The Riviera Of The South.(The Good Life; REAL ESTATE)(Punta del Este, Uruguay)(Brief article)

Byline: Brian Byrnes

Long a haven for the Latin American elite, Punta del Este, Uruguay, has emerged as a major destination for savvy jetsetters--the St-Tropez of South America. Punta's pristine Atlantic beaches, vibrant cultural offerings and nonstop nightlife are attracting developers and investors from the United States, Europe and beyond who've been seduced by the area's rustic--and relatively cheap--charms.

Actor Michael Caine is an investor in Villalagos, a tranquil private nature reserve with sleek three- and four-bedroom homes surrounded by lakes, horse fields and organic orchards (from $2.5 million to $3.7 million). Brazil's first family of hospitality, the Fasanos, are hard at work on the massive resort Las Piedras, which will include villas ($350,000 to $2 million), a hotel, polo fields, a gourmet restaurant and a ...