PGA MASTERS IS ICING ON THE CAKE FOR

ALGARVE’S FINEST PRIVATE GOLF DEVELOPMENT

Andre Jordan’s luxury apartment development - The Residences - has the spotlight shining upon it in October as the PGA Portugal Masters Golf Tournament takes place on its doorstep at The Victoria Clube de Golfe, in Vilamoura, Algarve.
The Portugal Masters, a new PGA tournament, will be held over four days – 18-21st October 2007 at The Victoria. The PGA, who are great fans of the three-year-old course, were greatly impressed by the success of The World Cup of Golf which was held at Victoria in 2005. The Victoria course is set to be a regular venue for the European Tour.
The Residences, pictured above, has been designed with the discerning golfer in mind. Reserved starting times and generous discounts on green fees are available on the five famous Vilamoura golf courses (Victoria, the Old Course, Pinhal, Laguna and Millennium). These golf concessions are to be made available to owners and guests staying at The Residences. They include:

*Owners shall be four nominated persons for a two-bedroom apartment and six people for a three-bedroom apartment. Owners will be entitled to these special conditions at any time of the year whether they are occupying their apartment or not.
*Guests shall be any such person occupying an apartment at The Residences whether as a guest of an owner or renting. Guests will only be entitled to these special conditions when they are occupying an apartment at The Residences.
*Owners will benefit from a discount of 50% off the published full green fees and equipment (buggies, trolleys, etc…) at all five Vilamoura courses.
*Guests will benefit from the full wholesale discount rate which varies throughout the year. It is, however, never less than 25%.

Currently under construction, already 110 out of 145 apartments have been sold off plan. André Jordan, Portugal’s leading property developer, has combined high quality workmanship and attention to detail on the development. His commitment to long term investment value for his clients has turned both Quinta do Lago and Vilamoura into internationally successful resorts.
Prices for a Luxury T2 - two-bed apartment are currently from €495.000 to €725.000 and T3 - three-bed apartments from €565,000 to €825,000. Full furniture packs at €25,000 for a twobed and €30,000 for a three-bed are available.

Jeff Hart, Sales Director for The Residences says: “We expect to sell all the remaining 35 apartments by November 2007. With capital appreciation for this type of property running at up to 10% pa, the apartments can be expected to be around 20% more when they are completed early in 2009.

With comparable properties in Quinta do Lago and Vale do Lobo selling at prices in excess of 35% above ours, there is plenty of room for good appreciation in the future”.

All property owners can take full advantage of The Residences’ Rental Scheme which is operated on site. The Residences golf concessions maximise the number of weeks' rental achievable throughout the year. The peak seasons for golf are Feb-May and Oct-Nov. This fits in perfectly with the peak summer beach season, to maximize occupation.

Jeff Hart says: “We confidently expect an average of 40 weeks' rental per annum, for owners who wish to maximize their rental income. Our studies show this would produce a net return of approximately €20k for a two-bed, and €25k for a three-bed apartment. These figures are net of all running costs, including rental commission, condominium fees and council tax.”

The Residences has also attracted a quality mortgage offer. BBVA Bank will finance up to 80% of the purchase price. They will also finance up to 40% of the deposit and stage payments on an interest only basis, plus lend 80% until 2011 at interest only as well.

Latest news from The Residences, please see video clips on The Residences’ website: www.residencesvictoria.com

For further information please contact:

Jeff Hart – jeff.hart@residencesvictoria.com
The Residences at Victoria Clube de Golfe,
+351 289 310 280

Kerry Clark - kerry@tidewaycommunications.com
+44 20 8878 0787