Portuguese real estate and construction group Socicorreia is investing €100 mln in the construction of a five-star hotel in Braga and four residential developments in Porto, Lisbon and Madeira.
The five-star hotel will have 100 rooms, a congress and events center, indoor and outdoor swimming pool, gym and sauna.
The €20 mln project will be launched by the end of 2023.
The four other developments will consist of 150 residential units and should be launched by the end of H1 2023.
In Porto, at Avenida de Montevidéu (Foz do Douro), Socicorreia will refurbish and adapt an old palace, transforming it into a high luxury development for €25 mln.
In Lisbon, the group is investing €12 mln in a new residential and commercial project on Avenida Visconde de Valmor.
In Madeira, two new residential developments will have 108 units for a total cost of €43 mln.
These include the new Varino 08 building in Funchal, designed by architect Vítor Vitorino, consisting of 48 residential and commercial units.
This building is part of the Dubai Madeira complex, the largest private residential investment in Portugal, which on completion is expected to exceed €400 mln.
The five newly announced projects take Socicorreia’s total project portfolio for 2023 to €210 mln.
