Spain 
Italy 
Greece 
Lisbon’s Largest Residential Rehabilitation Project in 15 Years: Sottomayor Residences
25 October 2018
After four years of construction, a new luxury development has appeared in the heart of Lisbon: Sottomayor Residences. The project, consisting of 97 flats (7 remain for sale), was developed by Coporgest in an investment of 60 million euros. The development is considered Lisbon’s “largest urban residential rehabilitation project of the last 15 years.”
The real estate project, which was presented to the press this Wednesday (October 24, 2018), consists of almost 100 luxury homes that run from studios to five-bedroom flats, with an average price per square meter (m2) of 7,000 euros. The development also has three shops, 218 parking spaces, 131 places for bicycles and a garden with a swimming pool.
Development almost sold out
Only seven of the 97 apartments, located on Avenida Duque de Loulé, have yet to be sold. Brazilians and Turks are the principal buyers, with the Portuguese representing 10% of sales.
“These will surely be the best investments in housing in the centre of Lisbon, a safe real estate investment with high-quality standards,” Coporgest’s CEO, Sérgio Ferreira, argued.
The developer made a total investment of 60 million euros, financed by equity and bank debt contracted with Novo Banco. Gross residential sales, according to Coporgest, should generate 70 million euros, plus the sale of the stores.
The architectural project was the responsibility of Coporgest, awarding the general contract to HCI Construções. Fine & Country was responsible for sales.
“Largest rehabilitation work of the last 15 years”
Coporgest’s executive chairman, who accompanied journalists on a visit to the site of the development, stated that he does not doubt that it is Lisbon’s “largest urban residential rehabilitation project of the last 15 years.”
The executive added that “[our investment] in SottoMayor Residências reflects the importance of this work of architecture and engineering that will give the city a unique development.”
The property has 26,400 square meters (m2) of gross construction area, including 16,300 m2 of above-ground area, 44,000 cubic meters of excavation, 9,000 square meters of demolished slabs, 2,000 tons of iron, 7 kilometres of anchorages and micro-piles and 15,000 cubic meters of concrete.
From ruins to luxury in four years
Rooms with high ceilings and Renaissance-style decorations, fireplaces, staircases and other details testify to the wealth of a bourgeoisie installed in that area of the city in the early twentieth century. Three of the four buildings that make up the SottoMayor Residences date to the 1920s, and were inspired by French architecture.
Coporgest acquired the four buildings in a state of ruin in January 2013 from the former Real Hotels. Work on the buildings began in April 2014 and lasted four years. Coporgest completed construction in July of this year.
The facades of the three original buildings, facing the Duque de Loulé Avenue, were preserved and recovered. “The preservation of the history of the buildings and the maintenance of the facades required that we suspend them while the rest of the building was rebuilt from the ground up, creating several new floors with stores and garages,” the developer stated.
The fourth building, facing Rua Luciano Cordeiro, is new. The previous building’s owner demolished the existing structure.
Ten apartments for local accommodations
Of the 97 apartments that make up the SottoMayor Residences, ten are already being operated as local tourist accommodations by Lisbon Best Apartments (LBA), an autonomous subsidiary of Coporgest. Since the company opened them in September of this year, they have had an occupancy rate of 93%.
LBA added those ten accommodations to its 44 other units, located in five more buildings developed by Coporgest in Lisbon.
Premium properties
LBA began operations in 2014 with the opening of two units: Chiado Trindade Apartments (5 apartments) and São Bento Best Apartments (8 apartments). In 2016, the company opened three new units, all in Chiado: Chiado Mercy Apartments (16 apartments), Chiado Square Apartments (8 apartments) and Chiado Camões Apartments (7 apartments). The flats have between one and three bedrooms.
“We are positioned in the premium market and have some of the highest prices in the corresponding zones of Lisbon. However, we differentiate ourselves from the competition through location and, above all, by the quality and level of our service,” Sérgio Ferreira stressed. “The best indicator is our guests’ ratings, ranging from 9.3 to 9.5 out of 10,” the executive stated.
Original Story: Idealista – Leonor Santos
Photo: Coporgest
Translation: Richard Turner