Kronos Homes, the residential real estate development brand from Kronos, has presented its latest project in Portugal - Palmares - Ocean Living & Golf - in Lagos, Algarve, where it plans to invest €250 million.

Palmares - Ocean Living & Golf is a residential touristic resort, with a beach, 27-hole golf course, hotel, villas and apartments. The project foresees the construction of 460 units, of which 103 will be exclusive villas and 357 apartments, but with a construction density of only 5.7 percent of its 200 hectares. The Resort includes a new Clubhouse and two five-star hotels – one already in operation with 20 rooms and one under development with 152 rooms. There will also be an important set of sports and leisure facilities.

The launch event, which took place at the Palmares golf course, was attended by over 200 guests, including the Deputy-Mayor of Lagos City Council, Paulo Reis, international investors and several clients.

Rui Meneses Ferreira, partner of Kronos Homes in Portugal, said: “It is with great enthusiasm that we launch this project of Kronos Homes in Portugal. Palmares is in a privileged place, located between Lagos Bay and the Alvor Estuary, where natural beauty and stunning landscapes are combined with elegant and unique architecture. We hope that those who visit us will find Palmares a quiet, exceptional and truly inspiring place.”

The importance of the project for the development of the residential tourism in the Algarve region and in the municipality of Lagos was evident by the strong support of the main official entities to this resort.

Paulo Reis, Deputy Mayor of Lagos, said: “It is an ambitious programme guided by excellence and high quality standards, but we are sure that - as it has been the case so far - the commitment of the developers, the qualification of the involved technical teams, the availability and openness of the municipality of Lagos and the assumption that we are all partners in finding the best solutions, will make it possible to achieve something unique that this place, the municipality and the Algarve deserve. Once this first stone is thrown, I would dare to say that the best is yet to come.”

The first Palmares Signature Apartments will be developed by RCR Arquitectes, distinguished in 2017 with the Pritzker award, the most prestigious architecture prize in the world. “This project has environmental sustainability as its principle and will feature a Breeam certification, one of the main internationally recognised building sustainability certification systems. Likewise, its unique architecture favours integration within the landscape and preservation of Palmares’ natural environment. All units will have sea views - over the Lagos Bay and the Alvor Estuary”, explained Rafael Aranda, founder of RCR Arquitectes.

The construction of the new Clubhouse, also signed by RCR, has already begun and is expected to be completed in the third quarter of 2020.

Kronos Homes arrived in Portugal in 2018, beginning its international expansion from Spain. In addition to the Palmares project, the company has four projects already under development in the country, two in Lisbon and two in Algarve.

Kronos Homes started its activity in the Spanish residential sector in 2015, since which time it has been increasing its business portfolio and the investment destined to its development. In Spain there are currently 16 ongoing projects and two projects already completed in Costa do Sol.