This week saw the announcement that FBD Property & Leisure Limited will be pursuing a new €40M development at its La Cala Resort in southern Spain, The development will consist of 103 units, made up of 55 townhouses and 48 apartments.
The biggest golf resort in Spain – La Cala boasts 3 golf courses and an executive par-3 course. The 4**** hotel has top class leisure facilities including a 1,300 sq.m. spa and UEFA-approved soccer facility.
FBD Property & Leisure Limited own and manage three hotels in Ireland including Castleknock Hotel and Country Club in the capital as well as Faithlegg House Hotel and Tower Hotel in Waterford. They also own two resorts in southern Spain, La Cala Resort and the Sunset Beach Club.
The La Cala Resort development their 2nd joint venture with Taylor Wimpey Spain, the Spanish subsidiary of Taylor Wimpey plc, the largest British-based housebuilder and FTSE 100 company. This announcement brings to 163 the number of units developed by FBDPLL and Taylor Wimpey Spain at La Cala Resort.
“we are now seeing significant momentum building in the Spanish hotel and residential property sectors.”
FBDPLL expects to net cash of €12 million from the sale of both the first and second joint venture developments at La Cala Resort.
CEO of FBDPLL, David Kelly says, “While the Irish hotel and property market has been in recovery mode for a number of years, we are now seeing significant momentum building in the Spanish hotel and residential property sectors.
“Investment in Spanish property jumped by 263% from €4.9 billion in 2013 to €17.8 billion in 2014, which is supported by record visitor numbers (up 5% in 2015 to almost 70 million visitors) and an 8% increase in visitor spending in 2015. This makes Spain a very attractive proposition for investors, with a weak euro also a big plus for non-euro investors.”
The new development called ‘Horizon Golf’ will begin construction in February 2016 with the first units to be handed over in 2017. Sales of the units will be launched soon.
