After nearly three years, the purchase of the central area of gardens and pools at Vila Sol Village in Vilamoura is now complete.
Originally owned by the developers ‘Vila Sol’, until they experienced financial difficulties, the area is now privately owned by a majority of apartment owners who are shareholders in the holding company Village Gardens 1 – Gestão e Administração de Imóveis, S.A., created for that purpose.
Apartments at Vila Sol Village are all built around a 30,000m² area of grass, trees and pools. The owners who joined together to buy the land now hold one share in Village Gardens SA, and can enjoy all the facilities that this private gated area has to offer. At such time as an owner sells his/her property, then the single share will be transferred to the buyer.
Of the 194 apartment owners at Vila Sol Village, only nine opted not to participate in the land acquisition and hence forego the right of using the gardens. Another 12 owners have subscribed to five-year payment plans to acquire their shares in Village Gardens in the future, which grants them the same usage rights as current shareholders.
Filipe Santiago, Chairman of the condominium and now Chairman of the Board of Directors of Village Gardens 1 – Gestão e Administração de Imóveis, S.A., said that a great deal of effort had been required to steer the acquisition from start of negotiations through to final contract, and that this had been accomplished by a dedicated team of several owners, the Loja do Condomínio and the appointed lawyers. “We all feel that the result was worth the time, energy and money involved, and are delighted at the outcome,” he said.
(Loja do Condomínio)
