Dolphin, a leading investor and developer of high end residential resorts in the Eastern Mediterranean, Caribbean and Central America, is pleased to provide a Trading Update on its operations since the Half Year report issued on 24 September 2015.
According to the report, Amanzoe, Greece (www.amanzoe.com) continued improvement in its performance during 2015, compared to 2014. The final occupancy for the year was 57%, representing a 5% increase compared to the equivalent operating period of last year, with an Average Daily Rate (“ADR”) of €1,229 (2014:€1,257), while the resulting Net Operating Income (“NOI”) doubled in line with budget.
One more lot was sold, bringing the total units sold/reserved in Amanzoe for 2015 to 4 and the total number of units sold/reserved to 15. Achieved an improvement in the terms of the Amanzoe senior loan with Piraeus Bank. This will result in a 1.1% interest reduction and the reactivation of the VAT revolver of up to €3.5 million in total, which will further improve working capital.
An increasingly focused residential sales and marketing plan is being implemented, aiming to increase sales velocity. A number of activities and on site events are being planned, alongside an accompanying PR plan and expansion of the local Sales and Marketing team.
Kilada Hills Golf Resort
On Kilada Hills Golf Resort, Greece, the update included that the presidential decree approving the Strategic Investment Proposal was issued on 16 December 2015. Kilada Hills is the first project in Greece to receive such an approval, permitting the construction of 207,000m2 in a private masterplan, with flexible product mix including lots and without the requirement to construct a hotel before the residential product sales.
The design and permitting team have started working on the next phase of the permitting process, including the detailed urban plan, which is expected to be submitted towards the end of the first quarter 2016. Once this urban plan is approved, the project will become legally entitled to sell individual lots on a freehold basis. This approval is expected to facilitate the external funding of the first phase of the project which is designed to include a Jack Nicklaus Signature Golf Course, a golf clubhouse, 268 lots for sale and a beach club.
Sitia Bay Resort
Regarding Sitia Bay Resort, Crete (www.sitiabayresort.com), the Council of State accepted the draft Presidential Decree for the residential zone in Sitia Bay, and forwarded the relevant decision to the Ministry of Environment for final issuance on 11 January 2016. Once that is issued, the project will be legally entitled to sell residential lots independently from the resort development for which the permits are already in place. The new expanded Sitia International airport, only a ten-minute drive from the project site, was inaugurated on 13 January 2016 and is expected to further fuel tourist development in the area.
RELATED TOPICS: Greece, Greek tourism news, Tourism in Greece, Greek islands, Hotels in Greece, Travel to Greece, Greek destinations , Greek travel market, Greek tourism statistics, Greek tourism report
