Bahrain-based Addax Bank has completed the sale of Tuscany Reserve (Florence Gardens), an award-winning 452-acre golf course community in Naples, Florida.

The move is part of the Bahrain-based bank's policy of concentrating in the GCC market after what appears to have been a fairly painful experience in Florida.

Addax is believed to have paid $65 million for the development in May 2008 shortly before the US property market collapsed.

It has sold the property to Kitson & Partners, a developers run by former Green Bay Packers football player Syd Kitson, for $31 million, according to Gulf Coast Business Review.

Addax declined to confirm or deny the figures.

'Addax's successful exit from Tuscany Reserve indicates the bank's ability to react to changing market conditions in the best interests of its shareholders and investors,' said Addax acting chief executive officer Wael Aburida.

'The sale of Tuscany Reserve allows us to refocus our efforts on our core home markets here in the GCC. We are committed to working with our regional clients and portfolio companies in key sectors such as financial services, education and hospitality to help them continue to build and grow their operations throughout the region.'

Tuscany Reserve is considered one of the leading developments in Southwest Florida with world-class infrastructure and luxury homes to complement the acclaimed golf course designed by Greg Norman and Pete Dye.

'We decided early on that it was important to maintain and enhance the world class characteristics of Tuscany Reserve in order to preserve the value,' said Aburida.

'As a result, the turnkey condition of the property made it the crown jewel of residential real estate development opportunities in Southwest Florida. Therefore, interest in Tuscany Reserve from potential partners remained high despite the global real estate downturn. We are confident in the ability of the Kitson team to achieve the full potential of this exceptional community,' said Aburida.

'As the economy rebounds we are confident Southwest Florida's housing market will lead the way,' said Kitson. 'Real estate always comes down to location - and Southwest Florida remains one of the best places to live in the country.'

'The Naples market is largely built-out,' added Kitson managing partner Thomas M Hoban.

'There are very few projects that can offer new home construction opportunities to homebuyers in this market over the next three to five years.”

'With entitlements for up to 799 new homes, a world class golf course and significant infrastructure already in place, Tuscany Reserve is extremely well-positioned to meet the growing demand in the marketplace and emerge from the downturn as one of premier communities in Naples,” Hoban concluded. – TradeArabia News Service