Paramount's Vice President, Michael Bartok, businessman Jesus Samper, president of the Santa Monica firm, which owns an 80 percent stake in the development company and the directors of Business and Tourism Murcia, Salvador Marin and Pedro Alberto Cruz, respectively, made the announcement at a joint press conference in the city of Murcia.
Jesus Samper wants to create a project that will compete with Disneyland in Paris and become a European destination in itself. Pedro Alberto Cruz insisted that the theme park was not an amusement ride but an arts and leisure complex that will tap into current technology to become a first class location for leisure and entertainment in Spain and in Europe.
The exact location of the theme park within Alhama is yet to be finalised although the land adjacent to the Condado de Alhama resort built by Polaris World has been widely reported as the favoured destination for the Paramount Theme Park. This land was originally set aside for the development of Condado de Alhama resort with a further two Jack Nicklaus Signature golf courses and shopping complex.
The land now owned by IRM a consortium of banks that includes Banco Popular, Bank Caja and CAM bank stretches across six square kilometres and is just 15 minutes from the new international airport at Corvera in Murcia which is expected to open within the next 12 months.
Villa Cashback MD Paul Williams described the project as "fantastic news" for property owners in the region. "Wherever the theme park is finally located in Alhama it is likely to be within easy drive of the six resorts built by Polaris World and will provide a huge boost for the second home property market in Murcia".
Recent falls in property prices have seen many properties on the Polaris World resorts reduced by 30% below their peak values. Generous 90% mortgage offers from the banks at low interest rates are starting to move the market with sales volumes having increased substantially from the low point of early 2009.
The banks who currently own around 15% of properties built by Polaris World are showing some reluctance to part with the properties too quickly. "They clearly see the potential for future gains" said Williams. The stock represents around six months sales from the peak year of 2007 so as the Paramount Theme Park develops and sales continue to increase, helped by the Paramount announcement, the banks will go some way to getting their investment back perhaps faster than originally envisaged.
Meanwhile Polaris World continues as a developer and resort manager in the region and is currently leading the way with offers on property as it completes the resort at Terrazas de La Torre with frontline golf penthouse apartments on offer for just 96,000 Euros over 30% reduction from their 2007 launch price.
A team from Paramount is working on the theme park project and full details are expected to be announced within six months according to Bartok.
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Polaris World Golden Partner. Villa Cashback is the leading sales agent for Polaris World property on six resorts in Murcia, Spain.