What Helbor does

Helbor Empreendimentos S.A. is a Brazilian pure real estate developer (incorporadora pura) founded in 1977 in Mogi das Cruzes, São Paulo, by Hélio Borenstein. The company develops and sells residential apartments, commercial properties, studio units, condominium houses, urbanized land (loteamentos), and hotel-integrated residential projects across 30 cities in 10 Brazilian states plus the Federal District. Since founding, Helbor has delivered 275 projects totaling over 10 million m² of built area and 45,000+ units. The company is publicly traded on B3's Novo Mercado (ticker HBOR3) since October 2007, with control held by the Borenstein family through holding company Hélio Borenstein S.A. (slightly over 50% of shares).

Helbor operates through direct sales centers in Mogi das Cruzes and São Paulo, supported by partner broker networks (hbbrokers.com.br, corretoron.com.br), WhatsApp sales, and online property search. The company generates revenue primarily through one-time unit sales recognized upon key handover (chave na mão), with gross margins maintained at 30-35%. It holds a R$12 billion landbank concentrated in premium São Paulo locations (Brooklin, Moema, Itaim, Jardins), with R$8 billion attributable to Helbor. Recent strategic moves include the December 2024 launch of W São Paulo (a Marriott-operated hotel-residential complex), the Alden joint venture with the Feffer family for Fazenda Itapety (largest private urbanization in São Paulo state), and a July 2026 proposal from HBR Realty to take the company private. The active construction footprint has been reduced from 85 sites to under 30 as part of post-2015-2018 crisis restructuring, while net debt of R$1.49 billion has been reduced 9.5% YoY with leverage at 53.6%.

Name

Helbor

Legal name

Helbor Empreendimentos S.A.

Website

https://helbor.com.br

Company type

Public

Founded year

1977

Operating status

Operating

Headcount range

251–500 employees

Short description

Helbor is a Brazilian pure real estate developer founded in 1977, designing, building, and selling residential apartments, commercial properties, studios, land lots, and hotel-residential projects across 30 cities, listed on B3 Novo Mercado and family-controlled by the Borenstein family.

Ownership category

akta.pro rank

Product category

Residential Real Estate Development

NAICS

Residential Building Construction (23611), Residential Building Construction (2361), Land Subdivision (23721)

SIC

Operative Builders (1531), Land Subdividers & Developers (No Cemeteries) (6552)

akta.pro primary industry

Residential Land Development & Subdivision Homebuilding (Build-to-Sell Communities) (IMAFABAL)

akta.pro secondary industry

Spec Home / Production Homebuilding (Tract & Volume Builders) (IMAFABAD)

Keywords

• Residential real estate development
• Commercial property development
• Apartment construction
• Urban real estate projects
• Property development services

Headquarters

HQ city

São Paulo

HQ country

Brazil

HQ region

Latin America

Offices2 records

Markets served

GTM type

B2C

Offering type

Services

Cost components

Supply Chain, Operations, Personnel, Marketing or Sales, Infrastructure

Revenue model

1. Real Estate Development and Sales: Core revenue from developing and selling residential apartments, commercial buildings, studio units, condominium houses, and urbanized lots. Revenue recognized upon unit delivery (chave handover). Projects are developed both directly and through joint ventures with land partners.
2. Land Portfolio Monetization: Strategic land sales from excess landbank. Since 2024, Helbor has sold six land parcels for R$ 136 million, with four more areas planned for sale expected to yield approximately R$ 100 million additional. Land is sold in locations no longer aligned with strategic focus.

Pricing tiers

Go-to-market motion2 records

Distribution channels4 records

Marketing channels8 records

Core offering

Helbor is a Brazilian real estate developer that plans, builds, and sells residential apartments, commercial properties, studio units, urban lots, and hotel-residential complexes. The company has developed 275 projects delivering more than 45,000 units across 30 cities in 10 Brazilian states, supported by a R$12 billion landbank and headquartered in Mogi das Cruzes, São Paulo.

Product overview

Helbor is a pure real estate developer (incorporadora pura) with 48 years of experience developing residential apartments, commercial properties, studio units, urban lots, and hotel-residential complexes across 30 cities in Brazil. The core product portfolio includes standard residential apartments, compact studios, commercial spaces, urbanized land developments (loteamentos), and mixed-use complexes combining hotel and residential components. The company offers both physical property products and digital services including a Client Portal for contract management and construction tracking, a Mobile App, a Broker Portal for partner agents, and an Investor Relations portal. Add-on services include unit customization through Helbor Personalize. The company recently launched the W São Paulo mixed-use complex in December 2024 and continues development of the Fazenda Itapety mega-project in Mogi das Cruzes.

Differentiator

Problem solved

Functional benefit

Brands

• Havva Higienópolis: Residential project in São Paulo, Higienópolis district - high-standard development
• Helbor Lens Moema
• Garden Design. Private Park Residence
• Neo Concept
• Helbor Parque Clube Ipoema
• Fazenda Itapety
• Metropolitan Vila Nova by Helbor
• Helbor Open Mind
• Trinity Vila Clementino - Home
• ROYA Perdizes
• Helbor Clube Patteo São Bernardo
• W São Paulo
• W Residences
• Helbor Signature
• Helbor Landscape Ecoville
• Helbor Patteo Bosque Maia
• Myrá Alphaville
• Casa Solidária

Products and services

• Residential Apartments Multi-family residential apartment buildings developed, built, and sold by Helbor in urban centers across Brazil, targeting individual homebuyers and investors seeking primary residences or rental properties.
• Commercial Properties Commercial real estate developments including office buildings and retail spaces built and sold or leased by Helbor to commercial tenants, business occupiers, and investors across Brazilian cities.
• Studio Apartments Compact studio-format residential units developed by Helbor, typically targeted at singles, young professionals, and investors in Brazilian urban markets.
• Urban Lots Developed urban land lots sold by Helbor to individual buyers, builders, and investors for custom construction or investment purposes in Brazilian cities.
• Hotel-Residential Complexes Hybrid hotel-residential developments combining hospitality services with residential units, developed by Helbor for mixed-use urban projects in Brazil targeting both individual buyers and hospitality operators.

Quantifiable outcome

• Gross margin maintained at 30-35% target range, Q1 2025 at 31.4%
• +3 more outcomes

Segments4 records

Ideal customer profiles2 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Partnerships

Four partnerships are on record, tiered minor, flagship and core.

• ArtefactominorStrategic or Co-development Partner · 24 July 2023Partnership with Artefacto for interior design services in select premium projects. Collaboration highlighted in marketing materials for Helbor Jardins project.
• Marriott International / W HotelsflagshipStrategic or Co-development PartnerW São Paulo complex integrates W Hotel (operated by Marriott) with 20 floors of residential units. Residents access hotel amenities including concierge 24h, gym, pool, coworking, and event spaces. This hotel-residence model represents a flagship strategic partnership for branded residential development.
• Alden (Feffer Family Joint Venture)coreStrategic or Co-development PartnerAlden is a joint venture between Borenstein and Feffer families (founders of Suzano) to develop Fazenda Itapety - nearly 10 million m² being transformed into the largest private urbanization in São Paulo State. First phase of 714 residential lots over 50% sold in 18 months.
• Partner Real Estate Brokers NetworkcoreChannel Partner/ Reseller/ DistributorNetwork of independent real estate brokers (corretores) and partner agencies selling Helbor properties through hbbrokers.com.br and corretoron.com.br platforms.

Scale indicators12 records

Recent moves8 records

Expansion highlights6 records

Direct peers

• Tecnisa: São Paulo-based residential developer focused on mid-to-high-end apartments. Comparable in product positioning and metro-specific exposure.
• Trisul: Brazilian residential developer with significant São Paulo presence in mid-to-high-end segments. Comparable as a regional developer pursuing disciplined launches.
• Gafisa: Historically major São Paulo residential developer serving multiple income segments. Comparable scale and metro concentration, though currently in restructuring.
• Direcional Engenharia: National residential developer focused on the affordable housing segment (Minha Casa Minha Vida). Comparable as a publicly listed Brazilian homebuilder with national footprint.
• Even Construtora e Incorporadora: São Paulo-focused residential developer with mid-to-high-end positioning. Closely comparable in geographic concentration and premium residential product mix.
• EZTec Empreendimentos: São Paulo-focused residential developer known for disciplined launch cadence and selective land acquisition. Comparable strategic philosophy of value-over-volume.
• Tegra Incorporadora: São Paulo-focused residential developer active in mid-to-high-end segments. Directly comparable as a metro-specific developer; notably partnered with Helbor on the Nova Vivere project.
• Cury Construtora: Large Brazilian residential developer focused on the affordable-to-mid segment. Comparable in business model and public-company reporting as a São Paulo-rooted homebuilder.
• MRV Engenharia: Brazil's largest residential developer by volume, with national footprint. Comparable as a publicly listed Brazilian real estate developer serving residential buyers across income tiers.
• Cyrela Brazil Realty: One of Brazil's largest residential developers focused on the upper-middle to luxury segment in São Paulo and other major metros. Most direct comparable in product positioning, geographic focus, and developer business model.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights7 records

Customer concentration

• Xx.com/helbor_sa
• YouTubeyoutube.com/c/HelborConecta
• Facebookfacebook.com/Helborsa
• LinkedInlinkedin.com/company/helbor-empreendimentos-s-a
• Instagraminstagram.com/helbor

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles1 record

Subsidiaries1 record

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Helbor