jump to navigation

The Cavo Sidero resort in Crete development March 27, 2008

Posted by grhomeboy in Architecture Infrastructure, Hotels Greece, Tourism.
Tags: , , , , ,
comments closed

Tourism investment of Cavo Sidero in Crete proceeds with planning of first holiday villages

27-03-08_cavo_sidero1.jpg  The development of Cavo Sidero in eastern Crete, one of the biggest investment projects in Greek tourism, has entered the final stretch following 14 years of bureaucratic and other obstacles.

Minoan Group’s Chairman and CEO Christopher Egleton confirmed yesterday the progress achieved and announced that the architectural firms of Alexandros Tombazis and Baldrich & Tobal have begun planning for the first village in the project, to be called “Grandes Bay.”

27-03-08_cavo_sidero2.jpg  The group has spent 40 million euros on the drafting of the business plan, while the total investment will amount to some 1.2 billion. It involves the creation of 7,000 beds in six tourist villages that will cover less than 1 percent of the overall 25 square kilometers. The project will create an estimated 3,500 jobs.

The company’s main stakeholders are Henderson Global Investors, the founder and CEO of Aberdeen Asset Management, Martin Gilbert, the President of American Express Global Network Services, Peter Godfrey, and Board Member of the Royal Bank of Scotland Colin Buchan, along with several British constructors.

Separately, Starwood Hotels & Resorts Worldwide Inc announced yesterday the signing of a long-term cooperation agreement with TEMES SA for the operation of two new luxury resort hotels in Messinia, southwestern Peloponnese: The “Romanos Navarino Dunes Resort – The Luxury Collection” and the “Westin Navarino Dunes Resort.” They are located some 30 minutes from Kalamata airport.

The Panhellenic Federation of Hoteliers (POX) has expressed its concern about the impacts on Greek tourism this and next season from the prevailing global economic uncertainty. The Federation referred in a statement to the considerable losses in world markets since the start of the year, along with oil price hikes and the euro’s appreciation against the dollar, which are negative factors for the country’s tourism.

POX calls for immediate measures to improve the competitiveness of tourism that is expected to absorb most of the impact of the euro’s appreciation. It is also calling for more intensive promotion of Greece, particularly in the emerging markets of Eastern Europe, and a fair solution to the issue of the operating framework for accommodation facilities.

Related Links > http://www.minoangroup.com/index.htm

A high-end sports village for Mazotos village in Cyprus March 20, 2008

Posted by grhomeboy in Architecture Infrastructure, Cyprus Limassol, Sports & Games, Tourism.
Tags: , , , , , , , ,
comments closed

A branded sports tourist village featuring 300 properties has been announced near the village of Mazotos. Located between Larnaca and Limassol, the name behind the development is ex-England and Davis cup Tennis player David Lloyd.

The development will be a self-contained village created in a traditional Cypriot style, while affording the luxury and convenience demanded by modern life. The focus will be on sport, particularly racquets, but also canoeing and football. With meandering cobbled streets and a selection of coffee shops, eateries and supermarkets sprinkled throughout the development, it promises to deliver a self-contained environment with its own unique ambience.

Properties will be either one bedroom or two bedroom apartments, split 20% to 80% respectively, and will make up the development. A beach is 300 meters away, a marina which is scheduled for expansion and plans for a theme park two kilometres away. A Four Seasons 5-star luxury hotel in the immediate area is also being built. A journey time of 25 minutes from Larnaca airport allows for easy access.

The village will also be a magnet for those interested in taking their sport seriously, with the climate providing ideal training conditions for professional and novice athletes alike. Consequently, the rental yield is likely to be very high. Commercially, the development already has an independent rental guarantee programme in place which operates on a sliding scale depending upon the level of personal usage the owner wishes to take. The minimum is five per cent although higher rates can be obtained. There is no compulsion to take the rental guarantee. Owners may wish to control this aspect themselves instead.

Overseas property specialists Thomson OPI have announced their involvement in the project which they claim will deliver all the attributes of an outstanding investment. Mike Thomson, Managing Partner at the firm said: “It is rare for all the variables in property investment to come together at the same time. With this project all of the critical elements of successful property investment are positive. With low or no entry deposits, no stage payments and a remarkable ten-year index linked rental guarantee scheme offering 6.25 per cent per annum it means that investors can access the Cyprus property market with security.”

According to its website, “Thomson OPI sets itself apart by specialising in pure investment properties. While this is the primary criteria, superb lifestyle purchases can also be excellent investments.” The company is inviting investors to register their interest early to obtain preferential options in the development.  “We offer to our clients our hand-picked properties which we ourselves have invested in,” Thomson explained. “This gives a measure of confidence to our clients that the appropriate due diligence has been completed. Additionally, we offer carefully selected opportunities through our partnership programmes.”

The likely financial structuring for acquisition in the development is consistent with Thomson OPI’s objective of delivering high capital growth opportunities whilst enabling easily affordable deposits payable over a long period of time. Sizes and prices are yet to be released, with completion scheduled for summer 2010.

According to the BuySell property index, 2007 saw prices increase by over 20 per cent, with the island set to enjoy continued double digit capital growth over the coming years. Key features of the development can be obtained by contacting Thomson OPI at: info@thomsonopi.com.

The project in summary > 
300 apartments, Sold fully furnished, Indoor and outdoor tennis, Full range of other sports activities, 300m to the beach and the marina, Water based activities, Concierge greeting service, Restaurants, bars, banqueting suite, Commercial Business Centre,
Supermarkets and shops, All year sunshine, PGA golf course 15 minutes away, Rental guarantee available (up to 10 years at a minimum of 6.25%), Low entry costs, 10% deposit with 5% upon delivery, Capital growth c. 12-15% per annum.

Crete’s Cavo Sidero resort project March 15, 2008

Posted by grhomeboy in Architecture Infrastructure, Tourism.
Tags: , , , , ,
comments closed

The Council of State did not hear this week the appeal against the construction of a hotel and golf complex on Crete.

Protesters claim that the Cavo Sidero project, to comprise five holiday villages, a string of luxury hotels and three golf courses, would damage the environment and be a heavy drain on water resources. It was not clear when the court will rule on the case.

Athens third from last in European property potential list March 14, 2008

Posted by grhomeboy in Architecture Infrastructure, Living.
Tags: , , , , , ,
comments closed

Athens ranked among the last cities in Europe in a survey ranking real estate markets for both investment and development prospects, according to survey results made public yesterday.

The survey, put together by research group Urban Land Institute (ULI) and PricewaterhouseCoopers, ranked Athens in position No 25 out of a total of 27 cities reviewed.

The Greek capital was given a low score due to the difficulties encountered regarding the execution of large projects in the city, the lack of available land and “a growing trend by developers to look for property beyond Athens. Without question, Europe is facing a bumpier ride this year than the last few years,” said Richard Rosan, President of ULI Worldwide. “The fact that many respondents remain confident about European markets points to the still-local nature of real estate. We are seeing a lot of guarded optimism.”

The survey covers countries throughout Europe and is based on surveys and interviews with nearly 500 of the industry’s leading authorities. Moscow and Istanbul took first and second place, respectively.

Cavo Sidero resort’s case to be heard at Greek courts March 12, 2008

Posted by grhomeboy in Architecture Infrastructure, Environment, Tourism.
Tags: , , , , , ,
comments closed

Hundreds of Cretan residents and environmentalists protesting plans for the construction of a huge tourism complex on the island’s unspoilt northwestern coast will have their joint appeal against the project heard by the country’s highest administrative court tomorrow.

Protesters claim that the Cavo Sidero project, that would comprise five holiday villages, a string of luxury hotels and three golf courses, would damage the environment and be a heavy drain on water resources.

Campaigners had lobbied the government to boycott the project by British property development company Minoan Group Plc (formerly Loyalward Limited), writing letters to 11 different Ministries, but authorities have encouraged the 1.2-billion-euro investment.

Residents of Crete, much of which already suffers periods of drought in summer, say the plan would be devastating for the arid island. Even local farming cooperatives have joined the protest, complaining that they already struggle with dwindling water resources.

“The more time goes by, the more people begin to realize what is actually being planned for the area and start doubting the benefits of this initiative,” said Nikos Kyfonidis, President of the Ierapetra Ecological Group. Kyfonidis doubts the validity of an agreement that has allowed Minoan to lease some 2,600 hectares for 80 years, saying that “new evidence throws into doubt the credibility of this controversial contract.”

The cause of local residents and environmentalists has been embraced by several foreign academics. Oliver Rackham, a Cambridge University ecology professor, told Britain’s Guardian newspaper that the project was “grotesquely unsuited to… one of the most arid places in Europe.” “The development is unsustainable because of the huge amounts of water that will be needed,” Rackham said.

Minoan Group’s Chairman Christopher Egleton insists that the resort will be built on only 1 percent of the site, will be “fully sustainable” and will benefit the local community in the long term.

Funds for Metropolitan Park ‘not wasted’ October 26, 2007

Posted by grhomeboy in Architecture Infrastructure, Environment.
Tags: , , , ,
comments closed

Environment and Public Works Minister Giorgos Souflias said yesterday that the government made a “political decision” in deciding not to use European Union funding to build a huge Metropolitan Park in Hellenikon, southern Athens.

The ruling conservatives have instead chosen to sell up to 100 hectares of the land to developers to finance the creation and upkeep of the 590-hectare metropolitan park. Souflias said the government chose to use EU funds to fund other regional projects and pledged to make public the list of all the works being undertaken.

The fact that Greece could have asked for funding from the EU for the park was only revealed after a question in Brussels from a Coalition of the Radical Left MP. The Mayors of the four neighborhoods that will be affected by the creation of the park have opposed the plan to sell off the land. PASOK added its voice to the protest yesterday, even though the Socialists had first drafted the plan to sell off part of the park when they were in government.

Peloponnesian highway bill to be ratified October 9, 2007

Posted by grhomeboy in Architecture Infrastructure.
Tags: , ,
comments closed

The concession contract for the construction project of the Northwestern Peloponnese Highway has been resubmitted to Parliament for ratification.

The project, budgeted at 2.8 billion euros, has been named as Greece’s most significant road project in terms of both size and cost, and regards the reconstruction of the Corinth-Patras-Pyrgos-Tsakona (Kyparissia) highway. The respective bill is to include a provision that provides for measures to rapidly tackle uncontrolled development in locations included in a reforestation scheme.

The road is 365.4 kilometers long, of which 283.7 km are to be constructed as an entirely new swath, while the remaining 81.7 km regard the reconstruction and improvement of an already existing road, most of which was built 25 years ago.

The concession contract was won by the Apion Kleos consortium, comprising the companies Vinci SA, Hellenic Technodomiki, TEB SA, Aktor SA, J&P Avax SA, Hochtief Projektentwicklung GmbH, and Athina SA. In return for the construction of the project, the consortium will operate the road for a period of 30 years. The state’s contribution amounts to 550 million euros.

According to the current time schedule, safety on the existing part of the road must have been improved within a year, while the remaining parts should be delivered gradually with the last one after 70 months. Once completed, drivers would have to pay 7.50 euros in tolls, instead of the current cost of 4.50.