PGA Masters returns to the Algarve

Andre Jordan’s luxury apartment development, The Residences, is nearing completion and has the spotlight shining upon it once again in October as the PGA Portugal Masters Golf Tournament returns to take place on its doorstep at The Oceânico Victoria Golf Course, in Vilamoura, Algarve.

The Portugal Masters is a European Tour men’s professional golf tournament which was played for the first time last October at The Oceânico Victoria Golf Course. The prize fund was €3 million, making it the richest golf tournament in the country, and comfortably in the top half of European Tour events. England’s Steve Webster won the tournament last year and the €500,000 first prize with the European Tour’s best winning final round of the season, a 64. Padraig Harrington, the current holder of both the British Open and the US PGA Championship, has confirmed his attendance at this year’s event and will be hoping to make 2008 a special year for the Irishman.

Many of the world’s top golfers were involved in the last event and they were complimentary of the quality of the Arnold Palmer-designed course. The PGA’s European Tour Director Peter Adams also highlighted the quality of the venue and the course conditions.

The Residences has been designed with the discerning golfer in mind. Reserved starting times and generous discounts on green fees are available on the five best known Vilamoura golf courses (namely the Victoria, the Old Course, Pinhal, Laguna and Millennium). These golf concessions are available to owners and guests staying at The Residences. Owners (4 nominated persons for a two bedroom apartment and 6 people for a three bedroom apartment) will be entitled to a discount of 50% off the published green fees and equipment at all five of the courses at anytime of the year whether they are occupying their apartment or not. Guests (any person occupying an apartment at The Residences whether as a guest of an owner or renting) will be entitled to a full wholesale discount rate at the five courses, this rate varies throughout the year but is never less than 25%. These discounts are only applicable when they are occupying an apartment at The Residences.

Construction of the 145 apartments is progressing on schedule with completion planned by April 2009. André Jordan, Portugal’s leading Property developer has combined high quality workmanship and attention to detail on the development. His commitment to long term investment value for his clients has turned both Quinta do Lago and Vilamoura into internationally successful resorts.

Prices for a Luxury T2, a large 2 bed, 2 bathroom apartment start at €510,000 to €725,000 with golf front views. Prices for a Luxury T3, a large 3 bed, 3 bathroom apartment range from €540,000 up to €815,000 with views over the golf course. With the final phase of apartments available, two Show Apartments and the Sales Office are located overlooking the 9th tees, next to the Victoria Clubhouse car park. These are open to both the media and prospective purchasers looking to buy the remaining units at pre-completion prices.

The apartments are located within a gated community with in house reception, concierge and management. Set around beautifully landscaped courtyards and gardens are three outdoor pools, indoor heated pool, gymnasium and children’s play area. Each apartment also has two underground parking spaces. Full furniture packs can be purchased at €25,000 for a 2-bed and €30,000 for a 3-bed apartment.

Alan Ellis, Sales Manager for The Residences says: “We have now sold 115 out of the total 145 two and three bedroom luxury apartments. We still have availability in our golf front blocks, although probably not for long! There are many benefits and rights attached to freehold ownership at The Residences, and buying pre-completion several months before the apartments are completed means that further savings will be made on the completed price. The normal capital appreciation for this type of property is 8-10% pa, add to that the inevitable increases as completion approaches, and by Easter 2009, apartments should increase in value by 10 -15%. Compared to similar apartments nearby in Vale do Lobo and Quinta do Lago we are well below their current levels so the opportunities for future appreciation are very favourable.”

All property owners can take full advantage of The Residences’ Rental Scheme which is operated on site and provides marketing and administration services. Flexible rental programmes can be set up to suit the specific requirements of individual owners. The fantastic golf concessions available at The Residences maximise the number of weeks’ rental achievable throughout the year. The peak seasons for golf are Feb-May and Oct-Nov; this fits in perfectly with the peak summer beach season (June-Sept) to maximise occupation.

Another advantage of buying at the Residences is the bespoke finance available. BBVA Bank will finance up to 70% of the purchase price. They will also finance up to 20% of the deposit on an interest only basis, plus lend 70% until 2011 at interest only.

For more information visit residencesvictoria.com