Tallest building in Portugal to cost an extra €30 million

The Skyline project will be built by Israelis company, Fortera Properties and represents an investment of €150 million, €30 million more than initially planned. “Changes to the project” and the “expressive increases in the construction sector” are behind this rise in the value of investment, admits the property developer.

According to a report by idelista, the real estate developer had already announced the construction of the Skyline development in November 2020, with a predicted investment of more than 100 million euros. At the time, Elad Dror, CEO of the Fortera group, aimed to start the work in 2021 and finish it within 2 or 3 years.

Now, the 28-story building, which promises to be “the tallest in Portugal”, is once again back on track but the cost forecast by Fortera has risen from 120 million euros to 150 million euros, due to “necessary changes to the project and significant increases in the construction sector”.

The Skyline tower will be built in the area of ??General Torres, in Gaia, and will be 100 metres high. It will have a total of 111 luxury serviced apartments, an infinity pool, a health club, bar, two restaurants and panoramic views. In addition, it will also have a hotel with 160 rooms.

The luxury homes that will be developed in this building will be between 40 and 100 square meters and will be among the “most expensive apartments in Portugal”, since the price will be around seven thousand euros per m2.