This project, named as Eleanor, involves land next to Amoreiras, in the capital, with 133 thousand square meters (m2), where 683 houses are to be built.

Volkert Schmidt, president of GNB Real Estate (GNBRE), the subsidiary of Novo Banco responsible for real estate, confirmed the deal. He also added that the price of the land (365 million euros) is merely “indicative”, and “the market will dictate the outcome”, according to a report by Expresso.

The land that is part of the Eleanor project consists of:

Land in Artilharia 1, next to Amoreiras (Lisbon): 133 thousand m2 distributed in six lots and is valued at 240 million euros. The subdivision already approved is mainly intended for residential use (51%) and should place 683 homes on the market for the high-end market;

Land in Olivais Sul (Lisbon), with 88.8 thousand m2 and four lots, valued at 43 million euros. Here the construction of offices, shared residences and commerce is foreseen. And it may have an affordable lease component;

Land in Benagil (Algarve), valued at 52 million euros, is in the final licensing phase. Its 68,000 m2 of construction includes a hotel with 150 rooms, villas, tourist apartments and residences;

Land in Arade (Algarve), which has 115,500 m2 (21 lots) and is valued at 32 million euros. This land has already been licensed and plans to place 652 houses on the market, as well as tourist and hotel spaces.

This project included Cabanas Golf, in Oeiras, which was, however, withdrawn by Novo Banco and sold separately for around 40 million euros, according to the same publication.