Parque da Floresta golf resort for sale

Paul Rees 22 January 2018

parquedafloresta The Parque da Floresta golf resort, recently renamed as Santo António Golf, is for sale as part of the insolvency proceedings of its owner, Sociedade de Santo António.

In May 2012, the three companies managing the golf resort were placed into administration by order of the court in Lagos. These companies were the developer, Vigia SGPS, property company Quinta da Colina and golf management company Golfe de Santo António.

In June 2014, various of the resort’s land assets were put up for auction on behalf of these three companies to try and recoup some of the money owed to the taxman, social security department and the local authority which was owed €1.7 million. (See: Public auction details for Parque da Floresta resort)

Today’s news is a continuation of the lengthy insolvency process in which Vila do Bispo council is still owed €1.5 million for water* (see comment below from 'PdF resident).

The minimum bid is set at a sporty €9.8 million with the mayor hoping that a new owner will be able to revive the business and that the enterprise once again will "be one of the touristic engines of the county."

Currently, staff wages are being paid but many of the 89 employees are still owed amounts from previous years.

Sealed bids will be opened on March 1st. For sale is the 18-hole golf course, golf academy, bowling green, 38 buggies. There also is tourist accommodation of 256 tourist beds in 55 units, four buildings, two tennis courts, two swimming pools and a restaurant.

Comments

0 #5 Geoffrey 2019-02-13 09:18

They keep building the golf courses as an adjunct to the properties for sale. After the 2008 blip the market is picking up. Most of the houses and villas are not sold to golfers but to holidaymakers who head to the beach where the development possibilities are limited by the cost of land and planning regulations.

-1 #4 Ed 2018-01-23 22:31

Quoting mj1:

why do they keep building these golf courses when so many are not profitable

It's not about the golf, it's all about property development.

-1 #3 Dolphie 2018-01-23 22:19

They build them to sell the land and villas alongside. A lot of these golf courses are heavily borrowed on a speculative basis, see article ref pdf in this site above. Palmares in a similar scenario, they have no funds, outside investment imminent supposedly to develop. Wait and see!!

+1 #2 mj1 2018-01-23 10:01

why do they keep building these golf courses when so many are not profitable

+2 #1 PdF Resident 2018-01-23 06:32

For sale at last! The money owed to the Camara is not for water supplied to the golf course but residential water that owners paid for and Vigia used for other purposes. Some of the present staff and the staff who found other jobs are owed several thousand Euros. But, Parque da Floresta is still one of the greatest places in the Algarve to live. Hopefully the new owners will restore it and manage it well.

(Thanks for the explanation of the water bill. Poor behaviour by Vigia. Ed)

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