In a statement, officials said the Ribamar project is the result of a joint venture between AEDAS Homes, a Spanish real estate developer, and LandCo, a Santander bank company specialising in integrated land development and urban planning.

In a statement to Lusa, a source close to the project said that the first two towers, one presented at the end of July and another that could be built on an adjacent plot of land if demand continues, represent a total investment of over €125 million.

The development will be located 200 meters from Praia da Rocha Beach and will initially feature a tower with 116 apartments ranging from one to four-bedroom apartments, with private terraces of up to 60 square meters (m2), and several common areas, the statement reads.

The project will be developed on land owned by LandCo and will have a buildable area of 14,000m² of residential space and 2,200m² of commercial space.

In addition to the apartments, the project also includes the construction of common areas such as a swimming pool, gym, social club, solarium, children's area, and coworking space, designed to offer a "first-class residential experience," it adds.

Marketing for this first project in Portugal between LandCo and Aedas Homes has already begun, and construction is scheduled for the second quarter of 2026, according to those responsible, who estimate revenue of 70 million euros.

This project also includes an option to purchase another adjacent plot of land, where a second tower with 116 more apartments could be built, "if demand remains strong and sustainable," the statement adds.

"In total, the Santander bank developer has four plots of land in the Algarve with the capacity to develop nearly 500 homes," it concludes.