Member Info for Bigwil7

Great weather and a favorable tax regime

https://www.ekathimerini.com/257919/article/ekathimerini/business/great-weather-and-a-favorable-tax-regime

European Union states have not failed to notice Greece’s two recent legal clauses that provide strong incentives for wealthy foreigners and pensioners from abroad to transfer their tax residence to this country.

Sources say more than 30 applications from multimillionaires have already been submitted and approved (half of them at the height of the health crisis). These individuals want to live and invest in Greece, taking advantage of the favorable legislation for them and their families. About 10 are among the world’s richest people, worth several hundred million euros. They have in fact begun fulfilling their obligations by law already, investing in Greece through the luxurious property market.

17 August 2020
Interim Results Announcement
From the chairman's report
Greece
"While Greece has not escaped the effects of Covid, particularly on the 2020 summer season, the Greek
Government has been proactive in attempting to mitigate the effects on inward investment by building on
its more investor friendly approach. This has included simplifying the framework of the planning process
in order to improve the quality of Greece’s tourism offering. In addition, the recent enactment of legislation
to encourage retirees to settle in Greece through a very low flat tax rate of 7% is likely to have an extremely
positive effect on the residential tourism market as a whole.
The Project
The nature of the Company’s Project in Crete, covering over 25sq km with its 28km of coastline and
unending sea views, is such that it is able to accommodate the spatial demands that appear to be emerging
within the tourism industry as it adapts to a post Covid world. Taken together with the fact that the
Project’s flexibility, as highlighted in the outline planning consent and overall plan, has always been to
create space for its visitors, using under 0.05% of the land for building, we believe the post Covid demands
add to the attractiveness of the development as a whole."

Wake up at the back !
21st July 2020
Reorganisation of funding arrangements, placing, update and
General Meeting

"In the meantime, the Board has taken significant action in reducing the
ongoing running costs of the Company, including directors deferring
and/or foregoing fees, until the Group has moved forward with the
Project."

You see you REALLY ARE living in the past!

Glass full empty living in the past - as always!

Luxury Tourism Projects on Greece’s Strategic Investments List

https://news.gtp.gr/2020/10/08/luxury-tourism-projects-on-greeces-strategic-investments-list/

Greece’s government spokesman, Stelios Petsas, recently presented a list of new investments that have been approved by the interministerial committee for strategic investments.

The list names 14 new investments worth some 1.8 billion euros.

Among the new investments are the following nine tourism projects, which include a number of five-star hotels and resorts.

Greece becoming more attractive to investors

https://www.ekathimerini.com/257818/article/ekathimerini/business/greece-becoming-more-attractive-to-investors

The country’s stable political environment, its performance in sustainable development and its policies regarding climate change are features that make Greece an attractive destination for investors, according to the EY Attractiveness Survey Greece 2020.

Good morning Truthfactory. Tough, I am a paid up member of both boards so will post what I want to, where and when I like. You must have nothing to offer here so you make it personal and trash the poster, I'm used to that but equally sad that you always feel the need to continue to live in the past and be so negative. A bitter ex-shareholder by all accounts, no wonder anything positive or relevant posted here grates.

Maybe they should consider this?Akuo to invest €1 billion in Greek REShttps://www.ekathimerini.com/257736/article/ekathimerini/business/akuo-to-invest-1-billion-in-greek-resFrance’s Akuo Energy International is planning to implement an investment program close to 1 billion euros in Greece over the next five years.Its plans include the entire range of renewable energy sources, from wind and solar power on mainland Greece to storage and floating photovoltaic units on the islands. They will also include photovoltaic tiles of high aesthetic standards for use by Greek architects, and solar panel technology for agricultural use.

InvestGR Forum concludes on October 8 and 9

https://www.ekathimerini.com/257602/article/ekathimerini/business/investgr-forum-concludes-on-october-8-and-9

The 3rd InvestGR Forum 2020, titled “Greece in the Pole Position,” which is taking place online, will conclude on October 8 and 9 with a two-day event featuring interesting panels with distinguished speakers.

The four panels will have discussions by politicians, CEOs, academics and experts on issues such as flagship investments, turning crisis into an opportunity, the country’s national narrative, and rebuilding the new economy.

New momentum likely for Golden Visas

https://www.ekathimerini.com/257531/article/ekathimerini/business/new-momentum-likely-for-golden-visas

Greek property sector experts anticipate a jump in demand from investors from Britain over the next few months. This is thanks to people interested in obtaining a Greek residence permit or even a Greek passport, so that they can move freely between the UK and the European Union after the completion of Brexit within a few months.

"Mr Gilbert, who co-founded Aberdeen Asset Management (AAM) and led it into a £3.8 billion takeover by Standard Life in 2017, will have plenty to keep him busy after SLA.

After giving up boardroom duties he will continue working for the Scottish financial services giant until the end of September, when he finally severs his ties."

Aberdeen Asset Management
Glencore
Toscafund

AND Minoan Group!!

Tourism Investments to Drive Growth for Greece, Says EY Survey

https://news.gtp.gr/2020/09/30/tourism-investments-drive-growth-greece-says-ey-survey/

Foreign investments in tourism, logistics and real estate are set to drive growth for Greece in the coming years, according to the EY Attractiveness Survey for 2020 presented during a Capital Link webinar this week.

The study, which examined the views of global investors on the attractiveness of the country, found tourism (52 percent) together with logistics (28 percent) and real estate / construction (21 percent) to be the key areas set to attract investor activity.

DCI's interim accounts were published today 6 months ended 30th June 2020.

Miltos Kambourides, Founder of Dolphin and Managing Partner of Dolphin Capital Partners, commented:

"In the new social-distancing and remote working landscape that prevails after the COVID-19 outbreak, we have witnessed that the demand for quality second-homes remains healthy, as affluent and increasingly mobile individuals are looking for fully serviced properties, offering privacy and longer term use potential. We believe that this trend will continue and enable us to monetize our project portfolio in accordance with our divestment strategy."

Under market dynamics they put:

"beyond the immediate challenges, the pandemic is likely to create transformative and lasting changes in our industry. The hospitality and real estate sectors were already materially impacted during 2020 and the persistence of travel restrictions may permanently affect demand for hospitality assets going forward.

On the other hand, we have seen that the affluent investors' demand for quality second homes during this crisis has remained resilient, if not enhanced, helped by remote-working arrangements and social distancing considerations."

Seems as though the CS project offers the best of both worlds to a developer. Four sites for hotels and residential properties on the coast with breathtaking views within reach of a golf course, conference centre and hotel complex and more residential units.

In relation to projects under development, there are some who believe that in order to maximise the divestment returns, the company should aim to sell its share of those assets when their construction has made significant progress in order to minimise development risk and be able to appeal to a larger investment audience.

Another (Undeveloped) golf course / hotel complex / residential units that DCI own is Lavender Bay Resort in Magnesia Greece. Projected Cash generation potential (back in 2012) came out at (all in Euros) Residential sales 521M costs 264M giving projected cash 257M (initial costs for the land etc I believe were about 27M not included).

Another (Undeveloped) golf course / hotel complex / residential units that DCI had was Sitia Bay Golf Resort, again quite close to CS. Projected Cash generation potential (back in 2012) came out at (all in Euros) Residential sales 560M costs 276M giving projected cash 284M (initial costs for the land etc I believe were about 24M not included).

FWIW DCI did a portfolio cash generation potential calculation (way back in 2012)and Plaka Bay resort came out (in Euros) at Residential sales 147M costs 93M Projected cash 54M.

(CS has (taken very liberally) four coastal resorts 54M multiply by 4 = Projected cash 216M.)

However phase 2 at Kilada Hills which relates to the golf course and a hotel etc was projected at Residential sales 541M plus land plots 33M less costs 269M Projected cash 305M.

(Both exclude the costs already incurred for land etc which I believe were 15M for Plaka and 95M for Kilada Hills golf complex).

Remains to be seen what design the CS golf course / hotel complex will take but possibly food for thought.

As far as I can see the site has cost them 95M Euros to get to the "bulldozers in" stage.

They've also forked out about 15M euros for the (yet to be developed) Plaka Bay resort which is located on the Grandes Bay peninsula ie pretty close by.

Those 2,000sqm plots were being sold for 500,000 Euros each (50 in total), called Founders Memberships offering freehold title to a 2,000sqm lot overlooking the golf course with the right to build a villa of up to 800sqm, lifetime golf m'ship and additional privileges. They have planned 260 golf residences in total but those were the biggest & best, AND they're selling.

One can only aspire to somrthing like this:

https://www.mykilada.com/wp-content/uploads/2020/08/KILADA_BROCHURE.pdf

Maybe Mr Gilbert will be interested particularly in the golf course development??