Kronos invests 250 million in new Palmares- Ocean Living and Golf Project
The project foresees an investment of 250 million euros made by Kronos Homes. The new Palmares-Ocean Living and Golf will have 460 properties for sale, 103 villas, 357 apartments and two five star hotels.
The presentation ceremony of the project Palmares – Ocean Living and Golf took place this morning, Thursday 26th September in the municipality of Lagos.
This is an investment by Kronos Homes, Kronos’ residential real estate development brand.
The project foresees the construction of 460 units, of which 103 exclusive villas and 357 apartments, but with a building density of only 5.7 percent of the approximately 200 hectares that make up the Palmares – Ocean Living & Golf resort.
For the moment, the construction of a new Clubhouse is expected to be completed by the third quarter of 2020. The plan also foresees a set of new sports and leisure infrastructures.
The launch event, which took place in the middle of the golf course, was attended by over 200 guests, including the vice-mayor of Lagos City Council Paulo Reis, investors and international partners, businesspeople, and clients.
“We have here 103 lots for villas where homeowners can build their house within certain design parameters, and we have eight lots where we will make turnkey villas. Today we launched a series of 37 apartments, and we hope to introduce the project of the large 152-room five-star hotel later this year,” said Rui Meneses Ferreira, a partner of Kronos Homes.
In terms of timing, “we will start building the apartments in April next year, this will take 15 to 18 months. This means that by 2022 they will be ready. The hotel will take a little longer, but I think it will be open within 36 to 40 months,” he claimed.
Regarding prices, the apartments start at 350 thousand euros and the construction lots at 680 thousand euros.
Rui Meneses Ferreira guarantees that some of the lots have already been sold, most of them being “British, Swedish and French foreigners”.
Kronos Homes arrived in Portugal in 2018, beginning its international expansion from Spain. In addition to the Palmares project, the company has four projects already under development in the country, two in Lisbon and two in the Algarve. This is the case of Amendoeira Golf Resort, in Alcantarilha, in the municipality of Silves, and Belmar Spa & Beach Resort, in Lagos.
In the latter two, “most of the investment has already been made, as these units are already consolidated and are currently in operation”.
In Amendoeira, “we have two golf courses in operation and about 240 units in tourist operation. In Belmar, we have 189,” he said. The EUR 250 million investment unveiled at today’s ceremony is “exclusively for the Palmares business plan”.