Millionaire businessman invests in Ferragudo Marina.jpg

Millionaire businessman invests in Ferragudo Marina

Portuguese millionaire Vasco Pereira Coutinho is making another investment in the western Algarve.

Having bought the impressive São João Fortress on the banks of the river Arade around 10 years ago, the businessman is buying into the shores of the Arade once again by investing in the new marina at Ferragudo, where work should begin in March.

The project is set to have 135 apartments and 51 houses, a five star hotel, shopping area and private parking.

The infrastructure, considered as a Project of National Importance (PIN), carries an investment of 57 million euros and is expected to create around 300 jobs.

Pereira Coutinho already owns the expansive and luxurious Quinta de Mata Mouros in Silves, which is also on the banks of the Arade river and houses a private marina on the inside.

Eurico Correia, administrator of Marinas do Barlavento, has claimed the PIN at Ferragudo Marina will be one of the best nautical tourist complexes in Europe.

The port is expected to open in 2101, with the property completed by 2013.