Spanish developer Kronos Homes has purchased the last available plot of land for housing in the Parque das Nações area of Lisbon to build a residential complex with over 200 apartments that will also include restaurants and stores.
In a statement released on Monday, the developer said it expects to invest over €100 million in the project.
“This is our first big project for first homes,” said Rui Meneses Ferreira, partner of Kronos Homes in Portugal.
“It will be a unique development with a strong focus on architecture and design,” he said, adding that Parque das Nações is “the most modern area in Lisbon” which is why Kronos sees “great potential” in the project.
Construction will begin in 2020 and will be carried out in four stages. The plan is to build four 14-storey buildings comprising between 220 and 240 apartments.
Communal areas will include a garden and pool exclusively for residents.
The apartments will be put on the market later this year and the first 80 apartments will be available in 2022.
As the Resident reported last year, Kronos Homes has been investing heavily in Portugal and spent €200 million in a deal involving the Algarve resorts of Onyria Palmares, Amendoeiras and Belmar.
Kronos Homes’ first project was the Onyria Palmares Resort in Lagos, which it took over from the Onyria Group. Besides Palmares, Kronos also took over several projects from the Ocêanico group. At Amendoeira in Silves, the Spanish developer bought 205 of the 240 houses that already existed with plans to sell them again.
Kronos Homes also purchased 50 of the 180 houses that exist at the Belmar resort in Lagos as well as a plot of land in Praia da Luz with an approved project to build 100 houses for second homes.