VIC Properties Secures Approval for Major Lisbon Development

VIC Properties, a leading real estate developer in Portugal, has received approval for the redevelopment of the old Gas Factory of Matinha in Lisbon. This project is one of the largest residential-led mixed-use developments in the country, expected to bring around 2,000 new homes and 65,000 sqm of commercial space to the area. Additionally, the plan includes 120,000 sqm of public green spaces, a new school, and several entertainment venues.

The former industrial site has been abandoned for 25 years. Its transformation represents a significant step in reconnecting Lisbon to its waterfront. The project is valued at approximately 2 billion euros and is expected to generate over 3,000 direct jobs, funded by private capital.

VIC Properties, responsible for the neighboring Prata Riverside Village project, aims to create a sustainable and eco-friendly community that aligns with the “15-minute city” model. The project's completion is anticipated for 2026, marking a significant milestone in Lisbon's urban redevelopment.