxury Home Development to Lisbon
8 September 2018
The project, which is located on Casal Ribeiro Avenue in the Lisbon parish of Avenidas Novas, will have 77 flats. The developer intends to sell the homes to permanent residents.
The initial idea had been to build a hotel, not a residential development. However, the location, structure and architecture of the property together with the current state of the real estate market in Lisbon made the developers change their minds and go ahead with the construction of a luxury condominium.
This was the inception of Casal Ribeiro, the first residential development project by Stakecorp, a Portuguese company that, until now, has only operated in the hotel sector. “By the end of 2016, the rehabilitation of the city of Lisbon was a reality, and the real estate market was growing strongly, which encouraged us to develop a residential project,” Eurico Almeida, CEO of Stakecorp, told Expresso.
Despite the emergence of yet another rehabilitation project in Lisbon, this particular project has a distinct strategy. “The goal is to attract clients who wish to live on a permanent basis in the condominium. We want to provide homes for Portuguese or foreign families who really want to live there. We are trying to avoid that any of the homes are used as tourist accommodations,” he added.
Located in the parish of Avenidas Novas, on the corner of Avenida Casal Ribeiro and Rua Ator Taborda, following Defensores de Chaves and between Saldanha and Estefânia, the Casal Ribeiro condominium stems from four buildings that were previously unoccupied. The properties were acquired by Stakecorp from an investment fund. A total of 77 flats, ranging from studios to four-bedrooms will be built. While the prices for the flats are below some of the highest of the region, they are nevertheless firmly in the luxury segment. “Prices range from €500,000 for the smaller flats to €1.5 million for the larger ones,” Mr Almeida said.
Four different types of houses
Location is not the only factor justifying the prices. The €30-million investment is another, but there are also a number of features that make Casal Ribeiro a luxury venture.
These features include the “architectural beauty of the building and its imposing main entrance, with a five-meter ceiling,” the five thousand square meters of below ground private parking and common facilities such as a gym, indoor and outdoor pool.
Then there are the distinctive features within the flats themselves. Some have terraces and gardens and others, which are located on the top floors of the building, enjoy panoramic views of Lisbon. According to Eurico Almeida, there are four different types of flats, each with their specific architectural designs.
The Collection homes reflect “Lisbon in the late nineteenth century, paying special attention to architectural details of the time.” The Selection flats “seek to reflect the architecture of twentieth-century Lisbon.” The Action flats are aimed at younger and more modern and couples. Finally, the View” which are the top-floor flats, which have enviable views of the river and the city of Lisbon.”
“There is a significant lack of quality apartments in central areas of Lisbon, and there is a range of clients, both domestic and foreign, interested in products of the same quality as other European capitals. The project in question fits very well in this type of product – central location, parking and an architectural solution that values the historical character of the building, “comments Eurico Almeida.
Sales have already begun
The Casal Ribeiro development will only be ready by the end of 2020, but sales already began in April of this year, at the same time as construction started. “Sales started together with construction, as is the norm in the Portuguese national market,” Mr Almeida explained. Of course, it also helps that the market has heated up, with demand exceeding supply, which makes it easier to sell homes that have yet to be built.
That is why 30 percent of homes have already been sold in just five months. Stakecorp is also looking for a specific type of client: “Portuguese and foreign families who want to live there and enjoy the neighbourhood life” and not investors who want to place the homes on the luxury tourist accommodation market.
The project
77 flats will be built in the Casal Ribeiro development. Flat sizes range from studios to four-bedrooms. The property will also have a pool, gym, 24-hour security and butler services.
The four-bedroom flat on the top floor measures 223 m2. The smallest flat is a 49-square meter studio.
The sales are being conducted by JLL and Christie’s Porta de Frente.
Original Story: Jornal Expresso – Ana Baptista
Photo: D.R.
Translation: Richard Turner