Irish real estate developer FBD Property & Leisure will invest €40m at its La Cala resort, in a joint venture with home builders Taylor Wimpey.
La Cala Resort, which FBD already owns, is the biggest golf resort in Spain, with three golf courses and an executive par-three course, a four-star hotel, UEFA-approved soccer facility, along with 448 apartments, townhouses and villas. FBD also have planning permission for a further 1,045 units.
Construction of the new development called ‘Horizon Golf’ will begin this month, with the first units to be handed over in 2017. Sales of the units will be launched later this year.
This is the second large development by FBD in recent years at La Cala. It has already built 60 apartments in a joint venture with Taylor Wimpey, of which 55 have already been sold.
FBD Hotels & Leisure chief executive David Kelly said that “we are now seeing significant momentum building in the Spanish hotel and residential property sectors,” in comments quoted in the Irish Independent newspaper.
“This makes Spain a very attractive proposition for investors, with a weak euro also a big plus for non-euro investors,” he said.
The company expects most of the buyers to come from the UK, Scandinavia, and central Europe.
FBD Hotels & Resorts is an Irish hotel group operating quality hotels and resorts in Ireland and Spain. It is owned by FBD Property & Leisure Ltd, which is solely owned by Farmer Business Developments plc.