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British fund develops €100M project in Lisbon
25 July 2019 | Ana Tavares

Hera Residences is one more project which will increase the offer at the Alta de Lisboa area, by building 284 new apartments for the middle class, in a 100 million euro investment.

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This is an old project, which after the initial developer’s bankruptcy, passed to Millennium bcp, and later was bought by the British investor’s fund, according to Expresso this week.

The complex is being developed by DDM – Decade Development Management – and it will be constructed next to the Parque Oeste gardens, recovering the initial project and maintaining the original architecture. The construction of the first of two lots, with 108 apartments and 8 floors above the ground, should start during the coming month of September.

Rui Martins, director at Chave Nova, company in charge of marketing the development, explains that the foundations, basements and parking areas are already finished, «and 100% ready, according to all structural tests carried out by the responsible organisms». The architecture «follows all the guidelines of the existing masterplan for the Alta de Lisboa area».

Hera Residences’ prices vary between 210.000 euro, for a one-bedroom apartment and 800.000 euro for a four-bedroom apartment. «This is a housing development aimed at mainly young Portuguese who are unable to pay the prices currently being charged in Lisbon», explains Rui Martins, quoted by Idealista.