INDUSTRY


JUNE 2010 | www.opp.org.uk


PEOPLE Developer news | 11


Greek developer returns with €300 million luxury Peloponnese project


By STEPHEN HARRIS


Greek resort developer Dolphin Capital Partners has launched the initial stage of a €300 million project, the fi rm’s fi rst 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 fi rm was about to start construction


of the fi rst hotel in autumn 2008 but put the project on hold due to the onset of the fi nancial crisis.


Value engineering “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


Porto Heli will be built on 347 hectares of land in the Peloponnese in Greece


of the hotel component of the resort is well under way, fi nancing is secured and it is the fi rst project of its kind that will come into the market in Greece. Of course our assessment of buyer confi dence in the


Protest saves jobs


Hundreds of construction jobs in Cyprus have been secured after the staff of developer Alpha Panareti protested about delays in the country’s planning offi ce. The government has now approved


several projects submitted by Alpha Panareti following the demonstration in Paphos last week. “We were objecting to the length


of time taken to issue licences to start work on projects that have been planned for many months and that have already received approval,” said Alpha Panareti’s managing director Andreas Ioannou in a statement. The company’s management


had warned it could not maintain current staff levels without starting the new developments. But the fi rm was quick strike down suggestions that job losses were already planned.“ Alpha Panareti is not making anyone redundant and it does not have


business problems beyond those of any reasonably large company at this time of worldwide crisis,” said Ioannou. The company has also been


protesting against proposals to stop non-Greek speaking immigrants from working in Cyprus. The company cannot see any positive business benefi ts from the decision. “We would like to recruit more


staff for the construction side of the company, but none are available with the appropriate skills to work to our own company’s high standards,” says Ioannou. The projects which have been


given the new go-ahead include three mini-marinas and a solar energy system. OPP also understands that Alpha


Panareti is likely to be involved in a recently agreed development by Qatar’s property investment fund, Qatari Diar.


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


offi cial planning approval. It also plans to begin sales of its Dominican Republic golf project Playa Grande later this year. 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. This calm and steady approach, despite


all of the turmoil in the Greek economy at present, underlines how everyone involved in the Porto Heli project remains confi dent that international buyers are starting to return to the country seeking good value deals.


Fit for a Spanish lord


This 17th century castle in Rioja in Spain was originally built for members of the country’s aristocracy or Hidalgos. Today it is run as a hotel and the current owners are offering free


holidays in an attempt to attract a suitably noble buyer. “It’s not easy to sell a castle in Spain so we must look for ways to attract


very specific clients,” said Cristina Martinez of agent Rimontgo. The property has already attracted attention from buyers in Sweden,


Poland and the UK.


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