AN EXCLUSIVE hotel in Estoril is being demolished to make way for a development of luxury apartments worth more than 100 million euros plus.
The Hotel Estoril Sol has been operating for more than 40 years as one of the most exclusive hotels in the area. Replacing it will be the Estoril Sol Residence, a condominium of more than 100 apartments, including three towers, one detached and two linked by a bridge which has been designed by the architect Gonçalo Byrne and is due to be completed by 2010.
Prices for the new apartments vary between one and one-and-a-half million euros for a one bedroom apartment and more than eight million euros for the largest six bedroom apartments, which include a maid’s room and two lounges.
Before construction has even begun, 60 per cent of the apartments have already been sold.
José Eduardo Macedo, a spokesman from the Associação de Mediadores Imobiliários, the Estate Agents Association, said: “These properties are destined to a very selective niche in the market. As well as Portuguese high society, they will be sought after by the English or Irish elite.”
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