IFA Hotels & Resorts (IFA HR), leaders in mixed use hotel and tourism resort projects across the globe, have acquired two residential buildings in Pine Cliffs Residence, the prime tourist resort of the Algarve, Portugal for US$ 35 million. The resort sits on 2 kms of beach front and on an area of 700,000 squared meters.
Mr. Talal Jassim Al-Bahar, Chairman and Managing Director of IFA HR, said “We are pleased with the new acquisition and believe strongly in the Portuguese market. Pine Cliffs Residence is a new and unique concept for the European market and was developed by United Investments Portugal which is part of the IFA Consortium.”
This is the first investment for IFA HR in residential projects in Portugal. IFA HR will be responsible for all re-sales through their international network of offices. This is part of the company’s strategy of investing in various residential and mixed use developments to further expand product range and global presence. In Dubai, IFA HR purchased The Palm Residence, two shoreline residential buildings on The Palm Jumeirah, where they sold the residential units to clients.
Located in one of the most exclusive areas in Europe, Pine Cliffs Residence will be managed by the Sheraton Algarve and will consist of 2 and 3 bed roomed units, furnished to the highest quality. The resort is surrounded by a pine forest, overlooks the ocean and is home to a superb golf course. Pine Cliffs Residence was launched as an innovative freehold property investment that combines a trouble free holiday home, with a minimum 5% guaranteed return on investment per year for the next three years, with strong capital growth potential.
Pine Cliffs Resort is one of the most awarded resorts in Europe. It has been voted ‘Best Resort in Europe’ by the World Travel Awards for 2001and 2002, while in 2004, 2005 and 2006 was awarded ‘Best Resort in Portugal’ by the same association. The resort was also voted as the ‘Best location in the world to invest in a property in the sun’, by Uk’s channel 4 TV programme, A Place in the Sun. In addition Pine Cliffs is the only resort in the Algarve to receive a ‘Prize of Excellency’ by the Sovereign/First Choice. The International Association of Golf Tour Operators voted the Algarve as ‘Best Golfing Destination in the World’.
The facilities will also include access to Casa Pine Cliffs which will include a reception, a restaurant, terrace-restaurant, gymnasium, health club, mini-market and swimming pools. The owners will also benefit from other facilities provided within the Sheraton Algarve & Pine Cliffs Resort such as a golf course, golf academy, clubhouse, tennis academy, eleven restaurants, five swimming pools (indoor and outdoor), beauty parlour, health club, a children’s play area, several shops, business centre and a unique beach distinguished with the golden flag, which can be accessed through a panoramic elevator or by stairs.
Al-Bahar concluded: “This investment is particularly special to the consortium as UIP started this investment in Portugal in the 80s. We applied the business model of mixed use residential resorts in other investments in Dubai and South Africa; we are delighted and proud to be actively investing into this premium European destination. We are actively seeking new projects to expand our international portfolio and management capabilities.”
© 2006 Mena Report (www.menareport.com)
