Vilamoura World is pressing ahead with its revitalisation plans for Vilamoura by implementing and developing its 400 hectares Masterplan. In this way, the master developer has reaffirmed its strong commitment to the resort’s development and, as a consequence, to tourism development and investment in the Algarve region.
Today, and following on from the success of the commercialisation of the first phase, Phase II of the L’Orangerie development is currently underway - a luxury residential condominium surrounded by two of the best golf courses in the Algarve (Victoria and Millenium) and just 5 minutes from the beach and marina.
It represents a investment in the region of 10 million euros and around 50% of its construction has already been completed. The development encompasses 32 accommodation units including 8 apartments from one to three-bedrooms, 18 two-bedroom detached houses with private gardens and interior patios and 6 three-bedroom villas with private pool. Its completion is slated for the end of the first half of 2017 while Garvetur is overseeing its commercialisation.
On the other hand, Vilamoura boasts a further two new developments about to come onto the market. Fairways is a residential project that boasts a privileged location in the heart of Vilamoura, surrounded by the Millenium and Laguna golf courses. It forms part of a group of 85 residential units designed according to the highest standards of quality and sustainability.
The Uptown project will arise in the north-west of Vilamoura which has a total of 240 residential units (47 of which are for tourists), a boutique hotel and around 7,000 m2 of shopping area and which aims to provide an alternative to the Marina zone. With the architectural and design projects currently in the completion phase, the project will be developed in three phases. These two new projects represent a global investment of around 90 million euros in addition to the creation of 1,000 direct jobs in the construction phase. The first phase for commercialisation is slated for the summer of 2017.
Finally, and taking into account the excellent results regarding the summer of 2016, Vilamoura World has underway a specific 500,000 euros investment programme for the Marina, thereby renewing its commitment to tourism.
So as to bestow on it even better conditions to welcome the over 3 millions visitors recorded in 2016 new premises are being created to improve the experience both for Marina users and its visitors, while new parking facilities are also being developed to facilitate access. In conclusion, it is intended to continue to modernise the Marina, preparing it for the summer of 2017 so that it can continue to be seen as the Best International Marina with 5 Gold Anchors.
“We’re all greatly enthusiastic to be daily working to reposition Vilamoura on both the national and international real estate and tourism panorama, confirming it as one of the best destinations in the South” says Juan Gómez Vega, CEO of Vilamoura World.
Juan Gómez Vega’s mission is to implement the development plan for the new Vilamoura in accordance with the new 400 hectare Masterplan announced in September last year and which foresees the construction of over 4,000 residential units over 18 development areas projected for the next 10 years.
For its part, Lone Star, the United States fund which holds real estate assets and owns Vilamoura Marina, is confident and optimistic about the current situation for the Portuguese economy.