After five years of successfully managing the Algarve’s stunning Amendoeira Golf Resort, owner Kronos Homes has sold the development to the Portuguese Rolear Group. The move is the final stage in the sale of the portfolio that Kronos Homes purchased from Oceanico Group back in 2018, when Kronos first entered the Portuguese residential tourism market.
Since purchasing Amendoeira Golf Resort, the firm has completed significant infrastructure works that have led to the repositioning of the resort in terms of its touristic offering. The works have included the remodelling of Amendoeira’s clubhouse, terrace, restaurants and sports bar, as well as the addition of two brand new padel courts.
Kronos Homes also built a range of properties at Amendoeira Golf Resort, successfully delivering on the real estate element of the strategic plan for the resort. A total of 241 properties, including apartments and villas, were purchased by domestic and international buyers during the course of Kronos Homes’ ownership and management of the resort.
“We are delighted to complete on the sale of Amendoeira Golf Resort, which marks the latest milestone in Kronos Homes’ strategy in the Portuguese market. We are certain that Rolear Group will build on the extensive refurbishment works of the past few years to further enhance the unique strengths of Amendoeira, from its serenity and natural beauty to its exceptional golf facilities and high-quality, low-density homes,” said Rui Meneses Ferreira, Partner, Kronos Homes.
“Amendoeira Golf Resort, with its various components – tourism, sports and real estate – provides immense potential for further development and Rolear Group can play a key role in this. Our investment in Amendoeira will allow us to bring the latest innovative technology to the resort, particularly in relation to renewable energies and energy efficiency,” commented Parreira Afonso, Chairman, Rolear Group. “The purchase of Amendoeira Golf Resort connects Rolear Group more closely with the local Algarve community. We embrace the enhanced social responsibility that this signifies and look forward to cementing Rolear Group’s position in setting delivery standards across the tourism, sporting and real estate sectors.”
The 102 employees of Amendoeira Golf Resort will join the 300-strong team at Rolear Group as part of the purchase of the resort. Rolear Group will build on the partnerships and development activity already built up to make the most of the opportunities arising from the purchase.
Located in Alcantarilha, near the Algarve town of Silves, Amendoeira Golf Resort offers an elevated lifestyle, with a wealth of sporting facilities: two award-winning golf courses, each with 18 holes, a nine-hole floodlit golf course, golf academy, driving range and putting green, fully equipped gym, 1 km jogging track, football pitch built to FIFA standards, two five-a-side football pitches, six tennis courts and two padel courts.
