The land of the former Petroquemica in Oeiras has been sold to the Chinese for 12.69 million euros.

A year after the first attempt

Oiras municipality has sold the land where the National Petrochemical Company used to be located to Indexgeneroso, Lda for 12.69 million euros, a source close to Mayor Isaltino Moraes said.

The investor is a company with an office in Oiras, Indexgeneroso.

The company is owned by two Chinese partners (Wenpeng Zhang and Xiaoching Lin), was established in late 2020, has no employees and has a registered capital of just 500 euros, according to InformaDB.

Since September 2022, the municipality of Oiras has been trying to sell the plot of land

holding five public auctions, at which no bids were submitted. Only on the sixth attempt, after reducing the value by about 2 million euros compared to the initial price of 14.52 million euros and amending the designation for construction, was the municipality able to sell the property.

Indexgeneroso was the only interested party

which concluded the deal at the minimum price required by the municipality - 12.69 million euros.

Project of residential complex, apart-hotel, trade and services

Located on the street of Paso de Arcos and with an area of 20 thousand square meters, the lands of Oiras "has developed for this location a new mixed-use urban planning concept that includes the creation of two plots of land for services, aparthotel, retail and housing."

However, the land parcels still contain vacant buildings of the former National Petrochemical Company and internal roads that are in "poor condition"

their future is "demolition and complete functional reconstruction".

Indexgeneroso paid 10% of the transaction amount on the day of the public auction

and the remaining 90% will be paid on the day of the transaction, which must be concluded within 90 days. All legal costs of the land purchase, such as registration and contract, are also covered by the successful bidder.

In accordance with the procedure established by the Municipality of Oiras

the winner has a period of nine months from the signing of the contract to request a land use permit and submit the entire construction project, including the reorganization of external roads.