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Tensai and Mozambican Investor Move Ahead with Major Residential Projects in Porto and Gaia
7 August 2018
Tensai, a Portuguese refrigerator and refrigeration equipment manufacturer, led by Manuel João Preto, and the Mozambican executive António Acevinkumar Chotalal Nathooram, are working together to develop two large-scale housing projects in Porto and Vila Nova de Gaia: Acquadalva and the Port Hillside Residence, respectively.
The development of the two projects is being undertaken by Living Senses, a company that specialises in real estate mediation, in addition to the “purchase and sale, development, marketing, promotion and leasing of any properties, developments and/or real estate projects.”
The real estate company is owned by Inspired Orbit Ltd., and by Manuel Fernando Oliveira, the owner of Vila Mais, the company responsible for sales for the projects.
Arliz, of the Construções Europa Ar-Lindo group, is in charge of the construction of the Acquadalva and Port Hillside Residence projects.
30 Flats at Acquadalva Sold to Investor
The Acquadalva project is being developed in Paranhos (Porto) and will consist of a total of 217 flats, which are at the beginning of the construction phase. About five minutes away on foot from the city’s largest university centre, and ten minutes from the São João Hospital, where colleges including Engineering, Economics and Medicine operate, it is one of the areas where the demand for housing, principally student housing, is greatest.
With the location as a strong point – it is in an area where supply is scarce -, a few weeks after the start of sales, 30 to 40% of the flats had already been sold to investors, idealista/news learned from Vila Mais, the real estate agency responsible for sales. One entire building, made up of 30 flats, was acquired by a single investor.
A second building consisting of 34 flats has been reserved by another investor, who, however, has not yet finalised the acquisition. This second building, Acquasolo (which together with the first property and other lots constitute the Acquadalva venture) “consists of studios (6), one-bedroom flats (9), two-bedroom flats (15) and four retail spaces. With a total of six floors, it includes two garage levels (36 spaces) and storage units (29),” the brochure states.
The venture is being developed by Inspired Orbit, which has Tensai Industria, S.A., Bilkha Company LLC, the executive António Acevinkumar Chotalal Nathooram, and Manuel João Preto as partners.
Sales with 3 to 5% guaranteed yield
The Acquadalva venture – or at least part of it – is being sold with an associated rental income component, taking into account that it the area in the city of Porto with the greatest demand for student housing.
According to the brochure, the flats have a guaranteed rental yield of 3 to 5%.
The prices of the flats, the rental costs and estimated yield, are detailed in a brochure provided by Vila Mais. It states that “studios cost €112,275, with an estimated rent of €450 and a yield of 4%. One-bedroom flats start at €172,250, with rents of €550 and a yield of 5%. Two-bedroom flats start at €236,850, with rents of €800 and a yield of 4% and three-bedroom flats cost €367,375, with rents of €1000 and a yield of 3%.”
Port Hillside Residences Stands Out for its Level of Luxury
The second project, Port Hillside Residence, is located in Gaia and is already in a more advanced stage of construction. The venture consists of a total of 65 flats, with flats with two bedrooms (24), three bedrooms (35) and four bedrooms (6).
The Port Hillside Residences, located on Choupelo Street (still unnumbered and next to number 780), within walking distance of the Port Wine Cellars and Hotel Yeatman, following “the last curves of the Douro within sight of Porto and the Douro “- as advertised in the commercial brochure – is being marketed as a luxury development.
The Port Hillside Residences consists of three buildings, with five above-ground floors and two parking levels, with prices between 300,000 euros (two-bedrooms, with 82 m2 of area) and 880,000 euros (four-bedrooms with 187 m2). According to Luximus – which together with Vila Mais is marketing the project – the four-bedroom flats are all already reserved.
As can be seen in the various signs placed around the site, the developer of the Rua do Choupelo project is MTC – Investimentos Imobiliários, owned by Inspired Orbit Ltda, and by Fraga & Silva & Silva Ltda. (of Domingos Ferreira Correia) with similar stakes. The license application was made by AC Fimo – Imobiliário SA, also owned by Domingos Ferreira Correia, CEO of Arliz, which is building the two projects.
Of the long list of finishes and equipment planned for the individual flats, the kitchens equipped “with built-in appliances, stove, microwave, dishwasher, wine cooler and Tensai refrigerator stand out”.
Original Story: Idealista – Elisabete Soares
Photo: Gtres
Translation: Richard Turner