ARC acquires land in Porto to build 156 new homes

ARC acquires land in Porto to build 156 new homes

Can Mercader project in Cornellà which will serve as a reference for ARC project in Porto

ARC Homes has just closed the purchase of land for the construction in Porto of a project of 156 homes. Its location will be in the Prelada neighborhood of this Portuguese city, with excellent connections by train, bus and expressways. This was the first of three acquisitions that the Catalan developer wants to carry out in 2021. The investment plan includes the purchase of land for the construction of a park of 500 homes in the city with a total investment of 100 million euros.

Jan Maarten Goedemans, CEO of ARC Homes, explains why he has chosen Porto to geographically diversify his construction project. «We have seen that our business provides added value in Porto. In Madrid, we add less value, due to the prices that the market already manages, the same as in Lisbon. In Porto we have found a city council wanting to carry out projects with fiscal aid and agility in the processing of licenses. In general, it is a city in full development of the 'new' tourist destinations and a great pole of attraction for European companies that settle there. A large city with a large metropolitan area of ​​1, 8 million people, where we can buy land at reasonable prices».

Affordable housing

«Our project is designed for the local market in search of affordable housing» explains Goedemans. «While the real estate companies that have invested in Porto in the last 10 years have done so in luxury hotels, tourist homes and luxury accommodation for foreigners, in office complexes ... practically no one has done it thinking about affordable housing The housing stock in Porto is very outdated and financial institutions have welcomed us with open arms. The families that will buy from us are the families that the banks want to finance.»

In Prelada, 156 homes will be built with different types: «the smallest will be studios and the rest will be 1, 2 and 3 bedrooms. The minimum price will be around 140,000 euros and we will be talking about homes with an average price of around 220,000 euros. A very attractive and competitive price. We want to respond to a real demand in Porto for affordable housing», assures the CEO of ARC.

The sale of this first development of 156 homes will begin between April and May from a sales office in Porto. «We have hired a local executive team, a company called Capital Urbano, led by Francisco Rocha Antunes. We do not intend for a Spanish company to build Spanish homes, with Spanish knowledge. We are going to create a Portuguese company, with Portuguese professionals and making Portuguese homes for Portuguese people. And for that, we need local people. It seems obvious but we have learned from mistakes made by large Spanish real estate companies that have had a really bad time before», says Goedemans.

Large terraces

Homes with terraces, overlooking public parks, spacious, easily connected to the city center, near leisure complexes, work or education centers or hospitals. These are some of the characteristics of the projects that have already been completed and marketed in Catalonia ARC homes.

«Our idea is to transfer this concept of housing to Porto with terraces that are an average between 20 or 25% larger than our competition. The maximum expression of this vision is our Can Mercader project in Cornellà. It is a concept of housing that has been very present during the toughest moments of the pandemic and is having a great emergence right now», concludes Jan Maarten Goedemans.

Iberian Property logoIberinmo logo
Iberian Property is the best platform for investment in Spain & Portugal. Created for those who seek reliable information about players and deals happening in Iberia. Through updated database, reports, market indicators and daily news, we report “Who’s Who” in Iberian Real Estate!. Iberian Property is also proud to organize the most important international real estate investors’ meeting in Iberia - Portugal Real Estate Summit!