Kronos Homes invests €250 million in Lagos ‘ocean and golf’ resort

 In News

Palmares – Ocean Living & Golf, located just east of Lagos, in the Algarve, is the latest project by Kronos Homes in Portugal, representing a planned investment of €250 million, including two five-star hotels, 103 villas and 357 apartments. Construction density is “only 5.7%” of its 200 hectares, said the developers.

A new clubhouse and a variety of sports and leisure facilities will complement the existing 27-hole Palmares golf course, designed by Robert Trent Jones II.
Of the two five-star hotels, one is already in operation with 20 rooms and the other under development will include 152 rooms.
The launch event took place on Thursday, September 26 at the Palmares golf course and was attended by over 200 guests, including clients, international inveators, local dignitaries and members of the press.
Rui Meneses Ferreira, a partner of Kronos Homes in Portugal says, “Today we launch the “Signature” apartment series, construction of which is expected to begin in April, lasting 15-18 months; at the beginnng of the year we hope to announce the plans for our new five-star hotel, which should take longer to construct, about 36-40 months.”
Apartment prices start at €350,000 while plots of land for the construction of villas start at €680,000. Rui Meneses Ferreira confirmed that some units have already been sold and that the majority of clients are “British, Swedish and French”.
Speaking of the project, Deputy-Mayor of Lagos Town Hall, Paulo Reis said: “This is an ambitious project guided by excellence and high quality standards, but we are sure that – as it has been the case so far – the commitment of the developers, the qualifications of the technical teams involved, the openness and availability of Lagos Town Council and the assumption that we are all partners in finding the best solutions, will make it possible to achieve something unique that this place, the municipality and the Algarve deserve.”
Kronos Homes, the residential real estate development brand from Kronos, started its activity in the Spanish residential sector in 2015 and has since been increasing its business portfolio.
Kronos Homes arrived in Portugal in 2018, beginnng its international expansion from Spain. In addition to the Palmares prouect, the company has four projects already under development in the country, two in Lisbon and two in the Algarve (Amendoeira and Belmar).