Bondstone advanced with two new projects which will cost €50M

Bondstone advanced with two new projects which will cost €50M

Bondstone has two new projects, one in Porto and the other in Cascais, which represent a total investment of 50 million euro.

According to Property Magazine, the developer owns the two projects. One of them, estimated at 35 million euro, is located at Nevogilde, Porto. The Greenstone will be developed through a joint venture with Grupo Violas Ferreira and it will create 36 luxury dwellings in the Foz area.

In Cascais, 15 million euro will be invested in 15 luxury apartments and in this case, the project is a solo effort from Bondstone.

Paulo Loureiro, Bondstone’s CEO, commented in a release: «We are very excited about developing these two premium housing projects with unique architectural projects in Porto and Cascais, two cities with strong market fundamentals, robust demand and low offer in terms of new housing».

The CEO explained that both projects will have wide external areas, including gardens, balconies and terraces and common swimming pools, the type of property which has been more in demand during the pandemic: «both follow the current trends and the behavioural transformations caused by the pandemic and the confinements», he guaranteed.

Both projects have already been licensed, and Bondstone expects to start the construction works during the first quarter of next year and to conclude them in 2023.

The developer believes demand for new housing will remain at the same level in the country in the near future and plans a 400 million euro investment on the Portuguese market (around 200 million euro by the company itself), which will be carried out using joint-ventures like the one it has with Grupo Vilas Ferreira. The. company has under its sights value-add and “vulture” investments, including asset repositioning, urban renewal and developments.

It should be recalled that Bondstone also acquired the Louvre Capital, a company which was also led by Paulo Loureiro, this year.

 

Article from Iberian Property

 

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