Hi everyone,
We are purchasing our property through VillaCashback and noticed this item on their news forum. Sounds like reassuring financial news with evidence of confidence in the PW concept and company...
31 July 2008:
Polaris World has released details of a substantial 241 million Euro finance package received from five Spanish banks to assist in the extension of Mar Menor Golf Resort, currently being built in Murcia, Spain.
The loan operation has the participation of Bancaja, Banco de Valencia, Caja Mediterráneo, Banco Popular and Cajamurcia.
Mar Menor Golf Resort is being built in Torre Pacheco and the enlargement is being constructed on almost one million square meters. The works have already started and the forecast for handing out the first properties is the beginning of 2009.
The new phase of this resort will have 1,501 apartments designed by Melvin Villarroel, 296 villas and townhouses, and 73 commercial premises. All those are added to the 742 existing villas. Out of the 1.797 new properties, around 60% are already sold. In addition the existing golf course is being extended to 18 holes.
Polaris World has three resorts working and fully functioning (Mar Menor, La Torre and El Valle) and it is working on the first phase of Condado de Alhama Golf Resort (2.500 properties), on the finishing touches of Hacienda Riquelme (1.800 properties), Las Terrazas (3.800 properties) and La Loma (470 properties).
Villa Cashback MD and Chartered Accountant Paul Williams commented " This is very reassuring news for buyers. At a time when achieving finance for property construction is difficult worldwide Polaris secure a quarter of a billion euros. It demonstrates the confidence in the company and underpins its continuing strength in constructing resorts. We have been advising clients for some time when buying overseas to invest in a strong brand name like Polaris World for the security it offers. With the difficulties faced by other developers in Spain in recent months that advice is even more important today."