The goal is to have all 65 luxury one- and two-bedroom apartments completed by the start of 2022
These ‘branded residences’, a growing trend around the world, will be integrated in the Viceroy Hotel at the Ombria Resort which will also include 76 luxury rooms and suites, six restaurants, pools, a spa, gym, kids’ club and an astronomical observatory.
Even before they started being built, the resort opened “a period of pre-sale” for these residences “in some selected target markets”.
As João Richard Costa, head of Sales & Marketing at Ombria Resort, explained, “interest is growing and there is great demand for luxury properties in the Algarve, namely branded residences, especially among global citizens who move around a lot and have a high spending power but little available time.
“These people look for a product of high quality, and as these properties have a luxury brand connected to them, which handles all the aspects of property management and rental when they are not being used, it makes them even more interesting investments.”
Júlio Delgado, CEO of Ombria Resort, said that the whole team was delighted to celebrate the start of construction of the Viceroy Residences, which brings the whole resort ‘one step closer’ to its opening.
“We are very proud to work with the Viceroy Hotel Group, which will open its first branded residences in Europe. By working with such a prestigious brand, we ensure that both the hotel guests as well as the property owners who invest in the purchase of the Viceroy Residences will be able to enjoy great quality services,” he said.
The owner and developer of Ombria Resort – which also includes an 18-hole golf course that is already technically ready but will only open for play once the clubhouse opens as well – is the family-owned Finnish private equity fund and real estate developer Pontos Group.
It operates in Finland, the Baltic States and Portugal. Founder Ilpo Kokkila is also the founder of one of Finland’s largest construction companies, SRV.
The first phase of Ombria Resort represents an initial investment of some €100 million, although the total amount is estimated to reach the €260 million mark.
Source: The Algarve Resident