The demolition of the former CascaisVilla shopping centre has paved the way for Atóll, a €100 million luxury residential and retail project backed by international investors, including Brazilian billionaire Carlos Alberto Veiga Sicupira.
The scheme will comprise two residential towers with ground-floor retail, designed by Norman Foster in partnership with Portuguese studio Fragmentos. Demolition began in April and construction is expected to take around three years to complete.
According to Carlos Carreiras, Mayor of Cascais, the new development will give a “more humanised character to the town’s entrance”, with wide avenues, terraces and open spaces for community use.
Cascais has become one of Portugal’s most desirable residential markets, attracting sustained international demand thanks to its proximity to Lisbon, coastal lifestyle, and established luxury real estate scene. Brazilian investors in particular have played an increasingly prominent role in recent years, with projects like Atóll further cementing the town’s position as a hub for global high-net-worth buyers.
While Sicupira has declined to comment publicly on the investment, it is understood to be diversifying his portfolio and sees Atóll as a strong long-term value proposition.