The detailed planning application for the Ponta do Pargo Hotel in Madeira has now been submitted to the Calheta planning authority. Calheta’s President Manuel Baeta has confirmed that the granting of the building licence can be expected in early summer, President Baeta has shown an immense amount of interest in and support for the hotel project throughout the initial phases and, at a recent press conference, commended Morgan Forbes for the development of the spa resort.

The President is the ruling authority for the region and has the ultimate say over what gets built and what does not.

Sales for the units at Ponta do Pargo Hotel and Spa are currently being held at Phase 3 pricing levels but the intention is to move to Phase 4 pricing when the building licence has been confirmed. This step will add significant value to the price of each unit (approximately 15-18%).

Michael Nascimento, Managing Director of Morgan Forbes, the developer of the project, is extremely pleased with progress. He is currently in Madeira holding meetings with investors and showing them the development. “Ponta do Pargo is clearly an emerging area of Madeira and a fantastic opportunity for investors who are looking to take advantage of the island’s buoyant tourism industry and the high net worth individuals who frequent this region.”

The developers of the Ponto do Pargo Hotel and Spa have recently received further good news: The Sir Nick Faldo designed golf course, which is currently under construction, has received the 17 million Euros needed to complete the course. Dr Paulo Sousa, who is responsible for the golf course project (next door to Morgan Forbes’ hotel site) has recently confirmed that everything is running according to schedule and there is no reason why the agreed completion date for the golf course at the end of 2011 should not be met.

Written by: John Ward

Head of Marketing for Morgan Forbes