Kronos invests €200 million in Algarve resorts

A €200 million deal that includes the Algarve resorts of Onyria Palmares, Amendoeiras and Belmar has been announced by Spanish developer Kronos Homes.

It is the group’s first venture in Portugal where it is also planning to invest €100 million in Lisbon and Porto.

Kronos Homes’ first project is the Onyria Palmares Resort in Lagos, which it has taken over from the Onyria Group which will remain a shareholder in the boutique hotel and golf course development.

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. Says Expresso, the group also aims to carry out two new phases of construction at the golf resort and build two new hotels.

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.

The group aims to implement the same strategy throughout Portugal: invest in resorts that already exist and which have free land or stalled projects that it can develop.

Kronos’ founder Said Hejal explained that there are three regions in Portugal that interest the group: Lisbon, Porto and the Algarve.

“But in Lisbon it is taking longer than we thought, also because we are very demanding,” he said.

Hejal added: “In Lisbon and in Porto we want to build first-homes and focus on the local market by building houses for the Portuguese, with prices ranging from €250,000 to €450,000.”

Avenidas Novas, Parque das Nações, Lumiar, Telheiras, Oeiras and Cascais are some of the areas in Lisbon where the group wants to invest, Hejal confirmed.