LAMDA Development is assigned to develop a residential holiday complex in Xylokastro
LAMDA Development enters the real estate sector of the tourism industry
LAMDA Development S.A., through its subsidiary DIMIOYRGIA S.A., has been assigned to develop a residential holiday complex of 200 apartments in Xylokastro, a holiday resort in the Peloponese, near Korinthos. The estimated budget is 4 billion GRD.
Specifically, DIMIOURGIA S.A. participating with 51% in the company LAND AND CONSTRUCTION S.A., was assigned to develop a 14 hectare estate in Xylokastro, marking a dynamic entry in the field of real estate development for the tourism industry. Companies participating in this newly formed company are: TSIGARIDIS contracting company (40%) and EFG Eurobank Properties (9%). The project is expected to be complete within the year 2003.
One of the projects most important advantages is its location, as it is situated next to an estate owned by the Municipality of Xylokastro, on which sports courts and a pier for yachts have recently been created. At the same time, the completion of the Attica Highway will result in a significant reduction of the time required to access Athens (expected to not exceed one hours drive).
The goal of LAMDA Development is for each unit of this residential holiday complex to be offered as a complete product. The company intends to simplify each sale by offering every unit together with a mortgage for interested parties. EFG Eurobank Properties will undertake the organization and the sale of this new product, within the framework of its development as a leader in the real estate service sector in Greece.
This project is part of LAMDA Developments investment programme, while at the same time representing an important step in the business development of its subsidiary DIMIOURGIA S.A. and EFG Eurobank Properties.
