A Chinese real estate company has purchased a large piece of land at Casal do Alvito in Lisbon for a large-scale real estate project that has been planned for years on this location. The project includes the construction of 550 housing units (25% of which will be subject to a controlled price rental programme in Lisbon), offices and shops.
The 14 hectares acquired by the EMGI Group from Millenium BCP correspond to the former Pedreira do Alvito, an area for which there is a detailed plan approved by the Lisbon City Council in 2015 and corrected in March of this year. This plan provides for the construction of ten buildings of four, five and seven storeys and two basements, with a total area of more than 121,000 square metres.
The EMGI Group will be responsible for almost the entire real estate project: a mixed real estate programme of 87,000 square metres of housing, 22,000 square metres of offices and 11,000 square metres of shops, complemented by 900 parking spaces.
The architecture has not yet been defined and the town hall’s urban planning department has not yet been contacted, which means that construction could still take several months before starting.
For at least 16 years, there has been talk of a mega development for the former Pedreira do Alvito, which was successively occupied for decades by warehouses, scrap merchants and houses. The detailed plan was drawn up long ago and in several versions.
The Encosta da Tapada project (future development), was launched by a company of the same name in 2003, after buying the land for 16.5 million euros from the many heirs of the old quarry. At the time, the land became the property of Millennium BCP, which put it up for sale about two years ago for 34 million euros. The exact value of the investment is not known but would amount to about 300 million euros in cash :
- The acquisition
- The projects
- Infrastructure
- Licenses
- Construction
The mayor foresees that Encosta da Tapada is mainly aimed at the Portuguese middle class, but that there is still a lack of clarity as to how rent control works, since the programme (a municipal initiative) has not yet been adapted to private land.
The EMGI group has already made large investments in the luxury sector in Portugal but never outside this segment. This will be its first one, subject to follow!
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