Dolphin Capital Investors Limited Operational Update (5784Q)
June 22 2020 - 2:00AM
UK Regulatory
TIDMDCI
RNS Number : 5784Q
Dolphin Capital Investors Limited
22 June 2020
22 June 2020
DOLPHIN CAPITAL INVESTORS LIMITED
("DCI" or "Dolphin" or the "Company"
and together with its subsidiaries the "Group")
Operational Update: Progress at Kilada and Apollo Heights
Dolphin, an investor in high-end residential resort developments
in the eastern Mediterranean, is pleased to announce that key
milestones have been achieved at Kilada and Apollo Heights, two of
the Company's important development properties.
Kilada, Greece ( www.mykilada.com )
Greece has been notably successful in containing the spread of
the Covid-19 virus and this has now enabled the country to re-open
key sectors of the economy including construction.
Following the issuance on 1 November 2019 of the final
construction permit for the first phase of this project in the
Porto Heli area, including the 18-hole Jack Nicklaus Signature Golf
Course and a country club, a beach club and infrastructure for the
first residential lots, works have commenced on-site.
To mark the progress in development, a ground-breaking ceremony
was held on-site on 19 June 2020. In recognition of the importance
of tourism to the wider economy and the prestige of the Kilada
development, the ceremony was attended by a number of Government
and local representatives including the Minister for Development
and Investments, Mr. Spyridon-Adonis Georgiadis; Minister for
Tourism, Mr. Harry Theoharis; Deputy Minister for Development and
Investments, Mr. Nikos Papathanasis; Deputy Minister for Spatial
Planning and Urban Environment, Mr. Dimitris Economou; as well as
members of the Greek parliament, the Governor of the Peloponnese
Region, Mr. Panagiots Nikas; and the Mayor of Ermionida, Mr.
Ioannis Georgopoulos.
Details of the ceremony and a photo-library are available at:
https://www.dolphinci.com/kilada-groundbreaking-photos/
The construction works for the first phase of Kilada, are
expected to take 24 months and the targeted commencement of golf
operations is the second quarter of 2022.
Apollo Heights, Cyprus
The governments of the United Kingdom and Cyprus issued on 9
June 2020 a joint statement, having reached agreement on regulating
development in the non-military Sovereign Base Areas ("SBA").
This area includes the largest part of the Company's 447 hectare
Apollo Heights project which lies 30 km from Limassol and 40 km
from Paphos.
The agreement has already resulted in provisional zoning
permissions granted for the Apollo Heights land:
-- c. 26 hectares have been designated as eligible for G3-T4a
zone, which would allow for the development of tourist real estate
and hospitality developments, subject to the finalization of the
specific policy provisions for the area; and
-- c. 415 hectares, would fall under Z1-Z2-Z3 protection zones
with building ratios ranging from 1% to 6%, subject to specific
permitting clearance and providing that the designated protected
areas remain undeveloped.
Whilst the above provisional zoning proposals mark an important
milestone in the pre-development process of Apollo Heights, the
Board believes that the proposals could be less restrictive and the
Company is in the process of lodging its formal comments on the
provisional zoning with a view to further improving the overall
development potential of the site and enhancing its value.
Following the completion of the current public consultation
process, the final zones for the SBA area are expected to be
published in the Cyprus Government Gazette in early 2021.
More updates will be issued in due course.
Andrew Coppel CBE, Chairman of Dolphin Capital Investors,
commented:
"We are delighted with the progress at Kilada and Apollo
Heights, further evidencing their significant development potential
and tangible value."
Miltos Kambourides, Founder of Dolphin and Managing Partner of
Dolphin Capital Partners, commented:
"The relaxation of internal travel restrictions has enabled the
resumption of construction of Kilada and One & Only Kea Island,
our two key projects under development. The provisional zoning
granted to Apollo Height is also a step forward."
For further information, please contact:
Dolphin Capital Investors
Andrew M Coppel, CBE +44 (0) 7785 577023
Dolphin Capital Partners miltos@dolphincp.com
Miltos E Kambourides
Panmure Gordon (Broker)
Dominic Morley +44 (0) 20 7886 2500
Grant Thornton UK LLP (Nominated Adviser)
Philip Secrett +44 (0) 20 7383 5100
Instinctif (PR Communications Adviser)
Mark Garraway +44 (0) 20 7457 2007
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END
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