RE Capital has acquired a site in Cascais, Lisbon, and achieved the construction license (planning permission) that will enable it to develop 14 high-end apartments with a GDV of €40m.
The project, known as Bellevue, is a joint venture between RE Capital and local developer Grupo Santo. Bellevue apartments will be designed by the renowned ARX Portugal – Arquitectos. Construction is expected to commence in Q1 2024, and completion is scheduled for 2025.
Nuno Santos, Head of Portugal at RE Capital, said: "Cascais offers a world of wonder for travellers seeking an authentic and unforgettable experience. From the colourful fishing villages to the visually striking beaches – every corner of Cascais is a feast for the senses. Historic demand for this area sends a clear signal to investors that this is an opportunity rife for growth."
Newman Leech, CEO of RE Capital, said: “Bellevue is a landmark development which showcases the pinnacle of luxury living in Cascais. Partnering with Grupo Santo strengthens our dedication to realising a vision of excellence and exclusivity for investors and future tenants.”
Paulo Santo, Vice-President of Grupo Santo, said: “We have been operating in the real estate market for 50 years, and we know the potential of Cascais particularly well, whose urban landscape is intertwined with the history of Grupo Santo. With this promising partnership with RE Capital, we continue decades of work, based on quality and innovation, which guides our project and the choice of our partners.”
Image source - Pexels.
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