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Socicorreia announces 8 new works and concludes another 4 in 2021

SOCICORREIA has just announced that by the end of this year it will build 8 new projects and complete 4 works in strategic cities for the Group: Lisbon, Funchal and Ponta Delgada. It also announces that, through VARINO, a company it holds with the AFA Group, it will launch an investment of approximately € 90m by the end of this year.

In Lisbon, the “Edifício Século XXI 16”, as well as “Varino 03” and “Varino 04”, while in the city of Funchal follow the “Edifício Século XXI 18” and “Século XXI 19”, and also, “Varino 05” and “Varino 07”. This year, SOCICORREIA, concluded the “Edifício Século XXI 17”, in Funchal.

In the Azores, in Ponta Delgada, SOCICORREIA starts the “Sea Lux 2” project, and will complete the “Sea Lux” Building. In Braga, SOCICORREIA will, in the near future, conclude the “Lux Housing”, “Chãos de Braga”, and the “Hotel Século XXI” project, estimated at € 20m, which is expected to start in 2022 due to the impact of the new coronavirus pandemic.

VARINO is studying the construction of “Varino 06”, in Lisbon, which is still in the project phase. The capital will absorb €60m of the company’s total investment for the years 2021 and 2022, being the big bet for the next 2 years.

Lisbon is followed by Funchal, whose investment for this year will amount to € 35m to continue the ongoing projects. The “Varino 05” and “Varino 07” that start in 2021, mark the beginning of the great enterprise “Dubai in Madeira”, composed of highly exclusive buildings and a park with green areas and leisure areas with approximately 25 thousand m2.

“Our great guideline is to consolidate investments until 2023 and continue the projects of the Edifício Século XXI and Varino brands, which are distinguished by their strong quality and differentiating design in the national market”, guarantees Custódio Correia, CEO of the SOCICORREIA Group.

The company wants to maintain growth over the next ten years, a goal that can be confirmed by the breath it showed in the last year, which despite the pandemic, made investments that amounted to more than €100m, and with a Group turnover of more than €50m, demonstrating its strong dynamism in the construction and real estate development sector.

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