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Investment from the Belgian developer in the country already exceeds 200 million euros, as revealed by CEO Claude Kandiyoti to idealista/news. It all started with the construction of a warehouse in Paços de Ferreira in 2010. This was followed by the purchase, in a public auction, of a portfolio of 11 properties from the state, and then two plots of land in Parque das Nações, Lisbon, where a hotel and an office building are being built. The focus on residential properties comes with Jardim Miraflores (in the outskirts of the capital) and two developments in the Algarve. The next move for Krest Real Estate Investments in Portugal involves Porto and the South Bank of Lisbon, as CEO Claude Kandiyoti reveals to idealista/news. And there are several projects in the pipeline.
“Now we are always one step ahead of the market,” says Kandiyoti, noting that Krest is in Portugal “for the long term.” “We are investing in the Algarve, Porto, and the South Bank of Lisbon. The real estate market now is not just about location, location, location; it has changed a lot in the last five, six years. Today, it is necessary to find locations with potential that no one else sees. Creating a concept around a project and operating it makes our work more creative, complex, and also more expensive.”
The secret, according to the manager, is to be attentive to all existing opportunities in the market and to act quickly, very quickly. That’s what happened with the land the developer is about to buy on the South Bank of the Tagus River and in the projects planned for Porto. Without revealing many details about them, Claude Kandiyoti hints at what’s to come but promises to announce news soon.
“Now we are looking at the other side of Lisbon. That’s our target. We are about to close a very important project that will change a lot… It will be our largest project in Portugal. We are talking about approximately 300,000 square meters. It will be a mix of segments, with around 150,000 square meters for residential use.”
“We are now looking at the other side of Lisbon. That’s our target. We are about to close a very important project that will change a lot. At this moment, we clearly understand, because we already know the market, what the needs are and who is looking for what in Portugal. What we want, our goal, is to bring more affordable housing to the market for the middle class. The idea is to develop several thousand units in the next five, six years. This in the South Bank, which is a region with great potential. The quality of life is better, and the cost of living is lower. We have located an area where we will invest, and we will announce the project in mid-April. We are finalizing all the paperwork now.”
When asked about the size of the project, he responds clearly: “It will be our largest project in Portugal. We are talking about approximately 300,000 square meters. It will be a mix of segments, with around 150,000 square meters for residential use.”
Without revealing too much, the CEO of Krest says they are attentive to the reality and needs of the national real estate market, emphasizing the importance of attracting people to the outskirts of cities, as in this case. “Education is important, we will have to create new education hubs, attract people. A dynamic that covers several segments. And to give up on the location, location, location, we need to create mobility, better and easier access, connectivity, education, and affordable prices. The idea is not to be isolated but to have access to everything.”
EYES SET ON PORTO AND… CAMPANHÃ
The Belgian developer is also closely monitoring—and interested in—the real estate market in Porto. It was, in fact, going to present its first project in Porto at MIPIM, which was scheduled to take place between March 10 and 13, 2020, but was postponed to early June due to the coronavirus. It is a plot of land located very close to Campanhã train station, where a mixed-use project is planned, which will be a multifaceted and aggregating space for ecological, creative, and collaborative dynamics, supported by an innovative urban identity. Regarding this project in Porto, and again being reserved in giving details about it, Claude Kandiyoti simply says that Krest bought the land in question four years ago. “I believe that the Campanhã area is the place and it meets the existing need in the city. It is a mix of offices and residential. I can’t say more [about the project] because I don’t have more information. I know how much the land cost, of course, but I can’t reveal it.”
“But we are talking about a project that will give a new life to Porto? The area is spectacular. For us, Krest, the potential quality of the project is essential. When I saw the land near Campanhã station, I didn’t see or think of a hotel or offices, I saw mobility. That was my vision. And I told my team that we had to have that space no matter what,” he says, adding that the Campanhã area has a problem related to the master plan, with the Municipal Master Plan (PDM) for the area: “It should have been presented in July 2020, but it was supposed to have been presented in July 2019, that is, a year behind schedule.” However, this is not the only project that Krest has in mind for Porto. “The investment in Porto is not for the future; it is for now, for the present. We have several projects in mind, but they are not yet closed. We are talking about two residential projects and a hotel, a Moxy Hotel, as we have in Lisbon [in Parque das Nações, next to K-Tower].”
PROJECTS IN THE ALGARVE, IN VILAMOURA AND QUARTEIRA, WORTH 70 MILLION EUROS
One of Krest’s advantages in Portugal, compared to the competition, lies in the know-how the developer has of the country and the real estate segment itself, which currently puts them “always one step ahead of the market.” “When nobody was investing in offices, we invested [K-Tower], when nobody was investing in the outskirts of Lisbon, we bought Jardim Miraflores, when nobody was betting on Porto, we bought the land in the Campanhã area,” he says. “Altogether, Krest’s investment in Portugal already exceeds 200 million euros.” Another geography where Krest is investing is the Algarve, where it is promoting two residential projects, one in Vilamoura Marina with 24 apartments, and another in the Quarteira area with 134 apartments. “Lakes 24 Vilamoura is under construction and is almost entirely sold, about 80%. And the buyers are all foreigners. In these two cases, they are products for the upper class, but still the prices are lower than market prices: starting from 4,800 and 5,000 euros per square meter. As for the Forte Novo project, near the beach, it is not yet being marketed.” In these two projects, the investment amounts to 70 million euros, reveals Claude Kandiyoti. “Altogether, Krest’s investment in Portugal already exceeds 200 million euros,” he says.