214
214

Essenza Building in Porto’s Parque da Cidade 80% Sold

1 June 2018

Construction on the building is only halfway done, but 20 of the 25 flats have already been sold. And not, for the most part, to foreigners, as one may have expected, but rather to Portuguese buyers. Filipe Azevedo, the CEO of Lucios, the developer that is constructing the coveted building, confirmed the numbers. The property has a unique location, in front of Aldoar’s city park, a few meters from the Avenida da Boavista. “Of the 25 flats, 20 have been sold, 18 of which went to Portuguese buyers,” Mr Azevedo said at the seminar “The Luxury Real Estate Market in Porto – Prospects,” which was organized by RE/MAX Collection Oporto, at the IMOBINVEST real estate fair, which was recently held at the Porto Customs.

The flats, on average, each cost “over one million euros,” and the average price per square meter (m2), which “initially stood at 3500 euros,” is now in the “4,500-euro/m2” range, the executive clarified.

The Essenza Building development, which targets “high-end customers,” began construction in March 2017. The project is under development by Lucios together with Essenza SA. The residential project was initially launched in 2008 by Banif Asset Management. However, due to the group’s financial difficulties, the project stayed on paper. According to Predibisa, which is in charge of sales, several flats were sold at Essenza, which is mainly comprised of large flats, before construction even began. The apartments have areas ranging between 140 m2 and 385 m2.

The building was designed by the architectural firm of Manuel Ventura. “Its distinctive housing concept combines elements such as 24-hour security, comfort, elegance and modernity with the tranquillity of nature, which stems from its privileged location in the green heart of the city of Porto,” António Magalhães, the executive at Predibisa who is responsible for the sales, emphasised. The ground floor will have one- to four-bedroom flats with gardens, a private pool and direct access to the garage. The first and second floors are for the three-, four-, and five-bedroom flats. The third floor will have a four and six-bedroom flat, which benefits from terraces with lounges and a private pool. Finally, there is a three to five-bedroom duplex, with terraces and a private pool on the roof. “All of the flats are characterised by comfort and functionality, with natural light and exclusive architectural details designed by Paulo Lobo, who is responsible for the decoration and finishing of buildings common areas,” Predibisa stated.

Original Story: Diário Imobiliário – Elisabete Soares Saraiva

Translation: Richard Turner