Punta Arenas is the westernmost point on the Macanao peninsula. It consists of a small village and a long beach.
To get there from the main part of Margarita, you need to first head towards Boca del Rio, and from there take the only road leading west through the desert-like peninsula. It is a little over an hour drive from Porlamar.
Because of its location, Punta Arenas is not wildly popular, but you will always find some people there. The beach itself is fairly long, wrapping around the "punta" or the "point". There are two parts where you will find restaurants that also rent beach chairs and cabanas.
Playa Punta Arenas has nice, white sand, with some seashells. The waves are generally fairly mild and the waters are shallow so it is very good for swimming. The second or latter part of this beach is even more shielded from waves than the first.
It is a beautiful place to go if you enjoy some more peace than on the more popular beaches: you're also far less likely to be approached by the beach vendors.
See an interactive satellite map of punta-arenas beach!