Fundo VEGA, owner of Quinta da Rocha, in the Ria de Alvor, and of Morgado de Arge, at the entrance of Portimão, has plans for both properties, he revealed to the Sul Informação Joaquim Luiz Gomes, chairman of the executive committee of Dunas Capital, the management company of that real estate investment fund.
In the case of Quinta da Rocha, whose last owner, before having ended up in the hands of a bank and then those of the fund, was the businessman Aprígio Santos, Joaquim Luiz Gomes revealed that the project to «renovate» this 200-hectare farm, in the heart of the Ria de Alvor, it could start "in the first quarter of next year".
"Oh PIP [Request for Prior Information] is approved, we have approved the Environmental Impact Statement [conditional favorable DIA], which was approved by all competent entities, including ICNF. Therefore, we intend, before the end of this year, to deliver the licensing project to the Portimão Chamber, so that, later, in the first quarter of next year, we can give way to requalification».
After a few years ago, when Aprígio Santos was still the owner, having been rejected by the Environmental Impact Assessment, a project that called for the construction of houses, a golf course and other infrastructure, the new project is much more modest .
«At Quinta da Rocha, the only thing that is planned is the requalification of houses that already existed historically, and therefore, the requalification of agricultural areas in a rural tourism area. The construction of one more square meter of area is not planned, given what has always existed historically," guaranteed the businessman.
Agora baptized as «Alvor Nature Living», the project envisages the reconstruction of the 18 scattered buildings existing in the 200 hectares of the centuries-old Quinta da Rocha. In fact, the favorable DIA subject to approved 9 villas and a rural hotel with a total construction area of 3.238 square meters.
As for the Morgado de Arge, located in Portimão, between the Arade river and the Boina river, the VEGA Fund project, which has not yet been approved by any entity, and is still in the preparation phase of the Detailed Plan, foresees the urbanization of 135 of the total 1450 hectares of the property.
Joaquim Luiz Gomes added that «at Morgade de Arge, a planning contract was signed with the City Council, to develop an Economic Development Center, a licensing figure that has not yet been used in Portugal and in which Morgado de Arge goes to be a pioneer».
«Our ambition is to transform Morgado de Arge into the equivalent, for the Barlavento Algarvio, to what Quinta do Lago is for the Sotavento. We are hopeful that one day Morgado de Arge, which has more than twice the area of Quinta do Lago, can become a national reference in terms of tourist destinations,” he added.
In the portfolio of the VEGA Fund, the Morgado de Arge project is described as «a new concept of sustainable tourism in harmony with the natural environment», which will include «Nature Resort, Residential Condominium, Agricultural and Forestry Activity and Production, Protected Area Private (APP), Health and Wellness Equipment, Sport and Leisure; Photovoltaic Plant».
Despite the optimism reflected in the words of Joaquim Luiz Gomes, the Sul Informação knows that the process, including the possibility of considering the project as an Economic Development Center (figure provided for in the PROT Algarve, but never used), is still in the negotiation phase, both with the Municipality of Portimão, and with other entities, such as the Regional Coordination and Development Commission (CCDR).
As for the investment foreseen in each of these projects, the manager revealed that «in the case of Quinta da Rocha, our hope is that it will be worth a few tens of millions of euros. As for the Morgado de Arge, we are talking about over a hundred million euros of investment».
The Fund VEGA, through Carthage Hotels, of which Joaquim Luiz Gomes is also the administrator, is also the owner, in the municipality of Portimão, of «WHE – Work, Holiday & Enjoy», the former Hotel Globo, also a former asset of Aprígio Santos .
«Together, the VEGA Fund has 17% of the territory of Portimão», underlined Joaquim Luiz Gomes, speaking with the Sul Informação at the time of opening, after refurbishment (which is still ongoing) of the new hotel «WHE – Work, Holiday & Enjoy».
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