The Former Bullring in Cascais to be Converted into Luxury Housing

17 September 2018

The long-awaited project, which would be built within the grounds of the former bullfighting ring in Cascais, has now been revealed. ONE Living is slated to be a luxury residential development designed by the architect Frederico Valsassina and developed by Teixeira Duarte. Christie’s Porta da Frente will be responsible for sales. The luxury real estate agency’s general manager, Rafael Ascenso, believes that ONE Living presents a unique residential housing concept.

“Each unit at ONE Living is an experience: Penthouses offer multiple exclusive areas for living and entertaining, while the SkyVillas provide the grandeur of a house with the security of an apartment. For people who favour a cosmopolitan lifestyle, we will offer our UrbanResidences and, finally, we will also have the GardenVillas, where each unit has the privilege of having private gardens,” Mr Ascenso stated. The executive also believes that the developer and the architect chose to explore a very interesting concept, that of vertical housing, which has all the comfort and roominess of a dwelling aligned to the security and convenience of an apartment.

Teixeira Duarte also stated that the ONE Living is set apart by the apartments’ unique characteristics, including large areas, ample balconies, elevated ceilings and interior gardens. “All of the details for the project were carefully thought out for a unique experience, to convey to its residents the feeling of living in a detached villa. On the other hand, ONE Living is characterised by the lifestyle that it permits, with more than 10,000 m2 of leisure areas for socialising, surrounded by greenery. ONE Living is the reflection of Teixeira Duarte’s way of developing real estate products: everything is thought out to the smallest details,” the company stated.

Mr Ascenso believes that the project’s location, on the grounds of the old bullfighting ring, is perfect. He added that the region of Gandarinha has always been highly sought-after. “Its centrality and, at the same time, its proximity to the sea, bicycle lanes and all the region’s infrastructure have always attracted both the Portuguese and foreigners. The project is especially concerned with the well-being of the families that will live there,” he added. The director of Christie’s Porta da Frente noted that the apartments would have large interior areas, wide door opening, large terraces and private gardens. The development will also include communal facilities such as swimming pools, a gym, a children’s playground, all with top-of-the-line equipment.

“In this sense, we think that this will be of interest to both Portuguese and foreign clients, including families,” he explained. Reservations since the beginning of sales about three months ago have indicated that the project will be a success. Mr Ascenso revealed that down-payments have been made on more than 50 of the 84 apartments and that sales agreements will begin to be signed as of next week. “The number of reservations shows us that this extraordinary project is arousing heightened interest both local and foreign buyers of different nationalities, who are looking both for permanent housing for themselves and as investments for future placement in the medium and long-term rental market,” the executive clarified.

Teixeira Duarte also recognises that the project has been a success, with almost 75% of the units reserved at this moment and the expectation the development will sell out in the next few months. “This performance accurately reflects the quality of the product/investment, since construction has yet even to begin,” the company stated. The choice of the architect Valsassina stemmed from a years-long partnership. ” Teixeira Duarte has developed numerous real estate projects in Portugal and abroad in collaboration with Frederico. In addition to his track record, winning various awards, his unique and distinctive architecture were determining factors for this association.”

Clients demand quality projects

Rafael Ascenso believes that existing demand requires high-quality projects that make a difference. “In Cascais, unlike Lisbon, there are no neighbourhoods or buildings to rehabilitate. They are rare. Hence, we have to build on the few lots still available for projects of this magnitude. I truly believe that this is a last good sized plot of land available in the centre of Cascais,” he says. Mr Ascenso added that the last four years have been extraordinary.

“Every year there has been an increase in demand, initially due to the appetite of foreign buyers.  Now the Portuguese have joined in as well. This has meant that demand has continually been higher than supply and therefore prices have increased quite rapidly. ” These days he believes that the supply is finally catching up with demand and that, therefore, prices will begin to stabilise. However, there are exceptions, and one of them is Cascais. “Cascais has a very limited area by the sea and the nature reserve. It also doesn’t have a ready supply of buildings and neighbourhoods to rehabilitate. It is therefore likely that demand will always be higher than supply in the region and, in this sense, prices will always trend upwards for exceptional locations like ONE Living,” he concluded.

The current level of demand has also not been lost on Teixeira Duarte, which is moving ahead with other projects at the same time. “Within our various projects under development, the next residential building we will launch for the general public will be a mid-upper level development in Benfica, called Fábrica 1921, in which we will convert the facilities of a former textile factory into 250 apartments. It will be a sophisticated, modern and cosmopolitan residential project that will return the factory to the city and modernity, respecting the memory of the place,” he concluded.

Original Story: Diário Imobiliário

Translation: Richard Turner