From early owners at Bom Sucesso Resort, I received some amazing photos showing what this place looked like around 20 years ago. I thought it would be fun to share them with you — and for some of them, I’ve added pictures of what the same spots look like today.
At that time, only the sales pavilion had been built — maybe some of you visited back then, standing in the middle of all that dust, trying to imagine what would one day rise around you.
There was no Álvaro Siza, no David Chipperfield, no green fairways or paved streets. Just sand, rocks, trenches — and the vision to create “the largest living and permanent exhibition of private, contemporary architecture.”
Some of the architects who helped prepare the land told us it looked “like the surface of the moon.” Hard to imagine now, right? There weren’t many trees here either.
Since then, Bom Sucesso Resort has transformed its landscape by planting over 15,000 trees, including more than 2,000 ancient olive trees, some of which are over a thousand years old. Pines and other native species now define the character of the resort, making greenery a central part of everyday life. Remarkably, only seven percent of the 160-hectare site is occupied by new construction, preserving the natural setting that makes this place so unique.
A Dusty Beginning at Bom Sucesso Resort
When construction began in 2004–2005, Bom Sucesso Resort was nothing but rugged terrain. All roads were still raw paths. The lake near the Clubhouse was just a clay pit. Everything had to be built from scratch — including the entire network of streets, lakes, golf holes, and utility systems.
Why an Archaeologist Was on Site at Bom Sucesso Resort
Because Bom Sucesso Resort borders the Óbidos Lagoon — a historically rich area — every trench had to be monitored by an archaeologist. Over two years of excavation, two small ceramic fragments were found.
– A yellow-glazed shard near what is now Golf Hole 4
– A green-painted fragment near Golf Hole 6
These were the only finds during two years of archaeological monitoring. No significant remains were discovered, but the team stayed alert — just in case the ground had more stories to tell.
How the Golf Courses at Bom Sucesso Resort Were Built
The stunning fairways we see today? They began with shallow irrigation ditches and deep earthworks. Golf holes were carefully carved into the landscape, with soil moved and reshaped meter by meter. Clay taken from on place helped form the base of lakes at another place. It was pure landscape engineering.
Bom Sucesso Resort: Built Lot by Lot, Street by Street
Everything in the resort was shaped by hand and machine:
• Streets were leveled and widened
• Drainage and specialty networks were installed
• Slopes were adjusted to manage rainwater and irrigation
• And plots were carved out one by one, often in challenging conditions
5 Behind-the-Scenes Facts from the Early Days at Bom Sucesso Resort
1. Bom Sucesso was built with serious earthworks
Some areas were excavated up to 10 meters deep to level the terrain and prepare for construction. This wasn’t just landscaping — it was full-scale land reshaping. Imagine standing at street level today and knowing the earth below you was completely reworked by machines 20 years ago.
2. The lakes at Bom Sucesso are man-made and engineered from clay
Lakes were carefully carved into the landscape and built using local clay extracted from other areas of the Resort, to form the lake banks and seal the ground.
3. Some parts of the site at Bom Sucesso were so muddy, work had to stop
Rainy weather sometimes turned work sites into impassable mud zones, especially near Lake at Golf Hole 3 and the access road. The construction teams even had to pump out water in places and use gravel or sand just to move equipment.
4. Early infrastructure at Bom Sucesso was built before most houses existed
Even before homes were started, specialty networks like gas, electricity, water, and telecom lines were being laid underground. These systems were installed along raw, unpaved roads — long before the first villas were built.
5. There’s a heliport at Bom Sucesso — and it had to be blasted into shape
The area for the heliport, near the Tennis club, required blasting and leveling. The earth removed was repurposed for other parts of the resort.
Then and Now: The Evolution of Bom Sucesso Resort
Today, it’s hard to imagine Bom Sucesso Resort without its elegant homes, quiet streets, and mature landscaping. But these photos tell a different story — a story of effort, vision, and raw transformation.
Scroll through the gallery below to see the difference. For some early photo, I’ve added current image of what the same location looks like today. You might just recognize your street or backyard.
Bom Sucesso Resort Phase I Satellite Picture 20 Years Ago
A high-resolution satellite image from that time is also available — you can download it here to explore Bom Sucesso Resort as it looked in the very beginning.
Bom Sucesso Resort Golf Hole 3 and Volta do Lago — Today vs. 20 Years Ago
Bom Sucesso Resort Phase 1 — View from R. Alta do Monte Verde: Today vs. 20 Years Ago
Nuno Graça Moura’s 24 Row Houses at Bom Sucesso Resort — Today vs. 20 Years Ago ( I assume it is this location)
Lake at Golf Hole 13, Eduardo Souto de Moura‘s 6 Red Lake side Villas at Bom Sucesso Resort – Today vs. 20 Years Ago
View From Bom Sucesso’s Tennis Court – Today vs. 20 Years Ago
View from R. Bela, Bom Sucesso Phase II Today vs. 20 Years Ago
View to Phase I at Bom Sucesso Today vs. 20 Years Ago
Can you identify where these picture are taken at Bom Sucesso Resort ?
At the early stages of Bom Sucesso Resort, the developer Acordo produced a series of beautifully designed sales brochures to promote the vision and architectural ambition of the project. These brochures—available in English, Spanish, German, and Portuguese—played a key role in the original Bom Sucesso promotion strategy, offering a glimpse into what was planned and what inspired the unique development in Óbidos, Portugal.
Thanks to the generosity of Darren, Andre, Usha, Matthew, and Erich—some of the first homeowners at Bom Sucesso—we’ve been able to scan and archive several of these original brochures. These are large-format, high-quality publications, printed on A3 paper with elegant layouts and striking photography. Each version reflects a different stage of the resort’s evolution.
Whether you’re a fan of modern architecture, an owner at Bom Sucesso, or simply curious about its origins, these brochures are a fascinating part of the resort’s story.
1. Sales Brochure V1 – Bom Sucesso Resort
Format: A3 Horizontal, 12 pages
This is likely the earliest version, as the map includes several buildings that were never constructed. It feels like a first draft of the Bom Sucesso vision.
- View the English version here
2. Sales Brochure V2 – Bom Sucesso Resort
Format: A4 Vertical, 8 pages
This edition marks the first time the architects of Phase One were formally introduced, including quotes about their individual design philosophies.
- View the Portuguese version here
3. Sales Brochure V3 – Bom Sucesso Resort
Format: A3 Vertical, 28 pages
Still using the original Bom Sucesso logo, this version introduces “Phase 3” on the resort map and shows a broader view of the long-term development plan.
4. Sales Brochure V4 – Bom Sucesso Resort
Format: A3 Vertical, 28 pages
This is one of the most refined versions, featuring the updated logo with a transparent, high-quality print on the cover. It is available in three languages:
The German edition uniquely highlights a proposed house by Álvaro Siza Vieira on its opening pages—a model that, interestingly, was never built. This may have been created later to support a targeted Bom Sucesso promotion campaign in German-speaking markets.
5. Sales Brochure for Bom Sucesso Golf Course
Format: A4 Horizontal, 30 pages
This brochure shifts focus to promote the Bom Sucesso golf course, one of the resort’s major lifestyle features.
- View the Portuguese version here
Why These Brochures Matter
These publications are more than just marketing materials—they are a part of the resort’s cultural and architectural heritage. They showcase how Bom Sucesso aimed to create a bold, modernist community that brought together some of the most respected architects in Portugal and Europe.
If you only have time to check out one, I highly recommend Sales Brochure V4. It’s visually elegant and gives the most complete insight into the original vision for Bom Sucesso Resort.
Help Us Expand the Archive
If you have other brochures—especially versions we don’t yet have or in other languages—please reach out! We’d love to preserve them for the community and continue building this historical archive of Bom Sucesso promotions and development milestones.
Thank you, Ben
Twenty years ago, the Bom Sucesso Resort (BSR) project was shown to the public for the first time at an event in the Centro Cultural de Belém (Lisbon). After the event, there was a multi-day exhibition showing models of the houses in Phase One. A catalog called “14 Arquitectos: Projectos do Bom Sucesso Resort” was also published.
(Catalog which is the first publication of Bom Sucesso can be downloaded here)
At that time, the project’s promoter said it took 12 years to get the legal approval for the development. Bom Sucesso Resort was advertised as the largest exhibition of contemporary architecture, which is true. But some other promises were not kept. For example, they said BSR would become “the top reference in Europe for luxury real estate developments” and that the project would be finished in five years.
Special about Bom Sucesso is the modern lifestyle and the wonderful international community. We hope that one day the project will be completed as the amazing architectural icon it was meant to be.
You can read the 20-year-old article from Público here in Portuguese.
It is great to live with you at Bom Sucesso, Happy Birthday!
Ben
In 2024, the esteemed Spanish architect Josep Llinàs was honored with the Gold Medal for Architecture by the Consejo Superior de los Colegios de Arquitectos de España (CSCAE) (details here). This accolade, the highest in Spanish architecture, recognizes Llinàs’s profound impact on the field through his thoughtful designs and dedication to architectural education .
The Visionary Approach of Josep Llinàs in Modern Architecture
Llinàs’s architectural philosophy emphasizes a harmonious dialogue between new constructions and their existing environments. His notable works include the Jaume Fuster Library in Barcelona and the Central Library in Terrassa, both exemplifying his commitment to integrating structures seamlessly into their urban contexts .
Josep Llinàs at Bom Sucesso Resort
At Bom Sucesso Resort in Óbidos, Portugal, Llinàs contributed to the resort’s architectural diversity by designing a unique housing typology. His involvement adds to the resort’s reputation as a living exhibition of contemporary architecture.
Josep Llinás‘ 6 Villas at Bom Sucesso Resort
Bom Sucesso Resort, located on Portugal’s Silver Coast, is a remarkable experiment in contemporary architecture. Designed by an impressive roster of national and international architects, it represents a rare example of large-scale, coordinated architectural ambition. As interest in modern architecture continues to grow, so does the body of literature documenting Publications Bom Sucesso. Below is a curated selection of architecture publications about Bom Sucesso, including both general project overviews and publications focused on specific architects and houses.
Sales Publications
For more insights, explore various Bom Sucesso Publications to understand its architectural significance in depth.
1) Bom Sucesso Sales Brochure
The original Bom Sucesso sales brochure is an oversized publication with a bold red cover. It provides a comprehensive overview of the project, including a full list of participating architects, maps of the resort’s development phases, and photos of the house models. Available in Portuguese, English, and German, this document is a valuable starting point for understanding the overall vision.
It’s a must-see for anyone researching Bom Sucesso.
See English version here
You can also find a detailed review in our latest blog post about all sales brochures including German, Spanish and Portuguese versions. Read here
2) Exhibition Book: 14 Arquitectos Projectos Do Bom Sucesso Resort
This book was originally released in conjunction with an exhibition held in December 2004 at the Centro Cultural de Belém in Lisbon. The exhibition, and the book that accompanied it, introduced the first phase of the project and presented work by 14 architects. While the exhibition itself is less documented, the book remains an important reference and was handed out to early property buyers.
A scanned version is available here.
Architectural Publications
3) Álvaro Siza – Design Process: Quinta do Bom Sucesso Housing Project (2013)
Álvaro Siza Vieira‘s – 14 Villas at Bom Sucesso Resort
This monograph documents the design of Álvaro Siza Vieira’s house at Bom Sucesso in great detail. It includes sketches, plans, and commentary on the development process, offering rare insight into the architect’s methodology.
ISBN: 9789898481290
4) Eduardo Souto de Moura – El Croquis 145 (2009)
Eduardo Souto de Moura‘s – Unfinished Hotel at Bom Sucesso Resort, 13 C-Shaped Villas at Bom Sucesso Resort, 10 Hilltop Villas at Bom Sucesso Resort, 6 Red Lakeside Villas at Bom Sucesso Resort
This volume of El Croquis features four houses and the hotel designed by Eduardo Souto de Moura for Bom Sucesso. It includes sketches, technical drawings, and thoughtful analysis of his approach to context and material.
ISBN: 9788488386557
This book is collectible and often sells for over €100, a digital version is available for €14.
5) Alcino Soutinho – Arche News 14 (2009)
Alcino Soutinho‘s – 14 Villas at Bom Sucesso Resort
This issue of Arche News includes coverage of one of Alcino Soutinho’s houses in Bom Sucesso’s first phase. It combines photography, brief analysis, and insights into Soutinho’s architectural philosophy.
ISBN: 5601073067485
6) João Luís Carrilho da Graça – Architectural Guide (2019)
Carrilho da Graça‘s – 14 Houses at Quinta do Bom Sucesso Resort
This guide covers João Luís Carrilho da Graça’s contribution to Bom Sucesso. One interesting fact is that he originally intended for his houses to be painted white—contrary to their current red color.
ISBN: 9789899846296
7) Gonçalo Byrne – A Casa de Quem Faz as Casas (2016)
Gonçalo Byrne – The Fingers – 16 Unfinished Row Houses at Bom Sucesso Resort
This book including Gonçalo Byrne’s contribution to the resort, known informally as “The Fingers,” an unfinished sub-condominium of striking design.
ISBN: 9789898851048
8) Manuel Aires Mateus
Manuel Aries Mateus‘ – 7 Row Houses at Bom Sucesso Resort
The project by Manuel Aires Mateus at Bom Sucesso is featured in multiple publications:
a) Architectural Guide Aires Mateus (2019)
ISBN: 9789895440139
b) El Croquis: Aires Mateus 2002–2018 (2019)
ISBN: 9788494775437
c) L’architettura di Aires Mateus (Italian, 2009)
These books explore themes of light, geometry, and silence, central to Aires Mateus’s body of work.
ISBN: 9788837078102
9) Graça Dias & Egas Vieira
Egas José Vieira, Manuel Graça Dias‘ – 13 Round Houses at Bom Sucesso Resort
The Round Houses designed by Graça Dias and Egas Vieira are featured in:
a) Graça Dias & Egas Vieira Arquitectos Portugueses Série 2 (2014)
ISBN: 9789898657480
b) Manuel Graça Dias – A Casa de Quem Faz as Casas (2016)
ISBN: 9789898851017
These publications include photos, models, and design sketches, highlighting their distinct approach.
10) Madalena Menezes & Teixeira Bastos – Casa X (2012)
Madalena Menezes and Teixeira Bastos‘ – 6 Casa X Villas at Bom Sucesso Resort
The house known as Casa X is documented in:
Modernização da Escola Secundária Rainha Dona Leonor + Casa X – Atelier dos Remédios
ISBN: 9789898456199
This book pairs the residential project with a school renovation, showcasing the studio’s range.
11) Nuno Brandão Costa – ARCHINEWS 21 (2011)
Nuno Brandao Costa ‘s- 7 Houses in Óbidos at Bom Sucesso Resort
This edition features Nuno Brandão Costa’s striking house at Bom Sucesso, emphasizing mass, structure, and the play of light in its design.
Conclusion
Bom Sucesso Resort has captured the attention of architects, critics, and enthusiasts alike. The publications listed above offer diverse perspectives on the resort’s bold architectural vision. From sales materials to scholarly monographs, each book contributes to a deeper understanding of this unique architectural experiment on the Portuguese coast.
If you know of additional publications about Bom Sucesso’s architecture, feel free to get in touch. This list will continue to grow as more researchers, collectors, and travelers explore and document the resort.
Thank you, Ben
Summary
In my Analysis of Bom Sucesso Resort’s development, focusing on Villas, I challenge the reported completion of 402 out of 600 buildings by early 2024. In conclusion, I stress the need for stakeholders to focus on completing the entire Analysis of Bom Sucesso resort, urging administrative responsibility and an inquiry into major plot owners’ intentions.
Disclaimer: The information contained is to the best of my knowledge at the date, and I’m happy to correct any typo or error.
Intro
According to the condominium administration, 402 out of 600 buildings within the Bom Sucesso Resort have been completed by the beginning of 2024. However, strolling through the resort feels less than 66% is done. And I’m questioning if BSR management and major stakeholders intend to finish BSR.
As part of my ongoing Analysis of Bom Sucesso, I’m questioning whether the management is genuinely committed to the future of the resort.
> Can we anticipate completing the remaining 200 buildings within the next ten years, given that it took 20 years to construct the initial 400 buildings?
Twenty years ago, in 2004, Bom Sucesso Resort was first presented to the public (article here), and in 2006, when they announced the second phase, they aimed to finish construction by 2011 (article here).
The resort faced challenging times by being bankrupt in 2014 (article here); at that time, Maria da Graça Meireles from BS Villas, who was responsible for the BSR Condominium administration, said about the resort: “Now it’s not even about completing it, but about saving it’.” I want to learn from the current management led by Eduardo Montenegro if this is still the case or if they feel responsible for finishing the resort.
Edit: In 2015 when the Onebiz Group took over BS Villas, the CEO Pedro Portugal said: “I think that within two or three years the project will be practically finished”. (Article here)
Good news: In the last two years, I have witnessed the resort gaining momentum with a growing community and progressing toward completion. But can we see this in numbers? The turn of the year was an excellent time to take a snapshot of Bom Sucesso Resort’s development.
The Analysis of Bom Sucesso includes examining the architectural integrity of the remaining buildings.Through my Analysis of Bom Sucesso, I aim to reveal the true state of the resort’s development.This Analysis of Bom Sucesso not only focuses on villas but also on the resort’s overall progress.
Analysis January 2024
In my Analysis of Bom Sucesso, I have noted the impact of subcondominiums on the overall community.
I compiled this dataset independently, personally counting houses, assessing development status, and interpreting the data. This data set will be more meaningful, comparing it over the coming years. Despite my inquiry, the condominium could not provide me with any data for this assessment.
My primary focus is on the villas at Bom Sucesso, but I’ll briefly touch on other projects. Notably, long-standing issues with “The Three Large Ruins” have remained in this state for a decade.
Sub-condominiums
As we can see in this Analysis of Bom Sucesso, commercial buildings play a crucial role in attracting visitors.
Subcondominiums are predominantly row houses sharing a garden and pool at Bom Sucesso, with 15 at BSR (by counting the plot numbers). One, Caminho do Lago 13-21, Lot 234, remains unbuilt. Two are stopped, and I think they strongly impact BSR’s reputation:
Continuing my Analysis of Bom Sucesso, I will highlight the importance of the hotel industry in the resort’s success.
This Analysis of Bom Sucesso indicates a significant number of villas still need to be addressed.
- Lot 288 on Rua Bela 7-55 is owned by Abanca Bank.
- Lot 313 on Rua da Lagoa 28-58, “The Fingers,” is owned by Sintonizavalor soc imobiliaria lda
In my Analysis of Bom Sucesso, I will compare this year’s status with past data.
Commercial Buildings
The Analysis of Bom Sucesso shows that even with ongoing challenges, the community is hopeful.
This Analysis of Bom Sucesso points to the need for renewed efforts to finish what has started.
Initially planned for Hilton with 120 beds, the hotel faced a construction halt in 2014. Owned by Roberto Solis SA (BS Villas) today, the completion status of this hotel significantly influences other investors’ decisions. Furthermore, a functioning hotel is imperative for Bom Sucesso to call itself a resort.
Through this detailed Analysis of Bom Sucesso, I encourage stakeholders to take action.
Let’s focus on Villas at Bom Sucesso for this analysis in January 2024.
The Analysis of Bom Sucesso will provide a clearer picture of the property landscape.
Out of the initially planned 326 villas at Bom Sucesso Resort, the current status reveals that only 159 have been completed (49%), while 138 villa plots are empty (42%).
Continuing the Analysis of Bom Sucesso, the importance of plot ownership cannot be overlooked.
This ongoing Analysis of Bom Sucesso reveals critical insights into land ownership and strategy.
In this Analysis of Bom Sucesso, I highlight the role of companies advancing construction.
Furthermore, my Analysis of Bom Sucesso will acknowledge the contributions of private owners.
As part of the Analysis of Bom Sucesso, it is essential to monitor changes in city property ownership.
In conclusion, this Analysis of Bom Sucesso indicates the need for proactive strategies.
Sixteen villas (5%) are currently under construction. With the hopeful completion this year, the development progress would surpass 50%.
This comprehensive Analysis of Bom Sucesso will continue to evolve as new data becomes available.
Thirteen villas (4%) are in a construction suspension/“ruins.”
Comparing this year’s data with data published by the press teen years ago, when BSR went bankrupt, it reveals progress: The press reported at that time (here) that 350 buildings were built, and 80 houses were under construction, but many of them were being stopped.
Since the historical data does not focus on just villas, we need to compare it to the 402 Buildings reported as finished by the administration. It shows progress; luckily, we no longer have so many ruins. However, the progress does not show enough speed to finish the other 200 buildings in the next ten years.
Edit: An academic study (here), based on official data from the city of Obidos, reported 338 finished houses in 2014. This shows only 64 buildings have been completed in the last ten years. When the development continues at this speed, it will take 30 more years to complete the resort.
Plot ownership
Abanca Bank is the leading owner of 37 undeveloped villa plots and owns one stopped villa project. (They have 11% of the condominium votes)
The second largest landowner is “Sintonizavalor soc imobiliaria lda” with 28 undeveloped plots, three stopped, and only one finished Villa. One project was in progress, but it has been months since I have seen activities, so I categorized it as stopped.
Intriguingly, these two major players own 47% of all empty plots, including premium locations designed by top architects like David Cahperfiled, Álvaro Leite Siza, and Manuel Aires Mateus. Since they don’t own finished villa projects (except one), I could not find their plots listed on public real estate platforms like Idealista. The question arises: What are their intentions for these plots? Are they strategically holding them back?
A notable actor driving progress is the company named Round B, which is actively finalizing the construction of three red houses at the lake. Additionally, they have acquired a few more properties to complete existing structures and initiate new buildings from scratch.
Some private owners are finishing villas, which I do not list here.
Over the last two years, the City of Óbidos has sold six plots. Only two plots remain under their ownership, showcasing a significant shift in the city’s property portfolio at BSR.
The BBVA Bank currently holds seven plots. They intend to exit the BSR market. In mid-January, they tried to sell all plots via action, starting at 85k Euro, but none got sold. (Action here)
Real Estate Market
I took an interest in taking a snapshot of the number of villas and plots offered on the real estate market (while I’m not monitoring house prices). As of early January 2024, the data on Idaialista reveals a dynamic landscape:
- Finished Villas: 28 units (18%) are currently listed for sale.
- Empty Plots: 41 plots (30%) are available for prospective buyers.
- Stopped Projects: 4 projects (31%) are on the market. Some are available in their current state, while others are offered the option of services to complete their construction.
In addition to the villa offerings, the market provided ten Sub-Condominium Units and one commercial property for sale.
Conclusion:
Focus on the Big Picture:
As stakeholders of Bom Sucesso Resort, we should focus on the grand vision of completing the entire resort. We must transition into a scale mode by finding like-minded investments to ensure sustained growth. This venture can only succeed if we grow it to its full potential.
Administrative Responsibility:
Get the commitment from the Bom Sucesso management, led by Eduardo Montenegro, to complete the resort. And to establish the foundational conditions for fostering growth.
Hotel and Sub-Condominium Status:
Hold the BSR administration accountable for promoting the completion of “The Three Big Ruins”, and requesting reports about the status on a quarterly base.
Major Plot Owners’ Intentions:
Inquiring into the intentions of major land owners, such as Abanca Bank and Sintonizavalor soc imobiliaria lda, becomes paramount. Owning a significant percentage of empty plots, their strategies can significantly impact the future development and market dynamics at Bom Sucesso Resort.
In a groundbreaking achievement, renowned architect David Chipperfield has been honored with the prestigious Pritzker Architecture Prize for the year 2023. This accolade marks a significant milestone for Chipperfield, recognizing his outstanding contributions to the field of architecture.
Notably, this achievement also holds special significance for Bom Sucesso Resort, as David Chipperfield becomes the third architect associated with the resort to receive the esteemed Pritzker Prize. Eduardo Souto de Moura revide the price 2011 and Álvaro Siza Vieira 1992 . The resort, already celebrated for its avant-garde design and collaborative approach, now boasts a trifecta of Pritzker laureates among its contributors.
We believe Bom Sucesso is the only place in the world where you have buildings designed by 3 Pritzker laureates within less than 1 mile.
As Bom Sucesso Resort continues to attract global attention, the recognition of David Chipperfield’s achievements through the Pritzker Prize underscores the resort’s status to becoming an iconic place.
David Chipperfield‘s 4 Villas at Bom Sucesso Resort at Bom Sucesso Resort Obidos Portugal.
For accuracy, please read the full master’s thesis in Portuguese; it can be found here.
Maria Rita de Oliveira Nunes d’Angelis published a 2019 Lisbon University master’s degree study that explores the dynamics of real estate-touristic activities in the municipalities of Óbidos, Portugal (including the ruins Bom Sucesso Resort, Royal Óbidos, Quinta de Óbidos Country, West Cliffs) and Tibau do Sul, Brazil. It investigates the causes and consequences of failed second-home enterprises, resulting in ruins. The research analyzes the impact of capitalist inconsistencies, private conjectures, and the 2008 global financial crisis on these localities. Financial issues were a major cause in Óbidos, while Tibau do Sul faced diverse factors. The study highlights the vulnerability of the real estate-touristic market when dependent on banking financing and influenced by global instability. Both locations experienced similar outcomes, revealing unmet economic expectations and the sector’s fragility.
The summary of the paper focuses on the Bom Sucesos Resort resort:
The study reveals that the ruins Bom Sucesso serve as a poignant reminder of the challenges faced by second-home investors in the region.
The Bom Sucesso – Design Resort, Leisure & Golf project obtained its construction permit in 2004 but remained incomplete until 2017. The resort, spanning approximately 156 hectares, was planned to comprise 601 houses designed by 23 internationally renowned Portuguese architects, including figures like Álvaro Siza Viera and Eduardo Souto Moura. The houses varied from one to five bedrooms, totaling 2,966 beds.
The resort featured a heliport, a Hilton hotel, a dog hotel, a supermarket, convenience stores, a laundry, a hair salon, an equestrian center, a restaurant, and an 18-hole golf course. The unique concept allowed buyers to acquire a home and a living work of art designed by their chosen architect.
Despite ambitious plans, only 338 out of the 601 planned houses were built, and the resort faced insolvency in 2014. The ownership structure was complex, involving entities such as Acordo Óbidos S.A., Bom Sucesso SGPS, the Graça Moura family, Banco Espírito Santo PME Capital Growth, and the Portuguese state through Portugal Ventures.
| Accommodation Units | T1 | T2 | T3 | T4 | T5 | Total | Total Beds |
| Total | 55 | 175 | 210 | 147 | 14 | 601 | 2.966 |
The resort initially benefited from the Agência Portuguesa para o Investimento (API) and COMPETE funds. It was designated a Project of Potential National Interest (PIN), a classification aimed at facilitating large investments. However, it encountered financial difficulties, and the completion of key structures, such as the Hilton hotel, was halted.
In 2014, Onebiz Group acquired BS Villas, which managed the tourist exploitation of villas and the golf course. This marked a shift towards direct tourism use rather than an investment model tied to the resort. Onebiz, a multinational company specializing in franchise management, became involved in the resort’s management. Currently, the resort focuses on tourism, renting houses to temporary users unconnected to its investment, and maintaining the golf course as its primary offerings. Despite ruins in the condominium, customers continue to use the resort’s facilities.
Failure:
According to her study, the failure of Bom Sucesso resort is attributed to various factors:
- Banking Issues: The implosion of Banco Espírito Santo (BES) is mentioned as a significant factor. BES was a crucial partner for financing home acquisitions in the resort. The structural problems in the Portuguese banking sector, characterized by excessive optimism in funding large real estate projects and exposure to bad credit, contributed to the failure.
- Global Financial Crisis: The resort’s emergence coincided with the global economic recession, making it a particularly unfavorable time. The international economic downturn led to a contraction in real estate purchases by both national and foreign investors, as well as a reduction in financing for project continuation.
- Over-Optimism and Mismanagement: Stakeholders point to problems in the initial planning and management of the resort. There is criticism of the resorts’ overemphasis on golf as the main attraction and their strong connection to real estate. Some stakeholders suggest that resorts were managed and promoted by individuals from the real estate sector rather than tourism, leading to a focus on construction and sales rather than understanding and meeting the needs of the tourism market.
- Lack of Diversification: The resorts in Óbidos, including Bom Sucesso, faced criticism for their specialization in real estate-tourism, particularly with a focus on golf resorts. The text suggests that this strategy may have been a wrong choice, as it led to high prices, difficulties in selling properties, and insufficient attractions beyond golf, which impacted the ability to attract a diverse range of visitors.
- Financial Fragility and Dependency on Banks: The financing model, heavily reliant on bank loans, proved fragile. When the banking sector faced challenges during the global financial crisis, it affected the resorts’ ability to continue construction. The resorts were heavily dependent on bank financing for both the construction of infrastructure and the purchase of properties by consumers.
In summary, Bom Sucesso’s failure is attributed to a combination of factors, including banking issues, the global economic downturn, poor planning, over-optimism, mismanagement, lack of diversification, and heavy reliance on bank financing. These challenges collectively contributed to the downfall of the resort project.
Solutions:
The text discusses the future prospects and proposed solutions for the continuation of the projects in light of the ruins of the developments in Óbidos. When stakeholders were questioned about the solution, there was a lack of hope for a short-term resolution. According to the interviewee from the Câmara de Óbidos, the future involves exercising more caution and attempting to sell the resorts, claiming that this situation will normalize. There is a legal gap concerning the insolvency of resorts, leaving uncertainties about who should take responsibility for completing the works in case of bankruptcy.
The interviewee from CCDRLVT mentioned that future projects will be subject to the new legal framework, requiring proof of financial viability for project execution. The recent revision of land policy laws ensures that if the construction of large-scale projects, such as tourist complexes, is authorized and the installation deadline is not met, the land will revert from urban to rural. However, there is no clear legal directive from the Portuguese government regarding what to do with the existing resorts, leading to complex debates and conferences to find a solution.
CCDRLVT is cautious about revising master plans in other municipalities, integrating discussions to anticipate and control situations similar to those in Óbidos, which were ultimately dependent on the actions of the property owners.
All interviewees agreed that any action towards the resorts should come from the private sector, as they are the legitimate entities to handle such projects.
Regarding solutions proposed by resort managers, they leverage the initially implemented tourism facilities, such as golf, hotels, and country clubs, to make the investments profitable, albeit insufficiently. The Resort Bom Sucesso, for instance, resold the tourist operation of the houses to the Onebiz company to make the constructed properties profitable. The resort still offers the built houses for tourist accommodation. Additionally, the golf course hosts national and international championships, accommodating players in the resort’s houses and ensuring all equipment rentals, carts, as well as the use of restaurant spaces.
Other resorts like Royal Óbidos and Quinta de Óbidos adopt similar strategies, focusing on hotels, golf courses, and additional amenities to enhance profitability. The text concludes that these solutions are precarious and do not allow for results as lucrative as when the developments were fully operational.
Please read the original Blog here and watch the News report from Sexta as 9 in Potugess here.
On January 18, 2019, the RTP1 Friday at 9 program presented an exposé titled “António Godinho, the Truth About a Hoax,” aiming to unveil the reality behind the actions of the former Montepio presidential candidate. The program disclosed Godinho’s alleged involvement in a simulated purchase using a check from Montepio.
The investigation highlighted a potentially questionable relationship between an insolvency administrator of BS Villa and a Spanish bank. The implication of this relationship suggested that the Portuguese State might need to repay 4 million euros in community funds. The Quintas de Óbidos, initially envisioned as a luxury resort, faced insolvency, prompting a Public Ministry investigation into António Godinho, who had been previously regarded as an advocate for ethics.
The report delved into a tourist investment valued at 35 million euros, eventually acquired by Grupo Abanca for less than half its assessed value. The insolvency process surrounding this transaction raised suspicions, leading to expectations of a protracted legal battle. The intricate plot involves an insolvency administrator chosen by Abanca and implicates António Godinho in the controversial proceedings.
See the News report from Sexta as 9 in Potugess here.
Please read original article of Jornal De Negocios from September 30th 2017 here.
Summary about Bom Sucesso Resort:
The Bom Sucesso resort, located in Óbidos, initially received the status of Project of Potential National Interest (PIN) in 2006, but later lost it. Despite this setback, the luxury development continued, featuring houses designed by renowned architects like Álvaro Siza Vieira. Plans for a Hilton hotel were also in place, but construction had to be halted. The companies behind the project, Agreement Óbidos and Bom Sucesso SGPS, ultimately filed for insolvency in 2014. However, the majority of the houses were sold to foreigners, including Ricardo Salgado, the former president of Banco Espírito Santo (BES), who himself bought a property in the resort.
Please read the original article here provided by Gazeta das Caldas. This blog post gives some insight into the previous owner’s structure.
Summary:
The Onebiz Group, based in Matosinhos, has acquired the tourist operation of Bom Sucesso houses and golf from Sociedade BS Villas for 63,500 euros. The group aims to relaunch the Bom Sucesso development, positioning it as a contemporary destination with increased integration with the West region. The strategy includes a focus on strategic products such as golf, water sports, gastronomy, and heritage. Onebiz has already launched a new brand for golf and villas, reworked marketing, and enhanced tourism offerings. Currently, Bom Sucesso has over 100 houses in tourist operation, with plans to make 200 available by the end of the year. The group emphasizes sustainability, with an investment forecast of around 250 thousand euros. Despite initial focus on real estate, the group aims to promote tourism, with good acceptance from the national market. The Clubhouse and restaurant are operational, and the project also includes a cultural initiative called CAL (Culture, Art, and Literature). Bom Sucesso, currently under the direction of Pedro Portugal, anticipates a transition year in 2015, with a solid foundation for a significant relaunch in the following year. The group aims to complete the project within two to three years, considering it a formidable undertaking.
Please read the full article at Publico, published September 29, 2014
Summary:
The Bom Sucesso Design Resort, Leisure & Golf, once hailed as one of Europe’s finest tourist developments, is currently facing insolvency. Originating as a PIN project during the Sócrates government, the 150-hectare luxury development near Óbidos lagoon transformed into a high-quality, internationally acclaimed project, anchored by a golf course and a proposed five-star Hilton hotel. However, the resort is now bankrupt, grappling with a complex shareholder structure and significant debt.
The project’s financial troubles stem from the housing market contraction during the economic crisis, leading to a plunge in home sales. The fall of BES, the primary financier, further accelerated the resort’s financial decline. The shareholder structure involves a closed-end real estate fund, Concordo Óbidos SA, Bom Sucesso SGPS, and other entities, all facing insolvency.
Despite bankruptcy, efforts are being made to salvage the golf course, seen as crucial for maintaining the real estate value of the luxury homes surrounding it. The completion of the Hilton hotel, currently suspended, could provide a significant boost to the project.
Various entities, including Portugal Ventures and the Graça Moura family, are creditors seeking to recover investments. The Hilton Worldwide chain remains committed to expanding its presence in Portugal, but the completion of the Hilton Bom Sucesso Óbidos Resort is uncertain.
While the resort still presents a high-quality appearance, with security measures in place, a closer inspection reveals areas of halted construction and abandoned shipyards. The project’s completion is no longer the primary concern; instead, the focus is on saving the resort. The financial future of the Bom Sucesso resort remains uncertain, and the challenges faced by creditors and investors are intricate and multifaceted.
Please read full article of Gazeta Das Caldas from 20th April 2014 here.
Summary:
The Bom Sucesso Design Resort in Óbidos faces financial challenges, with dozens of house owners demanding payment of approximately one million euros related to the tourist exploitation contract. President of the resort’s board of directors, Paulo Graça Moura, acknowledges the debt and aims to propose an agreement ensuring payments to customers, contractors, and banks. The resort operates under two contracts: Vacations and Hotelier, with criticism mainly directed towards the Hotelier system, where owners use their houses for six weeks a year. Despite attempts to regularize the situation, some owners report unpaid returns and problems with construction and maintenance. However, the resort’s debts do not hinder the opening of the Hilton Hotel, as the company responsible for its implementation has no outstanding debts. Bom Sucesso remains optimistic about the hotel’s opening, seeing it as a potential catalyst for the resort’s growth despite challenges in the real estate market.
Please read original article at Jornal das Caldas from Feb 3, 2011
Summary:
The Hilton Bom Sucesso, a five-star hotel in Óbidos, scheduled to open in the first half of 2012, is already under construction. Classified as a Project of National Interest (PIN), it will feature 120 rooms overlooking the Bom Sucesso golf course, with architecture by renowned Portuguese architect Souto Moura. With an investment of 27 million euros, the hotel will offer various amenities including meeting spaces, a business center, Spa facilities, swimming pools, restaurants, and bars.
Please read original article of Gazeta das Caldas from 17.10.2010 here.
Summary:
The company behind the construction of the “Hilton Bom Sucesso, Óbidos” hotel in the Bom Sucesso Design Resort will receive a €13.6 million incentive for the project. This five-star hotel, estimated to cost €27 million, is expected to open within two years. Paulo Graça Moura, the administrator of BS – Acttividades Hoteleiras e Turismo, emphasizes that this incentive is crucial for the project’s implementation and will significantly reduce the financial burden in the initial years. Designed by architect Eduardo Souto Moura, the hotel will feature 120 rooms, extensive garden areas, and a saltwater swimming pool, offering a panoramic view of the golf course and the lagoon. The project includes two main sections housing bedrooms, a spa, restaurants, and congress facilities.