Dolphin Capital Investors, the residential resort investor, has bought a 2,000 acre site in the Dominican Republic.

Dolphin, which has previously only invested in the eastern Mediterranean, has joined with Aman Resorts to pay €38.8m (£29m) for the land.

The joint venture is now going to develop a 200-room five-star golf hotel, 40 villas, a 40-room hotel, and 350 cliff, golf and sea front residential units.

The development, 80km from the Puerto Plata airport on the north of the island, also features a golf course and 9km of beach.

Substantial value for shareholders

'We believe that this project will benefit from the supply-demand imbalance for premium branded residential resorts in the region and should create substantial value for our shareholders,’ said Miltos Kambourides, managing partner of Dolphin.

Dolphin has a 70% stake in the scheme with Aman holding 25% and other private investors holding 5%.

The joint venture is currently committing €16m (£12m) of equity capital to buy the project and an additional €15.7m (£11.7m)to fund the design, early stages of development and operation.