The 500-year-old Palácio dos Condes de Lumiares in the Portuguese capital of Lisbon is set to undergo a US$22m transformation into a five-star serviced apartment building.

Agent JLL recently announced that pre-sales have begun for units at the property, which will comprise 53 luxury apartments. The Lumiares will only retain its old façade of the historic palace, which will be restored to previous glories. The property’s new interior will exemplify high-quality 21st-century design features, with a top-end specification and new facilities including a reception area, spa, gym, rooftop restaurant with far-reaching views, two luxury brand shops and underground private parking spaces with storage facilities.

Buyers will have a choice of one- and two-bedroom units, with prices estimated to start at around US$300,000 for one-bedroom apartments, while penthouse units will be available for around $1.25million. The refurbuished building is scheduled to open in the first quarter of 2017.