Construction company Nova Vaga to invest €28M in new housing project in Porto

Construction company Nova Vaga to invest €28M in new housing project in Porto

Construction company Nova Vaga purchased two urban plots of land for the construction of a mixed project for housing and retail, which will represent a total investment of 28 million euro.

The plots of land, located at Fernando Pessoa street and Azevedo Coutinho street, near the Torre Burgo skyscraper and Bessa Hotel, have a total combined area of 3.380 sqm, with a buildable area of more than 13.000 sqm.

In Porto’s Urban Plan, the terrain is described as a «continuous urban front under consolidation», and forecasts the construction of one mixed-use building per lot, predominantly for housing use.

Savills advised the sale of these plots of land. Filipe Santos, Porto Division’s Associate Director at Savills Portugal, commented in a release that «it is always exciting and gratifying to finalize successful sales in Porto, contributing towards its promotion and growth. Porto and this location in particular, have low levels of housing offer, so that it is with great satisfaction that, during the pandemic, we see this undeniable proof of the market’s resilience, boosted by the proximity work carried out by our partners Porta 88 with national developer Grupo Nova Vaga».

Artur Silva, administrator at Nova Vaga, considered that this «is an important acquisition for the company and that it is perfectly in line with its strategy, excellent location, quality of construction and good finishes. This project, together with the one which will be built at Praça Guilherme Pinto, in Matosinhos Sul, and the remaining ongoing investments, will certainly mark our company’s future. Note for the excellent work carried out by Savills and Porta 88 in intermediating this deal».

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