Tourism Investment Proposal

Presentation and proposal for cooperation
The property, is located at the Greek island of Serifos and at a privileged place in the
island’s capital village of Chora, that is listed as a traditional settlement, having a
spectacular overview on the southwards endless Aegean Sea.
Serifos Island is among those in Cyclades with increasing demand for second homes
and summer recreation accommodation, emerging either by locals or foreigners. The
owner, planned to develop the property for this purpose, and to create small and
medium size dwellings onto 6 independent but adjacent plots.
The owner established a legal entity for that reason and issued the building permits for each
plot, allowing the erection of 24 homes in all (four n each plot). There is possibility the
four dwellings-homes on each plot to form an independent property or each
home to form an independent property too. This arrangement was conceived in order
to provide flexibility addressing the variety of market demands.
The issuing of the six building permits imply that there are not any forestry,
archaeology, environmental protection or other origin restrictions applied in the
property. On the contrary, due to the traditional character of the Chora Village, the
competent building licensing agency exercised a more thorough inspection that all relevant
specific building terms and conditions were met.
The owner of the property also bought an access road from the main road of the island,
completed all the infrastructures (electric network, water network, biological drain) and
started the construction of the first two houses that have not been completed yet.

Alternative ways to exploit this property:
a. As it is: Erect the dwellings and landscaping according to the approved
building permits and then sell independent dwelling houses either to locals or to
foreigners, especially to those seeking visa for permanent stay in Greece (Golden Visa).
b. As is it: Erect the dwellings the landscaping according to the approved
building permits, furnish them and acquire approval by the competent authorities of the
National Tourist Organization of Greece (NTUG) to use them as furnished rented
apartments. The functional composition of the houses qualifies for the high category of
such apartments.
c. By changing the approved building permits (in a period of 4 months without
additional expenses), in order to construct 10 villas between 180 sqm and 230 sqm. This
scenario, depending on the quality of the construction, can yield higher returns and
quicker return of the investment while secures larger free spaces within the property.
d. By creating a hotel facility of 3,600 m2, after the approval by the NTO. This requires
the revision of the existing six building permits in order to make them function as a
unit, according to the relevant specifications. It should be mentioned that there is no
hotel accommodation in the traditional settlement of Chora village (except of rented
rooms only) and obviously, the creation of a hotel unit in this property will
automatically get a considerable advantage in the local hotel accommodation market

Additional Information:
 The owner contacted one of the biggest construction companies in Greece
who assured that they may complete the whole project in four months’ time,
at a budget ranging from 2,000,000 to 3,000,000 euros, depending on the
quality of the materials used for the construction and the landscaping.
Conclusion
Because of the hardships of the banking system in Greece, the project came to a halt. For
this reason, the owner seeks an investor who can finance the completion of the project,
as a partner in the already established company or in a new legal entity which will be
established for this purpose.
The owner also considers the option to sell the project AS IS at the indicative price of
1,200,000€.