News that Paramount has signed a 30-year deal for a resort to be built alongside Polaris World in Murcia in southeast Spain has given a huge boost to the region’s leading developer, Polaris World. Polaris has developed five Nicklaus Design courses since 2005.
The new park is expected to attract four to six million tourists each year and generate up to 20,000 permanent jobs in the area.
Speculation about the construction of the theme park and studios complex has already generated increased interest in property sales both in Spain and the UK. Local newspapers are reporting that “cheap property sales will be a thing of the past” after the master plan was revealed on March 25 that gave full details of the resort which will include several hotels, a water park and extensive shopping as well as the Paramount New Generation Park.
“This is fantastic news and wholly vindicates our decision to re-start building on our resorts following the financial crisis which put most of our competitors out of business,” said Jose Luis Hernandez, CEO, Polaris World. “There is so much going for Murcia at the moment with a new international airport about to open as well as improved motorway access. Properties are still cheap, but I don’t expect that to last for long–this really is a great time to invest in homes at Polaris World.”
Building will begin at Paramount New Generation this year and the resort will be fully opened in 2014. It is located along side Condado de Alhama resort, which features a Jack Nicklaus Signature Golf Course, and within less than 30 minutes driving of all the Polaris World resorts.
Polaris World was the undisputed heavyweight champion of the Spanish property boom of the 1990s. Like the rest of the Spanish construction industry the company suffered in the recession–but unlike most of its rivals Polaris World is still operating and, uniquely, still building new properties.
The company has opened a new town centre at the Terrazzas de La Torre development early this year with bars, restaurants and a supermarket. A spectacular new restaurant and shopping complex has been completed at Hacienda Riquelme as well as a new bar housed in an ancient water tower.
Even before this announcement Polaris World was committed to constructing more than 400 new apartments in 2011.This may now be revised upwards. It is the only major Spanish developer with key-ready new build apartments coming on-stream throughout the next year.
Polaris World is number one in luxury Spanish property offering a wide range of apartments, town houses and individual homes on three developments in Murcia. Each resort has bars, restaurants and an 18-hole Nicklaus Design course as part of the five strong Nicklaus Trail, all of which were constructed by Polaris World. All Polaris World golf resorts are situated in Murcia, a province in the South East of Spain, basking in more than 300 days of sunshine every year and enjoying an average temperature of 21 degrees for year round sunshine.