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Brazil Property News: New resort complex to be built in Pernambuco
19th March 2008 09:47
A Portuguese company has agreed a deal to build a massive new resort development in the Brazilian state of Pernambuco.
Teixeira Duarte SGPS has acquired land in the north-eastern state with the aim of building a 1,200 room hotel, extensive shopping facilities, conference and sports centres and residential properties, as part of a project worth 189 million euros (600 million Brazilian reals).
The plot – known as “Casa do Governador”(The Governor’s House) – is situated between the towns of Porto de Galinhas and Maracaipe, and it comprises around 70 hectares, including 1.6 kilometres of beachfront.
The agreement has been signed between the Portuguese company and the state governor, Eduardo Campos, and it is expected to create 3,500 jobs in the local tourist and associated businesses.
Last week, Teixeira Duarte deepened its stake in the Brazilian economy, taking ownership of 33.3 per cent of oil company Alvorada Petroleo via its 70 per cent owned subsidiary, EMPA.
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