A Permit-ReadyResidential Developmentin Portugal's Lisbon Corridor.

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Landscaped courtyard of the Setúbal residential development
Architectural line drawing of the Setúbal residential development

A 151-apartment development with municipal approval already secured and the building permit at its final stage.

Open to qualified investors and partners.Request investment memo

The opportunity

The case for Setúbal

Portugal is one of the fastest-growing property markets in the EU, and Setúbal has been outperforming almost every other region while still costing far less than Lisbon.

Aerial view of the Setúbal coastline and Tróia peninsula

The location: Setúbal

45 minutes from Lisbon. A fraction of the price.

40 min By car
55 min By train
42 min By bus
≈20%Setúbal regional price growth in 2025 (second only to Madeira)

Still well below the prices in central Lisbon, with a growing base of international buyers

On the Sado Estuary, beside the Arrábida Natural Park, with the Tróia beaches across the bay

The Investment Memo sets out the return modelling, market comparables, and full project economics.

The project

The asset

Architectural render of the Setúbal residential complex
x151Apartments
7+3 Floors (Above + Underground)~22.8m facade · new street frontage
189 Parking Spaces (Internal)+38 external public spaces
7 Pool Structures1 communal, 6 private

The project is a residential complex of 151 apartments across seven above-ground floors, with three underground levels for parking and services. It includes communal and private pools, landscaped grounds, and a secured perimeter.

All parking and service traffic is kept below ground, so it stays separate from where people live.
Use
Residential — Collective Living Complex
Location
Setúbal, Portugal · Rua Almeida Garrett
Levels
7 above-ground + 3 underground
Facade Height
~22.80 m to the new street frontage; ~11.40 m to Rua Almeida Garrett
Total Apartments
151 apartments
Parking — Internal
189 spaces (123 individual · 30 double · 3 double box)
Parking — External
38 public spaces on the new street
Pools — Communal
1 pool · 135.66 m³
Pools — Private
6 pools · 122.91 m³ combined
External Areas
Landscaped communal grounds · Secured perimeter
Courtyard render showing the residential development and landscaping

Investment framework

GDV — Gross Development Value
Available in memo
Target Equity Multiple
Available in memo
Total CAPEX
Available in memo
Target IRR
Available in memo
Hold Period / Exit Horizon
Available in memo

The full apartment mix, floor plans, GFA breakdown, and complete financial modelling are in the Investment Memo.

Development status

The planning is already done.

Architect reviewing construction plans at a work table
In most residential developments, the biggest cost is not the construction.

It is the years spent getting designs approved, negotiating with the municipality, and working through the planning process.

That stage ties up capital and carries risks that are hard to put a figure on.

Completed
Site Acquisition

Land secured. Ownership held under ROMANTIBURGO, SA.

Completed
Architectural Design

Building concept, floor plans, and facade treatment finalised.

Current position
Municipal Approval

Approved by the municipality of Setúbal. Planning conditions satisfied.

In progress
Building Permit Issuance

Final administrative stage. At advanced stage.

Next
Investor / Partner Handover

Project delivered fully permitted and construction-prepared.

Upcoming
Construction Start

Immediate mobilisation possible upon capital deployment.

Upcoming
Completion & Delivery

Exit horizon outlined in the Investment Memo.

Investment Memo

See the full picture

The Investment Memo sets out the financial framework, the return modelling, the deal structure, and the full project economics.

It is available to qualified investors, family offices, and institutional partners on request.

Investor type*
Nature of interest*