Palmares – Ocean Living & Golf, located just east of Lagos, is the latest project by Kronos Homes in Portugal, representing a planned investment of €250 million, including two five-star hotels, 103 villas and 357 apartments. Construction density is “only 5.7%” of its 200 hectares, said the developers.
A new clubhouse and a variety of sports and leisure facilities will complement the existing 27-hole Palmares golf course, designed by Robert Trent Jones II.
Of the two five-star hotels, one is already in operation with 20 rooms and the other under development will include 152 rooms.
The launch event took place on Thursday, September 26 at the Palmares golf course and was attended by over 200 guests, including clients, international investors, local dignitaries and members of the press.
Rui Meneses Ferreira, a partner of Kronos Homes in Portugal, told Barlavento newspaper: “Today we launch the “Signature” apartment series, construction of which is expected to begin in April lasting 15-18 months; at the beginning of the year we hope to announce the plans for our new five-star hotel, which should take longer to construct, about 36-40 months”.
Apartment prices start at €350,000 while plots of land for the construction of villas start at €680,000. Rui Meneses Ferreira confirmed that some units have already been sold and that the majority of clients are “British, Swedish and French”.
Speaking of the project, Deputy-Mayor of Lagos Town Hall Paulo Reis said: “This is an ambitious project guided by excellence and high quality standards, but we are sure that – as it has been the case so far – the commitment of the developers, the qualification of the involved technical teams, the availability and openness of the municipality of Lagos and the assumption that we are all partners in finding the best solutions, will make it possible to achieve something unique that this place, the municipality and the Algarve deserve.”
The Palmares – Ocean Living & Golf project aims to be “an important part of the development of the residential tourism in the Algarve, focusing on architecture, sustainability and environmental integration and reflecting the values of Kronos Homes: design, respect for nature and continuous evolution”.
The first Palmares Signature Apartments will be developed by Spanish architects RCR Arquitectes, awarded in 2017 with the Pritzker Architecture Prize, known for being the most prestigious architecture prize in the world.
Rafael Aranda, founder of RCR Arquitectes, said: “This project has environmental sustainability as its principle and will feature a BREEAM certification, which is an internationally recognised building sustainability certification systems.
“Likewise, its unique architecture favours integration within the landscape and preservation of Palmares’ natural environment.”
All units will have sea views over the Lagos Bay and the Alvor Estuary. The construction of the new clubhouse, also signed by RCR, has already begun, with completion set for the third quarter of 2020.
Kronos Homes, the residential real estate development brand from Kronos, started its activity in the Spanish residential sector in 2015, and it has since been increasing its business portfolio.
Kronos Homes arrived in Portugal in 2018, beginning its international expansion from Spain. In addition to the Palmares project, the company has four projects already under development in the country, two in Lisbon and two in the Algarve (Amendoeira and Belmar).