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Alcântara’s Real Estate Complex starts construction in 2020
27 September 2019 | Ana Tavares

The obligation to preserve the historical and architectural heritage of this complex’s underground requested in June 2018, as well as the coordination with all the owners of the execution unit, «regretfully delayed the approval of project Alcântara from Grupo SIL in around 12 to 18 months over the initial deadline», states Pedro Silveira, Chairman of Grupo SIL.

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The solution now found following the DGPC’s (Directorate-General for Cultural Heritage) demands, also increased the initial costs with the construction of a future «museum» open to the public.

 With the allotment approved in September 2019, infrastructural works started this month, with the architectural projects approved (both for the office and the housing buildings), and the construction licenses are expected to be issued in 2019 so that the project can start its construction at the beginning of 2020, revealed Pedro Silveira.

Grupo SIL has already assured a percentage above 60% of the reservations to be turned into purchase/sale contracts of the housing lots to final clients, which allow for construction to begin on the first two 70 apartment housing lots in a universe of 230 apartments for the entire complex. The second stage concerning the apartments should be placed on sale during the second semester of 2020.

 The office component should also kick off soon, as soon as the contract with the first tenant, which Grupo SIL is still looking for, is closed, and they may find that first tenant soon according to Pedro Silveira, since several parties showed interest  during this year’s 3rd quarter.

This new marketing stage for the office buildings, follows the closing of the deal between Grupo SIL and BNP Paribas, which was the promising occupant of this complex, but whose lateness in approving the occupancy was not compatible with the contractual deadlines previously established.

 

More than 36.000 sqm were thus made available for the «prime offices» rental market, which should also represent a probable future investment opportunity in Portugal.

 

The Alcântara real estate complex is one of the largest real estate developments in Lisbon, contributing for the requalification of Lisbon’s riverfront in a location with great potential and attractiveness next to LX Factory.  The construction of the new hospital from Grupo José de Mello together with this new enterprise, will bring a new centrality to Alcântara, which is characterized by its proximity to the river and by its excellent accessibilities.