Monday, Dec 25, 2006
Gulf News
Dubai: Kuwait's IFA Hotels and Resorts (IFA HR), has acquired two residential buildings in Pine Cliffs Residence, the prime tourist resort of the Algarve, Portugal, for $35 million.
The resort sits on two km of beachfront and on an area of 700,000 square metres.
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.
Located in one of the most exclusive areas in Europe, Pine Cliffs Residence will be managed by the Sheraton Algarve and will consist of two- and three-bedroom 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.
Growth potential
Pine Cliffs Residence was launched as an innovative freehold property investment that combines a trouble free holiday home, with a minimum five per cent guaranteed return on investment per year for the next three years, with strong capital growth potential.
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 and 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.
Gulf News 2006. All rights reserved.
