Portuguese consultancy and investment manager LeapAssets has earmarked €200 mln for a new residential project in the municipality of Torres Vedras, Portugal.
Portela da Villa consists of 260 lots, where 850 to 1,000 homes will be built, in a 140,000 m2 construction area, complementing the existing 70 homes.
LeapAssets will be responsible for the development of 119 plots, which will include residential, services, retail and mix building components.
Two thirds will be developed with own funds, and/or in co-partnership with other developers, and through a venture capital fund, BlueCrow Development Fund I - Portuguese Property Fund, managed by BlueCrow, launched in March.
Georges Bou Jaoude, managing director of LeapAssets, commented: ‘Our focus is to create housing for Portuguese families, adequate to their income, without giving up their well-being, proximity, services, education, commerce and culture, and access to a quality home. Portela da Villa brings all this together, creating a sustainable community, with a responsible way of life, affordable homes adjusted to the financial capacity of the Portuguese middle class, in the best location of Lisbon's catchment area, Torres Vedras.’
Besides the two townhouses under construction and currently in the marketing phase, the company and the fund will move forward with the construction of a residential building with eight to ten dwellings, with completion scheduled for early 2025.
The remaining third of the lots will be put up for sale for development to outside developers or families.
The residential proposals include semi-detached, detached, and townhouses, as well as apartments, built using sustainable materials and construction techniques.
The region's proximity to Lisbon, just 30 minutes away, and easy accessibility make it an attractive location for investors looking to take advantage of the growing real estate market in the area.
The BlueCrow Development Property Fund aims to address Portugal's chronic shortage of residential units, mainly targeting affordable housing solutions in the Oeste region.
The fund will also invest in other development projects within growing sectors like tourism/hospitality and senior living.
