The Israelis at Fortera Properties are investing in the construction of a student residence in the city of Porto, located in Campanhã. This investment is part of the projects that the group, led in Portugal by Elad Dror, CEO and co-founder, recently announced for Greater Porto. At stake are 200 million euros for the rehabilitation of buildings and new construction for housing and hotels.
The student residence project was confirmed to idealista/news by the head of the group in Portugal, noting that the intention is also to “maintain property management” in addition to construction.
The building, located 400 meters from Campanhã Station, already has an approved PIP (Preliminary Information Request) for an implantation area of 1200 square meters (m2). The residence will have seven floors and a basement, and its construction will replace a group of buildings that are in an advanced stage of ruin.
The Campanhã 1 project, as presented in a video posted on YouTube, will be an asset for “an area undergoing transformation and for the growing development of the city of Porto”.
The partner in the hotels is a public company
A significant slice of Fortera's investment - 150 million euros - will go towards restoring buildings in the center of Invicta and transforming them into hotels. One of the projects will have 130 rooms, while the second will have 200 rooms, and construction is expected to start in 2019.
Elad Dror told idealista/news that the Israeli partner, which will share the risk over the next five years, is a public company, but declined to reveal which one for the time being. “Since it's a public company and any announcement is supervised by the stock market, we can only do so when the transcript is finished.”
Housing projects next to Casa da Música
Of the portfolio of investments planned by the group, a number have to do with the rehabilitation of residential buildings.
This is the case with a new project at the beginning of Avenida da Boavista, opposite Casa da Música. The B-Well development consists of two "19th century buildings, two magnificent works of architecture that naturally provide the elegance and style that everyone is looking for. The buildings will be restored and adapted for today's needs," says the Frontera Properties website.
Boavista One, located at Rua Nossa Senhora de Fátima, 373, will consist of 13 apartments, from studio to two-bedroom, and will have a store space on the first floor. It is scheduled for completion in 2020.
Prices range from 3,500 to 5,000 euros m2
Regarding the residential component, Elad Dror explains that in Porto they are "promoting different projects: some consist of small units for investors and others are for residential purposes".
As for prices, he said that they “vary between 3,500 euros per m2 for the projects located next to the Casa de Música and 5,000 euros per m2 for the project in Nevogilde, which are luxury villas”.
The housing project, located in the parish of Nevogilde/Foz, "is the most expensive area of Porto and the main residential area. This part of the city is very calm and relaxing because it is in harmony with the view of the beach and the sea," says the developer.
The four villas, with four bedrooms, a garden and parking spaces, feature modern architecture, quality finishes and high-level comfort. Scheduled for completion in 2020, each villa at Quatro Negovilde has 897 m2 of gross construction area.
Santa Catarina and Cedofeita projects
According to the information on the website, the Fortera group is still rehabilitating a building dating back to the 1950s and located in the heart of Porto, on Rua Santa Catarina.
The Santa Catarina 1569 project preserved the original façade, as well as its traditional structure, made up of tiles and its existing balconies. “The eight apartments, ranging from studio apartments to three-bedroom apartments, are distinguished by the quality of the materials and their finishes,” he says.
In Cedofeita he has a new project, which will be presented soon, and whose prices are between 3750/4700 euros per m2.
New construction project in Espinho
Espinho One is a residential project located in the city of Espinho, on the seafront. Consisting of 38 units, with a total investment of 7.5 million euros, it is scheduled for completion in 2020.
“The project is characterized by a set of infrastructures that will provide you with the necessary comfort in a welcoming and modern environment,” says the developer, noting that it consists of 1, 2, 3 and 4 bedroom apartments, “whose prices range from 2300 to 2600 euros per m2”.
Source: Idealista news.