Project 160 bedroom Plot of land for sale with countryside view in Santa Barbara de Nexe, Algarve

3,500,000 EUR 3,010,000 GBP 3,780,000 USD

Reference: 239997

Floor Size: 19,957 m2
Plot Size: 14.69 hectares / 36.3 acres

Features

Golf Resort or Nearby
Tennis Court
Gym
Countryside View
Parking
Garage
Good Condition

Details

Exciting development opportunity with this 146,915m2 plot of land with approved project for a five-star hotel and resort, in Santa Barbara de Nexe, Faro, Algarve.

The plans include a floor area of approximately 25,000m2 and a total construction area of over 19,000m2. Accommodation unit for 160 rooms (including en-suite rooms and apartments), with capacity for 312 beds.
The project includes a 9-hole golf course - three of the holes are directly next to the hotel, with a separate golf house and restaurant, nature with waterfalls, impressive oak trees, century-old olive trees, and other flora, tennis courts, indoor and outdoor swimming pools, spa and relaxation rooms, gym, seven different restaurants and a concert hall, conference rooms, and underground garage.

Other details:
A self -contained hotel building for 5 star hotel with an area of almost 25,000 m2 and an overall construction area of more than 19,000 m2, contained in this entire usable area are 146 units to let consisting of 83 apartments, most of the them with a senior suite and a junior suite.
Total of approximately 312 beds are available for hotel usage.
7 different restaurants and concerts hall, conference rooms spa indoor and outdoor swimming pool underground garage, a 9 hole par- 3 golf course with a separate golf house and golf restaurant and tennis courts.

The location is an oasis of peacefulness and pure air, away from the hustle and bustle of tourists and traffic.

The plot is located in Santa Barbara de Nexe, in one of the most beautiful landscapes in the Algarve, on a green hillside with a sea view.

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Portugal Property Buying Guide

1. Signing a Letter of Intent

On finding a property you wish to purchase, your agent will draw up a 'Letter of Intent, this will be signed by both parties, vendor and buyer. Copies of this will be given to the legal representatives of both parties and will be used in preparing the Promissory Contract. Included in this letter will be the price, what is included in the sale, furnishings etc. and any conditions of the sale plus the dates for both exchange and completion.

2. Exchange of Promissary Contract (Contrato Promessa de Compra e Venda)

The buyers lawyers are responsible for drawing up the promissory contract (Contrato Promessa de Compra e Venda) and as part of the process they will have carried out the legal searches and made sure that there are no charges, e.g. utilities, property tax etc. against the property. The contract will contain details of both parties and include clear title of ownership, when payments are due to be made, the completion date and an inventory, if required. The Promissory Contract is legally binding and will generally be signed by both parties and witnessed by a notary/lawyer. The contract will include penalty clauses in case either party does not fulfill the terms of the contract. A 10%, non-refundable deposit is required at this point, this will be paid to the vendor, through the lawyer's client account. Once the contract has been signed, if the vendor pulls out of the contract, they will be obliged to pay back double the deposit to the purchaser. If the purchaser pulls out, they will lose their deposit.

3. On Completion

The amount of time between signing the Promissary Contract and Completion will vary and will have been agreed in the contract. Before Completion your lawyer will need to arrange with a fiscal representative for you to obtain a Portuguese Fiscal Number. The official Deed of Transfer of ownership (the Escritura) will be signed by you (or someone representing you with your Power of Attorney), this is signed at the Notary and they will retain the document. The Deed will be read aloud by the Notary before all participants sign it. Your lawyer will need to check to ensure that you understand what is being said if you do not understand Portugese. The Escritura, once it has been signed, will officially give you ownership of the property, but will still need to be registered in your name on the Land Registry (Registo Predial) by your lawyer. Your lawyer should obtain a copy of this for your records. Once you have completed, the new utility contracts can be transferred into your name by your lawyer.