Kronos Homes announces Palmares Resort

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Palmares Resort, Belmar Resort and Amendoeiras Golf Resort are three new €200 million developments announced by Spanish developer Kronos Homes.

Kronos Home will also invest in projects in Lisbon and Porto, according to the Spanish investor which presented plans on Wednesday.

Said Hejal, founder and managing partner said their expansion into Portugal was being carried out “with enormous satisfaction, making our company truly Iberian.”

Kronos Homes’ first project is linked to Palmares Resort, whose capital structure was changed with the entry of this investment. Despite the investment from Kronos, the Onyria Group will remain a shareholder in the boutique hotel and golf course development.

“Portugal and its real estate market have all the necessary conditions to make our vision a success because here we find great development potential,” said Hejal.

The project linked to Palmares Resort will be a premium tourist development earmarked for the second homes market with 95 villas and 400 apartments built over various phases. The first phase will begin at the end of 2018.

By the end of the year, Kronos Homes plans to invest in two further projects in Portugal, both in the Algarve. Belmar Resort and Amendoeiras Golf Resort as well as investing €100 million in Lisbon and Porto on housing for the Portuguese.

Kronos Homes has a track record for strong architecture and quality design which set its projects apart from market competitors. In Spain it has 16 projects in its portfolio, 12 of which are under development now.