Grândola, Portugal, Jan. 21, 2025 (Lusa) - Property developer VIC Properties is going ahead with the Pinheirinho tourism project, in the municipality of Grândola, valued at €1.7 billion, which includes two luxury hotels, residences, villas and flats, it was said on Tuesday.
According to the developers, the project currently has an area of around 400 hectares, set in a nature reserve, 200 hectares of which are pine forest and dunes that cannot be developed. On the other hand, 20 hectares are ‘gross construction area’ above ground.
Pinheirinho Comporta, in the parish of Melides, in the municipality of Grândola, Setúbal district, was acquired by VIC Properties in 2020 and, since then, the original project has been ‘redesigned’ in order to ‘implement various measures focused on sustainability and responsible development’, the company explained.
The investment will ‘incorporate two luxury hotels with renowned international brands and “branded residences”’, such as villas operated under the requirements of these same brands.
It also includes villas and flats and an 18-hole golf course designed by the Portuguese architect Santana da Silva.
Various sports facilities, shops and services and ‘access to a beach club for guests and owners’ are other features, explained the owner. The company estimates that ‘more than 2,000 direct jobs’ will be created during the construction phase and ‘more than 1,000 permanent jobs’ when the development is completed.
‘When sales start, buyers can choose between plots for the construction of villas or turnkey homes, and some of these homes are already under construction,’ he added.
The Lusa news agency tried to determine the number of villas or flats planned for the project, but the promoters did not disclose this information.
Quoted in the statement, João Cabaça, co-founder and executive director of VIC Properties, said that Pinheirinho Comporta ‘will surely set a new tourism and residential benchmark in Portugal, and beyond’.
Founded in 2018 and with more than a billion euros in assets under management, VIC Properties is one of the largest property developers in Portugal, specialising in large-scale residential and tourism projects.
HYN/ADB // ADB.
Lusa
