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Dolphin hits out at cancellation rumours

Dolphin has denied reports saying that some of its developments in Greece & Cyprus could be put on hold until the economic downturn ends.

South-east Europe resort developer Dolphin Capital Investors has spoken to Overseas Property Professional (OPP) to counter media reports stating it was to postpone the launch and sale of any new projects until the economic downturn has passed.

In a Reuters interview, the developer’s chief executive Miltos Kambourides was reported as saying that it could play a waiting game when it came to building new resorts as it had €170m in cash reserves.

If we put villas on the market and we discover that nobody wants to buy, we will just delay it and wait for six months until the market recovers,” he was quoted as saying by Reuters. “We are prepared to hold the projects for the next 30 years if we need to. The land doesn’t go bad.

“No projects to be postponed”

However, the developer contacted OPP, denying the reports, saying that the quotes had been taken out of context and that it still planned to build and sell units on its 15 sites in Greece, Cyprus and across Europe.

We have not taken any decision to postpone any of our resorts, but what we are doing at present is value-engineering, negotiating agreements with operators, constructors and renegotiating these contracts to get more favourable terms,” said Katerina Katopis, investor relations director at Dolphin Capital Partners. “We are not postponing construction under any circumstances, there may be a month or two delay while we sort the contracts out, but that is it. We have a lot of shareholders and we have to, and want to, do what we promised to do.

Katopis added that the construction and delivery of certain projects was due this year, with an announcement expected soon on the launch of “probably the largest sea-front development in the Mediterranean” to be built in Cyprus. Construction has already started on the “very high-end” Venus Rock project, situated on land already built upon by developer Aristo, which Dolphin bought out in 2007.

We will be aggressively pursuing sales on this when we launch, and although we have large agent networks in the UK and Europe, we obviously want to speak to agents in other markets as it can’t hurt to have as many synergies as possible in the market at present,” she added.

© Overseas Property Professional

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