I live here in Playa Blanca, and no I'm afraid they still haven't started building the Golf Course. The one up near Puerto del Carmen is still coming along. I would say that Costa Teguise Golf Center would be your best bet for quite some time yet though.
Yes, still a number of empty properties here, but then it's the quiet season now, so maybe it'll pick up in the summer. They are ending planning permission in early 2007 in PB, so maybe that's what so many properties are being thrown together... ready for when they can't.
There are still lots of plans to help Playa Blanca grow, and some of the industrial units are being picked up now. There are plans to improve the Town Centre, and to provide some "green" areas.
Watch this space then, I guess. Manana manana!