Kronos will build 460 luxury homes in Vale do Lobo in the Algarve.

Spanish real estate company Kronos Homes has announced plans to build 460 luxury homes at Vale do Lobo in Loulé and begin expanding this 450-hectare resort starting in 2024. This was stated by Rui Menezes Ferreira, director in Portugal and Spain of Kronos Homes, in an interview with Expresso newspaper. Kronos Homes also announced the nearly finalized sale of the Palmares Ocean & resort;

"Total investment in the development of the Vale do Lobo Golf & Beach resort, including the acquisition cost, is expected to be around €500 million over the next 10 years. This represents phase 2.0 of the company in the Algarve since we sold Palmares," Rui Menezes Ferreira told Expresso newspaper.

"Construction work will start in 2024," he added, noting that the international architect responsible for one of the projects within the resort "will be announced soon." Kronos Homes has been responsible for managing the Vale do Lobo operation since February, following the acquisition of the Crow Project portfolio - a portfolio held by banks - by a consortium led by Davidson Kempner Capital in what is believed to be the largest real estate transaction in Portuguese history, valued at €850 million.

Of the 460 residential units planned for Vale do Lobo - including apartments, private homes and plots of land - 237 will be part of a new expansion phase called Vale Real, with a further 120 units to be built in the "Vale de Santo António" area. The completed Vale Real project also includes a five-star hotel with 126 rooms and 30 branded residences.

Investment in the Vale do Lobo development will also lead to improvements to the golf course, tennis and games center and "anything close to the beach." According to Menezes Ferreira, Vale de Santo António represents the "last neighborhood" to be developed within Vale do Lobo, which Kronos intends to make "emblematic". The Kronos Homes executive also notes that project design is already underway for the 80,000 square meters of land to be used. The investment in the area will amount to 60 million euros for construction work alone.

"This is the last opportunity to make an impact in Vale do Lobo, and because of its location and surroundings, both projects will target the premium segment," he said. "Vale do Lobo is not just a real estate project. For over 60 years, it has combined beach, golf, leisure and the whole lifestyle that we intend to preserve," added Menezes Ferreira.