Football superstar Cristiano Ronaldo, also known as CR7, is expanding his business portfolio with a new luxury real estate project in his hometown of Madeira. The Pestana Group, in partnership with Ronaldo, will launch the CR7 brand in the real estate sector with a new project called the Pestana Residences CR7. The project involves an investment of €50 million and will be built on a plot of land owned by Ronaldo at Praia Formosa. The development will feature 88 south-facing apartments with typologies T2 and T3 and will be a 50-50 partnership between Ronaldo and the Pestana Group.
Praia Formosa, the largest public beach on the island of Madeira, was chosen as the location for the project due to its unique position and 240 meters of sea frontage. The beach is situated just 10 minutes from the center of Funchal and stretches for 2 km. It features areas with pebble roll and areas with black sand, as well as a promenade for visitors to enjoy.
Dionísio Pestana, the chairman of the Pestana Hotel Group, revealed the plans for the project in a recent interview with a Portuguese business newspaper. The Pestana Hotel Group already operates five CR7 branded hotels in partnership with Ronaldo. If the Praia Formosa project proves to be successful, the group plans to set up more apartment complexes in Madeira and mainland Portugal.
For those unfamiliar with Portuguese housing terminology, typology T refers to the number of bedrooms in an apartment. For example, an apartment with three bedrooms and a living room would be referred to as a T3. With the addition of the Pestana Residences CR7 project, Ronaldo continues to expand his business empire beyond the football field.
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