InsiderBusinessLarge-scale project in Crete by Photiades Group of Cyprus

Large-scale project in Crete by Photiades Group of Cyprus

Triopetra Bay Resort in Rethymno, Crete, is the next large-scale project of Photos Photiades Group of Cyprus.  This ambitious project is undertaken by Emerald Developments S.A. which is a subsidiary of the Photiades Group in Greece.

The ecologically-sound luxury integrated resort has recently secured a site suitability certificate from the Greek Ministry of Environment which paves the way for  planning to go ahead, that is for studies to be carried out to determine the type of use (for example housing), building area factors etc.

It should be noted, however, that the project has a long way to go as far as bureaucracy is concerned. And construction is not expected to begin before the end of 2020 or early 2021.

Emerald, whose portfolio includes a number of developments in Greece, owns 1.200.000 sq.m. of land.

Once all permits are granted, the project’s first phase will include a five star hotel with a capacity of 155 rooms, of which 35 will be suites. With a minimum area of ​​55 m², at least half of the rooms will have their own pool and sea view.

The plan also provides that the first phase will be implemented in an area of ​​about 270.000 sq.m., of which only 22,000 sq.m. will be built. The first phase also includes the construction of 23 luxury residences, ranging from 250 to 550 m² each, and 10 smaller residential units and spa services in an area of ​​2,700 sq. metres. Additionally a nine-hole golf course and a 1.400 m² conference center will be constructed.

The second phase of the grand investment will start after the completion of the hotel and provides for a village complex which is to be developed amphitheatrically. Greek press reports said that the village complex will be similar to the successful model of Costa Navarino in the southwest Peloponnese.

In addition to the residential units, the second phase also includes an exclusive country club with 8 to 12 tennis courts, indoor and outdoor swimming pools, gym, theme park for children etc.

Designs are subject to variations so as to meet the criteria of required permits.

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