The construction of a thousand apartments gives new life to the former Antas stadium

Within a year, the first of the 176 apartments from the mega-development Antas Atrium will be delivered. Built on the grounds of the former Antas stadium in Porto, the development promises to create a new residential centre in the city. The works are progressing well, and despite the increase in prices and the scarcity of construction materials, there are no major setbacks. Sales are also in line with the lively interest that this new product has aroused within the market.

More than 75% of the first phase of the project is already sold, with the second phase of the investment about to be launched. In total, the Quantico-Albatross joint venture will spend €240m to build a new housing nucleus in Porto, with more than a thousand apartments. It is expected that +3,000 people will live there within six to eight years. It will be a new life for an area of land that has been almost abandoned since the demolition of the stadium.

Although Portuguese families and Buy-To-Let investors have been the main buyers, Antas Atrium has also aroused the interest of many international buyers, according to Cristóbal de Castro, founder and administrator of Albatross Capital, a real estate investment company focused on the Portuguese and Spanish markets. The development was designed to attract a middle-class clientele, and has many luxury finishes, with an average price of €3,500 sqm. Apartments cost €146.000 to €589,000, according to the typology and square footage.

Despite the challenges in disrupted supply chains, materials and construction costs, there have been no unwelcome surprises in either the project costs or the deadlines.

Quantico-Albatros believes it has chosen the right partner. The construction company has “financial solidarity and good construction practices, and is managing to reduce the impact on inflation on costs through procurement and by agile management work,” says Crisóbal de Castro.

In this first stage of the development, T2 (with areas from 89 to 118 square metres) predominate, but there is room for typologies from T0 to T4 Duplex, and all units have a parking space and storage room, as well as balconies with generous spaces or private terraces, emphasise the promoters. The touch of exclusivity is also given by the set of amenities: multi-purpose leisure room, indoor pool, gym, indoor children’s area and outdoor park, community garden, bike park, among others. Finally, there are 2,300 sqm of green areas dedicated to this first phase.

Source: Dinheiro Vivo