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Solyd to Build 500 New Homes in €200-Million Investment in Alta de Lisboa

21 February 2019

After the boom in Lisbon’s historic centre, it’s now Alta de Lisboa’s turn. Five hundred now flats are slated for development in this area of Portugal’s capital in the coming years, in a total investment of approximately 200 million euros. Construction on the project is expected to begin in March 2019, and the developer, Solyd, is promising to “liven up” Lisbon’s housing market, not only for homes but also for retail, student residences and co-living.

Solyd plans to build about ten new residential buildings on more than 120,000 square meters (m2) of land in Alta de Lisboa, boosting the supply of housing in the area and helping to satisfy the currently elevated demand for real estate in Lisbon.

Sales of flats in the first two buildings will begin next month, including approximately 100 new one to five-bedroom flats. Prices are expected to range from 2,700 to 3,000 euros/m2. If the sales meet the developer’s expectations, Solyd plans to begin work on another two or three buildings by September 2019.

Additional projects in the pipeline

Solyd plans on investing more than €400 million on a total of 15 projects in Lisbon, Cascais and Setúbal. The developer has already fully sold six projects to date, totalling over 20,000 m2 of gross surface area. Solyd currently has two projects on sale with about 18,000 m2 and another seven projects under development with close to 190,000m2, all of them directly at the residential and commercial markets.

In March of this year, Solyd also plans to launch two buildings with 155 flats on Avenida de Berlín, in Olivais (Lisbon), in a partnership with Habitat Invest. There are also plans to launch a project in the region of ​​Algés this year and another on the other side of the river in Setúbal.

“We have a large, important project in Setúbal, with 15,000 square meters. It is still in the licensing phase, but we are working closely with the city council,” Gonçalo Cadete, a managing partner at Solyd, stated.

Fontaínhas One is the name of the project under development in the centre of Setúbal and is the first of several planned developments in the area. The firm’s managing partners stated that they are looking for more opportunities in the area, which investors increasingly see as a centre of attraction for real estate investments. “We are looking for more projects. There will be a significant movement of some services, such as the Montijo airport, and the quality of life there is good, and prices are lower than in Lisbon,” Mr Cadete concluded.

Original Story: Idealista – Leonor Santos

Photo: Solyd

Translation and editing: Richard Turner