Investment of over 125 million creates new development in Praia da Rocha

In the first phase, it will consist of a 16-story residential tower and 116 apartments.

In a statement, those responsible said that the Ribamar project is the result of a joint venture between AEDAS Homes , a Spanish real estate developer, and LandCo , a Santander bank company specializing in integrated land development and urban planning.

Speaking to Lusa, a source close to the project said that the first two towers, one of which was presented at the end of July and another that could be built on an adjacent plot of land if demand continues, represent a total investment volume of more than 125 million euros.

The development will be located 200 meters from Praia da Rocha, initially with a tower with 116 apartments ranging from T1 to T4, with private terraces of up to 60 square meters ( ^m2 ), and several common areas, the note reads.

The project will be developed on land belonging to LandCo's portfolio and will have a buildable area of 14,000m² residential and 2,200m² commercial.

In addition to the apartments, the project also includes the construction of common areas such as a swimming pool, gym, social club, solarium, children's area and coworking space, designed to offer a "first-class residential experience," he adds.

Marketing of this first project in Portugal between LandCo and Aedas Homes has already begun, with construction scheduled for the second quarter of 2026, according to those responsible, who estimate a turnover of 70 million euros.

This project also includes an option to purchase another adjacent plot of land, where a second tower with 116 more apartments could be built, "if demand remains active and sustainable," the statement added.

"In total, the Santander bank developer has four plots of land in the Algarve with the capacity to develop almost 500 homes," he concludes.