Finangeste, a credit recovery and real estate development group, plans to invest 250 million euros in Faro under the Vale da Amoreira Urbanization Plan, a process that is still being discussed with the municipality.
"The highlight of this project will be the execution of the urban garden, which will be the heart of the city in an expansion zone," said the company, in a statement released on Tuesday.
At issue is an area of 21 hectares, next to the EN2, just outside the city of Faro. “About half of it will be exclusively destined to the urban park”, he adds.
The project's construction area will be over 150 thousand m2 and the estimated investment “will be around 250 million euros”, reinforces Finangeste.
In total, the company wants to invest 500 million euros in Portugal, in projects in Lisbon, Oeiras and Faro, after having concluded a 10 million euros venture in Caldas da Rainha.