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EMGI buys Encosta da Tapada to develop €300M project
28 August 2019 | Ana Tavares

It is one of the largest assets to be developed from scratch in Lisbon. EMGI Group has just announced the purchase of the Encosta da Tapada, where it plans to develop 550 apartments, offices and commercial spaces.

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The investment should represent around 300 million euro (including the purchase of the terrain and the development itself), reinforcing this developer’s long-term bet in our country.

The terrain, located in the former Alvito quarry, in Alcântara (Lisbon), has 14 hectares and a 120.000 sqm construction area. Of these, 87.000 sqm are for housing, 22.000 sqm are for offices and 11.000 sqm for retail, with 900 parking spots. A senior residence, green areas and a school are some of the collective spaces planned.

It should be remarked that 25% of the 550 apartments planned will have affordable rents, and the remaining will be placed on the free market, directed mainly towards national buyers.

JLL’s Development department accompanied this deal, representing the seller, whose name was not disclosed. The consultant was also in charge of the project’s technical and commercial feasibility study through its Project & Development Services.

Gonçalo Santos, Head of Development at JLL, commented that «this is one the largest areas still available in Lisbon for developments from scratch and this operation will create a deep regeneration in an area with great potential. We are talking about a structuring project for the regeneration of the Alcântara Valley, with the potential to bring in 1.000 new residents to the capital’s Western area, besides a very significant floating population». He concludes by pointing out that «this is one of those large projects which are needed to retain the Portuguese middle class in the city, with the added value of an excellent location».