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Foreign investors buy coastal stretch in Marbella for luxury resort

Marbella is to get a new luxury hotel complex right on the beach.
The Platinum Estates group, an investment fund based in Hong Kong, has just acquired 170,000 square metres of land on the coastal strip of Las Chapas which is situated right next to an area of sand dunes which is one of the most important natural spaces in the town.
The land purchase, which includes 600 metres of beach frontage, cost 50 millon euros and the investment fund has budgeted a further 150 million euros into the hotel project.
According to a member of Platinum in Spain, Juan Luis Segalerva, the group plans to initiate the first stages of the scheme within the next few months. The future resort, explains Segalerva, is to be the most luxurious in the country.
The project is also to bring one of the biggest international hotel chains to the Costa del Sol, something that it currently lacks. However, the agreement is bound by a confidentiality clause which prevents the actual name of the hotel chain being revealed at the moment, says Segalerva.
The scheme includes the construction of a five-star luxury hotel and 120 villas which will be developed alongside the hotel. The architectural style of the complex is of a typical Mediterranean village with a central square where high end shopping and eating establishments will be located. The resort is also to have a beach club.
The operation which was finalised recently acts as a demonstration of the ongoing appeal of Marbella to investors in spite of the delicate situation in the aftermath of the annulment of the town’s PGOU (or town planning regulations) by three rulings handed down by the Supreme Court.
In fact, as Segalerva reveals, when he heard the news that the PGOU was no longer valid, the investment fund was in the last stages of the sale which made it feel unsure about the viability of the project.
However, the fact that the land purchased was listed as suitable for building on in the PGOU of 1986 – to which Marbella has been obliged to return – as well as the guarantees given by the town hall of its full cooperation and the ironing out of the legalities – meant that the sale went ahead.
It is hoped that in January the initial plans will be drawn up so that works can proceed.
Platinum Estates is dedicated principally to the acquisition of high-end residential and tourist developments and while it has already made a number of large investments in Spain, this is the first time it has done so outside Madrid or Barcelona.
Marbella was apparently the first choice for this project by the group’s investors and the piece of land purchased is one of the very few which remains along the coast