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Five Major Tourism Projects in the Pipeline, Awaiting Go-ahead
Posted On 18 Feb 2015
“Ithaca Resort” project. Photo source: interportfolio.com
Five major tourism projects in Ithaki, Viotia, Chios, central Greece and Crete, are awaiting the green light under the country’s “Fast Track” law, which accelerates the licensing procedures for private-public investments, according to Greek daily Kathimerini.
Investors who have filed under the law have expressed concerns as they are still waiting for a Ministerial Committee for Strategic Investments (DESE) decision.
Among the main projects for review is Ithaca Resort. An Australian group of investors have announced plans to build a mega luxury resort on the southern shores of the Ionian island of Ithaki to include six luxury hotels and 1,020 suites, a marina to accommodate 200 yachts, a golf course and a waterfront village.
With a budget of 123 million euros, Sportsland SA plans to establish a holiday village complete with suites, hotels, golf course, sports facilities and conference center some 75km from Athens in Viotia, central Greece.
Valued at 384 million euros, Solar Power Systems, a consortium of Greek and foreign interests, is awaiting the green light for the construction of nine photovoltaic power stations in central Greece, with a total capacity 470 MW.
Kerameia SA is planning to invest 150 million euros on the island of Chios for the development of a five-star 700-room hotel.
Dutch company Royal Vopak NV has its sights on the construction of an oil storage terminal in southern Crete, budgeted at approximately 500 million euros.
A 700 bedroom hotel in Chios!!! Wow that’s extravagant…..honestly speaking I think they will find it a challenge to achieve high occupancy as Chios, as beautiful as it is remains an unknown tourist island. Which is odd because Chios is one of the most beautiful islands in the Aegean, I’m biased anyway because I come from Chios but that’s a pretty big project they’re proposing.
I tend to take everything with a pinch of salt when it comes to Greece announcing new restoration projects. Simply because they never seem to follow through…I mean the Re-Think Athens project has been halted due to the European Union labeling it as ‘ornamental & touristy’ and thus I just hope all these potential incentives for the country do in fact become a reality. Come one Greece let’s not give up.