Vilamoura launches €1 Billion Master Plan
Story published at 12:22, Wednesday, September 9th, 2015
Vilamoura, the Algarve’s leading travel destination, has announced its Master Plan for the 400 hectare, second phase in its development. The €1 Billion project represents one of the largest real estate developments in Portugal and provides strong backing for the Portuguese economy and the Algarve region.
With an area of 1,700 hectares, eight times the size of Monaco, Vilamoura is also one of the Algarve’s largest leisure developments and one of Portugal’s most important travel destinations. This transformational project presents a unique opportunity for investors to participate in the country’s strong economic and real estate recovery. Vilamoura boasts the award of best International Marina of the Year 2015, five world renowned golf courses, magnificent beaches, and a range of four and five-star hotels.
The Master Plan comprises a fully approved low density gross construction area of 680,000 sqm in a total development area of 4,000,000 sq. m. 18 development projects are available with development areas ranging between 1.5 hectares and 168 hectares, which will accommodate a mixture of residential, leisure, tourism and retail uses. All projects are ready for sale. The banking partners are led by Santander, who are ready to provide construction finance to support the investors.
The Master Plan is based around six lifestyle themes; Vilamoura Marina, Vilamoura Golf, Vilamoura Active, Vilamoura Villages, Vilamoura Estates and Vilamoura Lakes reflecting the diversity and aspiration of our customer base. The Master Plan promotes the highest quality of contemporary design and specifications, and a firm commitment to environmental sensitivity. The Master Plan will also create thousands of direct and indirect jobs.
A key facet of the masterplan will be Vilamoura Lakes which will embrace beautiful lakeside landscapes to create one of the leading lake resorts in Europe. It will comprise 250,000 sqm of natural lakescape, including 1,900 residential units, 5 tourist focused developments comprising 3,600 beds and first class retail and gourmet restaurant offerings that are all located within an environmentally considerate setting.
Vilamoura has also provided details of the planned enhancement of the Marina area, which will encompass a prestigious new and iconic international Yacht Club, a branded spa and gym, together with 3 restaurants and a boutique shopping experience.
Vilamoura World will lead the transformation and is re-branding Vilamoura to reflect the diversity, aspiration and ambition of the new Master Plan.
Paul Taylor, CEO of Vilamoura commented: “We are very proud to be responsible for the next stage of Vilamoura’s transformation. We recognise that Vilamoura is already well known as a major travel destination throughout Europe. Our Master Plan has a clear objective to transform this great location into the leading resort destination in the Algarve.
“In the last few years Portugal has made huge strides to attract international inward investment through fiscal benefits and the successful Golden Visa Programme. Vilamoura provides a major investment opportunity in the future of Portugal. The country is on the road to recovery and Vilamoura is proud to play a key role in this national renewal. Vilamoura is leading the charge.”
Portugal’s Minister for the Economy, António Pires de Lima, commented: “Portugal is currently thriving on the momentum of hope and economic recovery. One key factor that has contributed to the consolidation of the Portuguese economy is the gradual increase in foreign investment, a clear sign that Portugal has regained credibility and the confidence of foreign investors. I believe that the Vilamoura project is another example of success and confidence in our country.”
Vilamoura World www.vilamouraworld.com