The ‘Dubai Madeira’ project, a luxury housing development that will be born in the west of Funchal, represents a private investment of 300 million euros, the largest ever made in the autonomous region, it was announced yesterday.
According to the promoters of the project, presented yesterday evening, nine luxury residential buildings will be built in the Ajuda area, in the parish of São Martinho, in a total of around 400 apartments, from T1 to T4 (1-4 bed apartments)
The first building should be completed next year and the last two in 2028, said the executive president of Socicorreia, the company responsible for the project, together with the Madeiran group AFA.
The buildings will have a maximum of nine floors and will be “all different from each other”, stressed Custódio Correia, adding that “they all have commerce at the ground floor level”, as well as parking for all fractions.
According to the president of the Order of Economists in Madeira, Paulo Pereira, this is “the largest private investment that has ever been made in Madeira” and which will represent an “addition of wealth” for the region of 79.19 million euros.
Paulo Pereira also indicated that the project will have an impact of 108.5 million euros in terms of tax burden, and the Funchal City Council, the main one in the autonomous region, will collect 18.5 million euros in Municipal Tax on the Onerous Property Transfers (IMT), not counting resales.
The insular executive will have the largest share of the tax burden (87.98 million), which will represent “1.5% of the total taxes” that the Madeiran government will receive.
On the occasion, the president of the Regional Government of Madeira, Miguel Albuquerque (PSD), announced the construction of a “new horizontal crossing road through the city of Funchal”, in order to “guarantee, both residents and new residents, a good mobility and quality of life”.
This will be a new tunnel, which “will enter where the Amparo garden is today, will have a bypass that will connect the new hospital in Funchal and with access to the expressway and, then, the other variant will connect the area west to east” of the city.
Miguel Albuquerque expects to present the project in February 2023 and expects that the works will start later that year.
The official did not want to advance, for now, the value of the investment, admitting, however, that it will be “a few million” euros.
The mayor of Funchal, Pedro Calado, said, in turn, that the west of the county is growing, with the construction of 1,843 dwellings expected in the next “five or six years”.
The mayor guaranteed to be “on the side of businessmen” and to keep taxes to a minimum while he is president of the Funchal executive.