Canidelo Apartments

Canidelo Apartments

Canidelo Apartments is a beachfront ground-up development. The location is zoned as commercial and services, suitable for mixed commercial and hotel development. The goal is to develop serviced apartment for sale and lease back.

  • Address:

    Lote 19, Avenida Beira Mar, V.N de Gaia

  • Total construction area:

    11,232 sqm

  • Estimated Investment Timeline:

    03.2023 – 03.2025
    (24 months)

  • Report issue:

    #1

  • Date of Issue:

    31-03-2023

  • Next Issue:

    30-06-2023

1. Project Updates

  • The architecture team is confirmed for concept and licensing
  • The team is collecting proposals for engineering teams for a decision
  • City Hall of Gaia insists on a two-building solution to the project
  • Meeting scheduled for 1st week of Apr to understand the requirements from city hall

2. Financial Updates

  • Mar 31 2023 – After due diligence conducted by PBBR, the fund acquired the asset holding company (Sparkling Joy, Lda) via a combination of share purchase and shareholder’s loan.
  • With the purchase, the fund now owns 100% of Sparkling Joy, Lda with:
    • Capital: 525k euros
    • Shareholder’s loan: 1,725,000 euros

I Capital Structure & Profit Forecast

On March 2023, the fund acquired the asset holding company (Sparkling Joy, Lda) via a combination of share purchase and shareholder’s loan:

  • Capital: 525,000 euros

  • Shareholder’s loan: 1,725,000 euros

Capital Structure & Financing

  • Total Estimated Project Cost

    19,625,224.00€

  • Total Capital Invested

    2,250,000.00 €

  • Debt Financing

    -

  • Equity Financing

  • Common Equity

    2.250.000,00 €

Project Profit Forecast-Allocated to Equity Investor

  • Total Projected ROE

    48%

  • Pre-promote IRR

    28%

  • Pre-promote Profit before Tax

    1,087,988 €

III Project Cost Estimation

Project Cost Estimation-Land Cost

  • Land Acquisition

    1,850,000.00 €

  • IMT

    111,000.00 €

  • Total Land Cost

    1,961,000.00€

Project Cost Estimation

Project Cost Estimation-Construction Cost Estimation

  • Total Land Cost

    1,961,000.00€

  • Architecture fee

    453,866.00 €

  • Permits & Fees

    20,000.00 €

  • Engineer

    302,578.00 €

  • Fiscal PM& Other Consultants

    302,578.00 €

  • Project development Fee

    756,444.00 €

  • Government Tax & HOA Subsidy

    18,303.00 €

  • Utilities

    10,332.00 €

  • Insurance

    6,888.00 €

  • Operational Cost

    84,722.00 €

  • Total Soft Costs

    1,955,710.00 €

  • Directs (including Site Development)

    13,037,894.00 €

  • Interior +furniture + equipment

    793,350.00 €

  • Total Hard Costs

    13,831,244.00 €

  • Contingency and Escalation

    1,383,000.00 €

  • Total Development Cost

    17,169,954.00 €

  • Loan Fees

    494,270.00 €

  • Total Land+Development Cost

    19,625,224.00 €

IV Typology & Sales Tracking

Typology&Sales Timeline Forecast

  • Typology

    Serviced Apartment

  • Average Size per Unit

    100 sqm

  • Average Price per Unit

    394,020.00 €

  • Average Price per Sqm

    3,935.00 €

  • Sales Timeline Estimation

  • 2023 Gross Sales Revenue(est.)

    3,546,177.00 €

  • 2024 Gross Sales Revenue(est.)

    3,546,177.00 €

  • 2026 Gross Sales Revenue(est.)

    16,548,826.00 €

  • Total Gross Sales Revenue(est.)

    23,641,180.00 €

Sales tracking

1 / 2
Back to Executive Summary