VIC Properties today received approval from Lisbon City Council for the subdivision project of the northern area (Subdivision A) of the Matinha Detailed Plan, a crucial step towards increasing the city’s housing supply through the construction of up to 771 new homes.
This approval corresponds to the first phase of the implementation of the Matinha Detailed Plan, located between Avenida Marechal Gomes da Costa, Rua de Cintura do Porto de Lisboa and Rua do Vale Formoso de Baixo. The project will enable the regeneration of this former industrial area, restoring public access to a part of Lisbon that has been closed off for decades.
“This will be one of the largest private developments in Portugal since Expo ’98, with a significant economic impact and substantial job creation, bringing to life a municipal masterplan that was approved more than a decade ago”
— João Cabaça
CEO and Co-Founder, VIC Properties
João Cabaça also highlighted the environmental importance of the project, noting that all of the land involved will undergo a certified soil remediation process.
Subdivision A will comprise 22 plots, with a total gross floor area of 123,632 sqm, representing 36.5% of the overall project. Of this, 101,836 sqm will be allocated to residential use. The remaining space will accommodate retail, services, leisure facilities and other activities. As part of the development, 14,608 sqm will be transferred to the municipality for the creation of green areas and community facilities. A further 28,252 sqm will be dedicated to roads and infrastructure, alongside the provision of 450 public parking spaces.
Among the project’s key urban interventions is the extension of Alameda dos Oceanos through the creation of a new road axis and roundabout, which will require the removal of the existing viaduct on Avenida Marechal Gomes da Costa. This intervention will enable the creation of a new urban hub, strategically connected to the city’s main transport corridors (A1 motorway, CRIL and Vasco da Gama Bridge) and located close to both rail and metro services.
Through this solution, VIC Properties will also improve local mobility by extending the Parque Ribeirinho Oriente waterfront park to the Parque das Nações Marina, creating a green corridor stretching for more than 1 km.
“The transformation of Lisbon’s eastern waterfront is one of VIC Properties’ key priorities. Through the development of Prata Riverside Village, we have contributed to the momentum that today defines Marvila. Matinha represents the next step in that vision and will allow us to continue reconnecting this part of the city with Lisbon’s residents”
— João Cabaça
CEO e Co-Founder, VIC Properties
The project has received favourable opinions from all relevant external authorities and now moves into the licensing phase for the urban infrastructure works, which are currently under review by the technical services of Lisbon City Council. VIC Properties expects construction to begin in 2027.
With an estimated gross development value of approximately €2 billion, the overall project envisages the delivery of around 2,000 new homes, 120,000 sqm of green spaces and leisure facilities, 65,000 sqm of services and retail space, as well as a new school and several entertainment venues. During the construction phase, the project is expected to generate around 3,000 jobs.
About VIC Properties:
Founded in 2018, with a project portfolio exceeding €3 billion in assets under management, VIC Properties is a dynamic, vertically integrated real estate developer. Driven by a mission to create unique experiences and foster a strong sense of community, the company develops large-scale residential and hospitality projects across Portugal.
Headquartered in Lisbon and supported by a highly experienced team and leading industry partners, VIC Properties has built a strong reputation over the years, reflected in its landmark developments, extensive expertise, and proven technical capabilities.
