A modernist building designed by the Portuguese architect Raul Chorão Ramalho will be rehabilitated in the center of Funchal to make way for the luxury residential development Monterosa Residence, consisting of 13 apartments with prices starting at 970,000 euros.
The project, promoted by JPF Investimentos Imobiliários and marketed by Portugal Sotheby’s International Realty, will be located next to Funchal Cathedral and results from the rehabilitation of a historic building considered a landmark in the city’s architectural landscape.
According to the developer, in a press release, the project, which is scheduled to begin this March and last approximately 20 months, aims to preserve a significant portion of the original interiors, combining heritage restoration with contemporary solutions. The development will consist of two- and three-bedroom apartments, designed with en-suite bedrooms and personalized design solutions.
The project includes a range of common areas and services, including an outdoor swimming pool, terraces, a gym, concierge service, and permanent security systems.
Quoted in the project presentation, Lina Ramos, partner and office manager of Portugal Sotheby’s International Realty in Madeira, considers the project to be “a rare opportunity in the center of Funchal”.
“We are faced with a project that combines architectural heritage, an absolutely privileged location, and meticulously planned execution. In a context of very limited supply of new and differentiated products in Madeira, this development stands out for its unique scale, quality, and potential for appreciation in the medium and long term.”