Billion-euro Master Plan for Vilamoura
The Master Plan’s 400-hectare second phase was unveiled on Tuesday this week in Vilamoura, in a ceremony attended by Portugal’s Economy Minister António Pires de Lima.
According to Vilamoura World, the ‘master developers’ managing the Plan, “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.”
The investment will be footed by US private equity firm Lone Star, which recently purchased the resort; by Lone Star’s international partners and other interested investors.
The Master Plan is, Vilamoura World revealed, 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.”
It pledges “a firm commitment to environmental sensitivity” and “will also create thousands of direct and indirect jobs.”
Eighteen development projects are up for grabs, with areas ranging between 1.5 hectares and 168 hectares “which will accommodate a mixture of residential, leisure, tourism and retail uses”, the company said in a statement.
During Tuesday’s ceremony, details of improvements to the Marina area, which “will encompass a prestigious new and iconic international Yacht Club, a branded spa and gym, three restaurants and a boutique shopping experience”, were also revealed.
Vilamoura World says the project also aims to re-brand the resort, “to reflect the diversity, aspiration and ambition of the new Master Plan.”
Paul Taylor, CEO of Vilamoura World said: “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.”