It is understood to have invited J. Walter Thompson, M&C Saatchi, Minerva and McCann Erickson to pitch.
The participating agencies have been briefed to devise a brand campaign that will raise awareness of Polaris World among UK holidaymakers who may be considering buying a second home in the sun.
The advertising will also target people simply looking to invest in the overseas property market.
The successful agency is expected to be announced before the end of the month and will devise a multimedia campaign, including television and online elements, in time for the autumn.
The TV ad will provide a central point for the marketing strategy, which is also expected to incorporate PR, media and sponsorship.
Media planning and buying will be awarded to the media partner of the successful creative agency.
It will be the first time Polaris World has advertised in the UK. The company owns four golf resorts located near Spain's Murcia airport.
Each complex offers US-style living accommodation, its own town centre and golf courses designed by the golfers Jack Nicklaus and Dave Thomas.
Other facilities include restaurants, cafes, five-star hotels, supermarkets and fitness centres.
The latest addition, La Hacienda Riquelme, is a 200-year-old Spanish hacienda that is being reconstructed to incorporate more than 1,800 apartments.
The first phase of construction is expected to be completed by 2006.