FAA Rentals has invested €5 million in restoring a building on Rua João Tavira in Funchal, creating nine holiday accommodation apartments and a ground-floor commercial space.
The development is the group’s third investment in the city and forms part of its strategy to restore older buildings, bringing them back into use while preserving their value.
Group representative Félix Figueira said further projects were being considered.
“It is the beginning of a long road that we still have ahead,” he said.
Although he did not disclose their locations, Figueira indicated that future developments would follow a similar approach, combining residential accommodation, commerce and services.
Samantha Gannon
info at madeira-weekly.com
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