Monday, August 2, 2010

€300 million project

Greek developer returns with €300 million project

Greek resort developer Dolphin Capital Partners has launched the initial stage of a €300 million project, the firm’s first since the recession.

The 33 ‘Aman Residences’ in the Peloponnese in Greece will form the luxury residential section of the Porto Heli Collection, which will include three hotels, a Jack Nicklaus golf course and further real estate.

The firm was about to start construction of the first hotel in autumn 2008 but put the project on hold due to the onset of the financial crisis.

“We decided to halt construction, rethink the design and value engineer the entire project in terms of construction costs, materials etc,” said investor relations director Katerina Katopis.

“Dolphin [has now] decided to launch the Aman Residences because construction of the hotel component of the resort is well under way, financing is secured and it is the first project of its kind that will come into the market in Greece. Of course our assessment of buyer confidence in the market was imperative.”

The company, which owns Cypriot developer Aristo, is hoping to launch a 3,000-unit resort called Venus Rock in Cyprus in the next few weeks and is awaiting official planning approval. It also plans to begin sales of its Dominican Republic golf project Playa Grande later this year.

Greek problems
Katopis said the company was targeting a very international clientele and didn’t expect Greece’s economic situation to impact sales. “We haven’t readjusted anything because of the problems in Greece,” she said.

“Greece’s house prices will fall because they are overvalued but we are operating in a different market with different buyers.”

Construction has begun on the one villa that has already been sold and is expected to take 18 months. “The aim is to open the residences at the same time as the hotel but we won’t start construction on each villa until it is sold,” said Katopis.
www.opp.org.uk