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Neworld and GMG invest €90M in luxury development
13 June 2019 | Ana Tavares

Through Neworld, South African John Rabie will invest around 90 million euro in a new luxury housing development in Amoreiras, in Lisbon (Portugal), in a joint venture with Swiss GMG Real Estate.

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LX Living, is the name of this new project which marks John Rabie’s entry in Portugal. The entrepreneur believes that «Lisbon has a lot to offer. It is a charming city, with wonderful weather, very high safety standards and is currently going through a very positive moment in terms of tourism».

LX Living will have 151 apartments from studios to 4 bedroom apartments spread out through 7 floors, 1.341 sqm for retail, with shops and restaurants and 187 underground parking spots, besides a gym, spa and swimming pools.

«We believe we are at the right place at the right time and that we will be able to offer our investors the capital growth and return they expect from us», mentioned John Rabie in a release.

Concerning the partnership with GMG Real Estate, he recognizes «the importance of identifying the right partners to work on a project of this nature, we feel honoured for joining forces with GMG in this first project».