Swiss developer Solid Sentinel, of The Capvest Group, will build "Nooba", a mega residential project, with prices "40 to 50% lower" than in Lisbon.
In the Setúbal district, more specifically in Barreiro, a mega real estate project will be built. It is called “Nooba” and is a project from the Swiss developer Solid Sentinel, which will invest up to €180 million. The flats will be between one and five bedrooms and will have prices “40% to 50% lower” than those in Lisbon, he said. The first two buildings will be concluded within two years.
It is five minutes away from Barreiro’s river terminal that the new residential project of Solid Sentinel, founded by The Capvest Group, will be born. This Swiss developer discovered Barreiro and decided to invest in it. Alain Gross, CEO of Solid, says it is “here to stay”. In 2020, these developers acquired 26 plots of land in that area, totalling 98,360 square metres, and that is where “Nooba” will be born.
There will be 518 flats, spread over nine buildings. Work on the first two buildings – 127 flats – will begin in early May and should be ready within two years, said investor Alain Gross, CEO of Solid Sentinel this Tuesday. The project should be completed within six to eight years.
The flats will have areas between 60 and 247 square metres. Prices start at €189,000 for a one-bedroom apartment, two-bedrooms vary between €300,000 and €390,000, four-bedrooms between €400,000 and €480,000 and five-bedrooms between €480,000 and €500,000. The “crown jewel” will be a 5-bedroom with a 280-square-metre terrace and private pool, priced at €1.29 million.
Prices are “40% to 50% lower than what you find in Lisbon”, said Alain Gross, saying he believes clients will be mainly young people, but also some families. The people of Barra and Lisbon will represent about 70%of buyers, he said. The total investment of the Swiss developer in this project will be between 110 and 180 million euros, said the CEO of Solid.