Minoan Plc is planning to get started on a major tourism development on a 25-square kilometer plot at Cavo Sidero, near Sitia in eastern Crete, through strategic partnerships and consortiums.
In that context the British company is soon expected to speed up talks with interested investors to finish off the planning of the investment, especially regarding the mix and the category of the holiday accommodation to be constructed on the plot.
Minoan is working toward an integrated tourism resort bearing the name “Itanos Gaia.” This is a 270-million-euro investment concerning the construction of a five-star hotel unit, holiday houses and a golf course.
This is the very recipe that Lamda Development is applying for the plot of Elliniko in southern Athens, according to its deal with TEMES on the development of part of the seafront, and to its upcoming agreement with one of the investors interested in the residential and office towers planned for the old Athens airport plot.
In Minoan’s case, this is the choice as the company does not have the necessary liquidity and know-how to finance the investment itself. The solution of cooperations also provides the chance for immediate revenues for the property, whose zoning has taken over 25 years to mature.
According to Minoan Chairman Chris Egleton, the prospects of this investment have not been harmed by the pandemic; quite the contrary in fact, as the effects of the health crisis have highlighted the importance of luxury holiday villas the plan has in store for Sitia. “The advantages of the area, the privacy and luxury that Itanos Gaia offers, are already proving to be of great value,” he said. That was also confirmed by a Deloitte valuation that inspected and approved the business plan the Minoan management has drafted.
The conditions after the pandemic in the luxury holiday accommodation market show demand with an emphasis on space availability and on securing privacy. That has increased the anticipated appeal of the villas planned for Itanos Gaia, as there is also the option of owning a relatively isolated property, but within a hospitality community.