Reward Properties, a joint venture between RE Capital and Neworld, has acquired a site for development in Vale do Lobo in the Algarve, Portugal’s southernmost region. The proposed development will include a mix of 43 town houses and villas.
“This acquisition represents our entry into the south of Portugal,” says Olivier Hezelot, Head of Europe at RE Capital. “We have a successful track record in Lisbon and we are extremely excited about creating a world-class residential development in this iconic beachfront resort in the heart of the Algarve. It is considered one of the most exclusive destinations in Portugal, and the project gives us an opportunity to bring to market a scalable development unlike any other in the area.”
Construction of the new development will commence once all planning and building permits have been issued. The homes, which will be located in close proximity to some of the best local golf courses and night clubs, will appeal to Portuguese and international buyers seeking a luxurious lifestyle, as well as buy-to-let investors.
“RE Capital has a significant footprint in selected European real estate markets, and Neworld has extensive residential and mixed-use property development expertise,” says Bradley Parker, COO of Reward Properties. “This new development brings together two entities with an ambition to transform the land plot into a vibrant new residential community.”
Joaquim Luiz Gomes, Partner at the Portuguese asset management firm Heed Capital, the vendor of the site, said: “Santo António’s Parcela A is a unique asset, and Heed Capital is very proud to have brought it, over the last six years, to its current stage of development. We are very confident that this outstanding property is now entrusted to the right team to fulfil its entire potential and wish them the greatest of successes.”
Reward Properties’ previous projects in Portugal include LX Living, a mixed-use apartment development in the heart of Lisbon’s prestigious Amoreiras district as well as the recently launched The Marvilla Collection in Marvila, one of the Portuguese capital’s trendiest neighbourhoods on the coast of the Tagus River.