State puts Lisbon real estate project up for sale

 In News, Project

A mega urban living project on the South bank of Lisbon’s River Tagus has been put up for sale by  the Portuguese State.

‘Water City’ which is managed by the public company Baía do Tejo has plans for housing, hotels, a marina, a ferry terminal and leisure areas.
Baía do Tejo (Tagus Bay) is owned by public entity Parpública (a state-owned property and land assets management company).
The ‘Water City’ project covers 600,000 m2 of brown field sites with outline planning permission to build housing, a hotel and marina.
The site stretches along 2 km of the River Tagus and the development project has been presented to various investors over the years with various entities showing a potential interest in the plan which could entail an investment of up to €2Bn.
The project has been detailed in the Almada Urban Development Master Plan with much of the new development earmarked for lands currently occupied by the old Lisbon shipyards Lisnave – Estaleiros Navais de Lisboa.
The aim is to regenerate the former industrial area with a mixed project taking in housing, offices, hotels, shops and services, a marina, ferry terminal and various facilities and parks for leisure activities.
The name ‘Water City’ was chosen because it was deemed easier to present the project to overseas investors in the real estate sector worldwide.