A property developer has acquired a prime plot of land near Puerto Banus and plans to build a luxury residential complex in a project worth €150million.

ARG Promociones confirmed it has purchased a site of more than 12,000 square metres just minutes from the famous marina and the Guadalpin Banus Hotel.

The company said the land is located in one of the Costa del Sol’s most sought-after areas, where plots large enough for developments of this scale are increasingly rare.

The project remains at an early planning stage, with the number of homes and construction timetable yet to be announced.

However, ARG revealed that the development will feature apartments from 170 square metres, each with large terraces, private gardens and a collection of luxury penthouses.

Residents will also have access to spa facilities, a state-of-the-art gym, outdoor swimming pools, wellness areas, social spaces, concierge services and 24-hour security.

The homes will be aimed primarily at the international luxury property market, with the developer promising contemporary architecture, sustainability, privacy and hotel-style amenities.

ARG said the land was acquired from a company linked to the family of Jose Banus, the founder of Puerto Banus and one of the key figures behind the development of Nueva Andalucia.

Chief executive Guillermo Magallanes described the agreement as ‘an enormous satisfaction’, saying both parties shared a vision of preserving the value of the location while delivering a project worthy of its surroundings.

The acquisition was financed through alternative funding provided by real estate finance specialists PrestaPro and Wecity, rather than through traditional bank lending.

The Puerto Banus scheme joins ARG’s growing portfolio on the Costa del Sol, where it is currently developing around 190 homes across projects including Las Mesas Blue Horizon, Privilege Collection Estepona and The Oak 48.

Read more Andalucia news at the Spanish Eye.