Oceânico Group, luxury property developer and golf operator in Portugal, recently acquired the Little River Golf and Resort in the Pinehurst golf area of North Carolina, in an agreement that marks the Group's first step into the US market and which could be worth $500million when work at the site is completed.

The acquisition was completed at the end of December 2007, and will see Oceânico Group take over the golf, property and holiday operations of the 630-acre resort. The settlement follows Oceânico's 125 million euro purchase of five golf courses in Vilamoura, Portugal in March 2007. 

Opened in 1996 in Carthage, North Carolina, Little River Golf and Resort includes an 18-hole golf course – the only Dan Maples designed golf course in the Pinehurst area – as well as permanent holiday property.  Ranked as one of North Carolina's top 100 golf courses, it also features a 20,000 square foot luxury club house, which overlooks the resort's lakes and forests.

Currently included in the resort are 64 two-bedroom apartments, with Oceânico planning to expand this further with a number of residential and holiday properties, together with an on-going investment in enhancing the golf facilities.

Commenting on the acquisition, Simon Burgess, Director of Oceânico Group, said:  "With the fast growing Raleigh-Durham and Research Triangle regions close by, and easy access from the whole of the US East Coast, this resort is perfectly positioned to become one of the best in the Carolinas.

"North Carolina is already one of the five most popular states for golf travelers and nearby Pinehurst is widely regarded as the finest in the US.  North Carolina is to US golf what Portugal is to the sport in Europe and we look forward to replicating our European success in the American property market."

Adding another jewel to the state's crown as golf property capital of America, Tiger Woods last year announced that he is to design his first American golf course in the mountains of North Carolina.

Woods will design The Cliffs' eighth master-planned course at High Carolina near Asheville, which is due for completion in 2010.

North Carolina golf property within the community is estimated to range from US$750, 00 to US$5 million, with golf membership a prerequisite of purchase. A separate golf membership will cost around US$125,000 and will include playing privileges at The Cliff's additional seven courses in Carolina.

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Article first published 09 January 2008