A previous planning consent for a clubhouse, which was set to include 41 apartments, for the St Andrews International Golf Club at Feddinch Mains by Scotia Investment group was renewed in January 2017.
This was on the strict condition that it would lapse in three years if construction had not begun by then.
The permission expired in January 2020, but the site has now been purchased by investment consultants GPH Engineering with a view to progressing the clubhouse's development and associated developments.
Work is already underway on the course, which has been designed by 1973 Open champion Tom Weiskopf, who has already made his mark in Scotland at Loch Lomond.
A spokesperson for GPH Engineering, said: "This exciting and ambitious scheme will deliver unrivalled standards of golf, accommodation and service at St Andrews, benefiting both members and the local community.
"The new course and clubhouse facilities will deliver some lovely coastal views in a fantastic unrivalled location, supporting a growing interest in golf, with the best courses attracting national and international visitors.
“It is our clear desire to deliver a project with lasting economic benefits to the town, Fife and Scotland. Schemes such as this provide a vital means to support the recovery of the tourism sector from Covid-19, delivering considerable employment opportunities - both during construction and onsite once complete.
"We're looking forward to consulting widely with the community and key stakeholders over the coming months on our proposals, which will include a digital consultation event in May."
The site lies 2.5 km south west of St Andrews, adjacent to the A915,
Weiskopf said: “The uniqueness of Feddinch is two-fold: it is in a superb location, close to the beautiful town of St Andrews, the home of golf, and will offer superb facilities, including a stunning clubhouse and golf course.
“The new owners are committed to providing the most comprehensive golfing experience in the British lsles and I am incredibly excited to finally see this dream project come to fruition.”