Gestilar to invest €180 million in Oeiras

The Spanish developer Gestilar has snapped up 26,000 m2 of land in Miraflores near Oeiras to develop 170 new apartments.

The purchased land lies within the Parque dos Cisnes in Miraflores and belonged to the Portuguese bank BCP. Of the 23 plots that make up the parcel of land, Gestilar purchased 18 according to online business news service Eco economia online.

The company led by Javier García-Valcárcel will inject a total investment of around €80 million and says that the properties will be ready at the end of 2021.

It is the developer’s first foray outside of Spain. The developer’s goal is to build 170 apartments in two phases: in the first phase 110 apartments will be built. In the second phase 60.

Work on the apartments should begin in the third quarter of this year and be completed by the end of 2021 states Gestilar.

According to Javier García- Valcárel, quoted in a communiqué sent to ECO, the firm’s entry into Portugal is viewed as a good opportunity because of the “imbalance” between supply and demand.

Furthermore Portugal’s property market is enjoying a growth phase with strong investment from international investors that are making the market more active and with a high growth potential.

The developer also cites Google’s decision to set up in Oeiras as a positive influence in choosing the location in which to invest.

For this project, Gestilar has contracted the local Portuguese architects Saraiva + Associates. “In Portugal, from an architectural point of view, buildings are constructed with a very elaborate level of design”.