Praia de Chaves Property Development

South of Sal Rei on a fabulous beach

Praia de Chaves

This is the best beach on the island that is accessible from the aiport. Close to Rabil a last gasp one-horse town, it is only 10 minutes from the new airport terminal over a rotten road which will surely be resurfaced, in time.

Residencial Parque das Dunas

The hotel was built four years ago as a residential complex or Aldeamento Turistico, where owners could let their bungalows back to the management and earn some rental income. Many of the properties are owned by Italians who work in Sal Rei, but live here or drive out at weekends. Some come up for resale. Now the hotel which is Italian-owned is developing another 200 properties, some of which it will keep for hotel accommodation and others which are for sale. The bungalows are simple square blocks with wooden balconies and flat roofs. They get hot and most only have fans for cooling. But the existing ones have been nicely landscaped with bougainvilleas, and there is the ocean and a pool nearby. The new properties will be behind the existing hotel and so not beach front. Prices are high at £133 per sqm making a 50sqm block. which is half a bungalow, with one room and a shower cost some £65.000. But they will be well guarded with five night and two day security staff. The complex has its own electricity generator and water desalinator but do not expect the telephones to work.

Santa Isabel Village

An Italian designed resort with houses that look almost as though they were in Brighton is set back from Praia de Chaves. It will offer an hotel, restaurant, swimming pool and fitness centre. Properties include studios and two floored maisonette apartments with the first scheduled for completion in 2009. Prices from about £50,000 for one bed studios.

FM Developments is in Receivership

Coladera Sands

With a location overlooking the magnificent beach, the resort is planned as an Aldeamento Turistico with hotels, apartments and villas. The frontline will consist of 32 beachfront villas and behind this will be 156 terraced houses and 40 apartments. The site is 70 hectares. The Hotel built up on the ridge at the back of the site and imaginatively called Ridgetop will have 220 bedrooms. These will be equipped as studios and available for sale and leaseback to the hotel management company. No prices yet as the site does not have planning approval. It is being developed by a Scottish company, which seemed to have taken on too many developments. So no certainties about completions and the developer is now in Receivership.

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