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Posted by portugalpress on May 08, 2018

Bayline is the name of a new €60 million project to build a private condominium boasting 256 apartments just 30 metres away from the beach in Armação de Pêra, and near a lagoon known locally as Lagoa das Garças.

It is described as one of the last beachside developments that can be built in the Algarve and “surely the only residential project for a closed condominium with a view of the sea, a lagoon and located 30 metres away from a beach”.

The project has recently been purchased by Vanguard Properties, led by French television magnate Claude Berda, which is already developing the €12 million tourist complex White Shell Beach Villas in Senhora da Rocha, Porches.

Construction will begin in June and is expected to be completed by December 2020.

The development will be located on the edge of Praia dos Pescadores, consisting of six buildings with five to six floors, with a total of 256 one- to three-bedroom apartments.

It will also feature a reception with concierge services, a spa, gym, swimming pools, “ample green spaces” and sports fields.

The project includes the rehabilitation of the surrounding area, a counterpart that was agreed upon by the group with the local authority.

Vanguard Properties’ managing director José Cardoso Botelho told the Resident that the group was interested in taking over the project due to its “location, size and the timing”.

“Its location near the beach, with most apartments boasting a view of the Praia Grande bay and the lagoon, is unique and exceptional. It will probably be the only residential development in the Algarve to boast beach and nature views while being within walking distance of the beach and enjoying its own private green spaces,” he told us.

He added that the project’s dimension is perfect for “a group of our size” and that the deal’s timing was exceptional as the group will start building the development and selling the apartments at a time when “demand is very high but supply is scarce”.

Botelho also said that the Algarve market is “eager for new and modern products with a different kind of architecture”.

In a previous interview with Expresso newspaper, Botelho said that the group could have started selling the apartments already because they have interested buyers, but it only begins sales when “we have the architectural project complete”.

“We do not want to show something that will be changed later. For us, it is very important that our reputation is not negatively affected,” he said.

The paper added that before it was taken over by Vanguard and renamed Bayline, the project was called the Lagoa das Garças Village and included 296 apartments.

The developer was a company called Almagarça that started work on the project in 2008. In fact, the foundations for four of the buildings were laid, along with parts of the first floors, but money problems caused by the economic crisis left the project on the shelf.

This left people who had already bought apartments trying to get their money back.

Vanguard became interested in the project and tried to negotiate with the owner to purchase the project for an amount equivalent to what people had paid. However, the process was not easy.

“We concluded negotiations on March 20 this year. It took five months, and we had 30 people included in the deed because they had made 62 promissory contracts. We returned all that money to the buyers who, by this point, had thought they would never see that money again.”

White Shells to be completed before 2020
Meantime, José Cardoso Botelho told us that the first phase of construction of the White Shells Beach Villas complex in Porches has been completed and that a tender for the second phase of the works is ongoing.

Plans are to start selling the apartments next month and have the complex up and running by the end of 2019, he said.

The four-star development will feature 55 apartments with “beautiful views of the sea” as well as a spa, gym, three pools and several tennis and paddle courts.

michael.bruxo@algarveresident.com

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