Finangeste to invest €300 million in mega real estate project in Portugal

One of the largest real estate investment companies in Portugal, Finangeste, has begun works near the centre of Faro, Algarve on a mega-project for the Vale da Amoreira.

“Finangeste, together with an international investor, is developing one of the largest urban development projects in Portugal and certainly the largest in the Algarve” region for many years states the company in a communiqué.

In an estimated €300 million investment, the Vale da Amoreira Urbanisation Plan (PUVA), is a project that promises to redefine Faro”, says the Portuguese company without identifying the partner.

With an estimated investment of over €300 million, PUVA is being developed on an area of 21 hectares, with a potential construction area of 168,000 square meters and is divided into several lots that will allow multiple uses, from housing, commerce and offices, to student residences, healthcare and senior housing.

Regarding the housing component, the developer consortium plans to build 1,461 residential units, “to be made available on the market in the coming years”, promising “a qualified supply of housing for residents in the Algarve at reasonable prices”.

The project is being developed in phases, “with about 60% of the infrastructure works already completed”, says Finangeste, adding that the last phase will include the creation of an urban park, which will cover “more than 10 hectares” and “will be the largest green space in Faro”, with cycle paths, playgrounds and sports facilities. The landscaping will be designed by architect Álvaro Manso.

Among the construction companies involved in the project are Casais, CPU Architects, GEC Engenharia and oyster PM.