Spain 
Italy 
Greece 
Real Estate and Tourism Project in Praia da Marinha on Sale for €89 Million
21 September 2018
The Golf Praia da Marinha, a real estate project that combines a real estate component that includes apartments and villas with a hotel and 27-hectare, 18-hole golf course, has just been put on sale for 89 million euros. Located in Praia da Marinha, in the municipality of Lagoa (Algarve), the development is owned by Predicapital FEIIF, a fund managed by Interfundos, and is being sold by Millennium bcp.
The resort is part of the UP 12 Urban Development Plan of the Area for Tourism in Lago, extending for three kilometres in front of the sea, on a beach that is considered one of the 100 best in the world. Located between Armação de Pêra and Carvoeiro, the project has “an enviable location, which is one of the venture’s greatest assets,” argues Ramiro Gomes, real estate sales manager for the region at Millennium bcp, as quoted by Público Real Estate.
While he declined to make any specific forecasts for sales, the executive stated that “the bank believes that demand for the final product will be solid”, since “there are substantial segments of the market that seek this type of alternative.”
The project’s original masterplan was conceived by WATG (Wimberly Allison Tong & Goo), which having been “aware of the value of space and the goals for it” conceived of a plan in which “the various components of the resort merge into the landscape and draw all possible benefits, combining nature and landscapes, comfort and respect for the environment,” Mr Gomes said.
The construction of the subdivisions and infrastructure will divide the land into three zones, namely A1 – Phase 1, A1 – Phase 2 and A2. In addition to the residential-tourist component, the project also includes the development of two golf courses with nine holes each, totalling 27 hectares.
Original Story: Idealista
Translation: Richard Turner