1. 1

2. INSIDE:
• Overview
• Business Opportunities
Greece
• Projects
1. GREECE
Part “A” West
a) Marina
b) WG-PAL-01
c) WG-KAL-01
d) WG-SL-01
Part “B” Cyclades
e) CY-THN-01
Part “C” Crete
f) CR-AN-01
g) CR-IP-01
Part “D” Sporades
h) SP-SK-01
2. CYPRUS (*)
3. U.K. (*)
4. ROMANIA (*)
• Risks
• Valuation
• Disclosures
(*) Will Follow upon request
Messolonghi lagoon
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3. OVERVIEW
STRATEGY/ TARGET MARKET
Our target focuses on
City residential and Commercial • Investing in the high-end residential units, (Villas, apartments,
Units lofts) right in the centre of the capital City of each country, in the
most reputable areas where we can benefit from the results of
offering high quality structures versus good pricing.
• Leisure-integrated resort projects in the Mediterranean. Earning
Resort Hotels, seaside residential benefit is the long experience gained in the past years from building
developments as well as managing 5 and 4 star hotels. Leisure components are of
prime interest, such as hotel, golf course, marina, thermal- spa
facility, theme parks etc. Targeting location by the sea, within an
admirable secluded hideaway in an attractive natural landscape and
within driving distance from an airport and/or port. Offering
facilities: security, property management, maintenance and health
and well being services.
• Exploiting the best investment opportunities in the region of
Undeveloped but promising Areas
undeveloped but promising areas in Greece and the Balkans.
for Future development
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4. BUSINESS OPPORTUNITIES IN GREECE
GENERAL INFORMATION
The market of Greece is quite difficult for foreign investing companies due to
the high and complicated taxation and legislation covering Developing.
But it is a market with a long history in developing, is politically stable, enjoys
good weather conditions, and has a strong spending capacity.
To minimize the risks associated with the economic downturn we focus on
high-end developments that are less sensitive to the economic fluctuations
than a mass-market product that can resist in time.
Hotel Development:
Generally, the minimum land that should be owned for building a hotel is
15.000 m2. (For lands out of the city borders and in places that the hotel
development is allowed).
“A” Privately owned islands- deserted.
There are a few islands in the Ionian sea and also in the Aegean that are
privately owned and can be used for a Hotel development.
A special care must be taken because the islands in general, have serious
problems with the legislation concerning development on them.
More or less, the same applies to most of the areas that are not included
within the city limits (even on the mainland).
Here below some of the common parameters are shown:
• Forestry issues,
• Natura & Ramsar restricted areas,
• Water and current supplies and the rest of the utilities,
• Strong Winds,
• Geological formations, Seismic areas, Volcanoes etc
• Archaeological sites shown or hidden,
Messolonghi lagoon • Accessibility by Sea and Air during the different seasons,
• Low coefficients for building, heights and coverage, Allowed Usage of
the land
• Demography of the island inhabitants
• Specifications for the minimum distance from the sea shore, that the
development is allowed to be placed.
On the private islands, the cost of the land and the project can be considered
of around 2.500 - 6.000 Euro/ m2 depending on the location.
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5. “B” Inhabited islands
On the different islands of Greece, there are still areas that could be built.
The same parameters as above should be observed, before any decision is to
be followed.
I here below show on which line one company should base its calculations for
understanding if is of interest to invest on these types of projects or not.
(the Value on the same island changes depending on the orientation, views,
and proximity to the sea)
Prices for buying the project, plot and building included, per location
• Mykonos: 7.000 -15.000 Euro/ m2 (T.S.: 4 months, “+++++” )
• Crete - Elounda: 6.000 -14.000 Euro/ m2 (T.s: 6 months, “ ++++”)
• Crete General: 2.500 - 5.000 Euro/ m2 (T.S.: 5 months, “+++”)
• Santorini, Paros: 4.500 - 5.500 Euro/ m2 (T.S.: 3 months, “ ++++” )
• Cycladic islands: 2.600 - 5.000 Euro/ m2 (T.S.: 4 months, “ ++”)
• Sporades Islands: 3.000 - 4.500 Euro/ m2 (T.S.: 4 months, “++”)
• Rodes: 3.000 - 5.000 Euro/ m2 (T.S.: 6 months, “+++”)
• Corfu: 3.000 - 5.000 Euro/ m2 (T.S.: 5 months, “+++”)
• Eptanissa: 2.300 - 4.700 Euro/ m2 (T.S.: 3 months, “++”)
T.S.: Tourist Season,
“+++++” Higher value of daily renting prices and higher occupancies
“++” Lower value of daily renting prices and moderate occupancies
(The above prices cover only the building with the installations and finishes.
The cost for A/C cooling, Bars, kitchens, Machineries, Conference facilities and
instruments, Furniture and Special features for Spa and Gym, BMS system,
Biological water filtration, Water desalination installation, Solar panels,
swimming pools- Jacuzzi, Hammam etc are not included).
“C” MAINLAND:
Western part of Greece: 2.400 - 3.700 Euro/ m2 (Tourist Season: if it is
developed properly, it can evolve to a full year destination)
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The area is not much developed but is very beautiful and very promising.
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6. EXECUTIVE SUMMARY
This is a list of Projects of Medium/Large size under development in
Greece by Arsinoe S.A.
The list includes 8 projects as follows:
A/A PROJECT DESCRIPTION G.D.V. Construction
Million Period
Euros
(*)
1. Messologgi Marina 40 1.5 years
2. WG-PAL-01 Hotel-Residential 165 4 years
3. WG-EPI-01 Hotel-Residential 35 2 years
4. WG-SL-01 Hotel-Residential 70 3 years
5. CY-THN-01 Holiday Villas 9 2 years
6. CR-AN-01 Luxury Villas 11 3 years
7. CR-IP-01 Hotel-Residential 185 5 years
8. SP-SK-01 Hotel-Residential 33 3 years
• G.D.V. Gross Development value
Each project is distinguished by special characteristics of location,
quality and growth potential.
Our group with a 70-year history has been a dominant force in such
developments in Cyprus, Greece, the UK (and recently also Romania)
and is characterised by sound, continuous growth and sensible
financing.
Our group welcome participation or sale approaches by partners of
equal standing and reputation.
Messolonghi lagoon
Potential partners/ purchases should bear in mind that they need put
up from between 25 %- 35 % as own capital, with Banks associated
with us lending the balance over 5 – 20 years (depending on the type
of the project) at competitive rates in any major currency.
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7. General notes for the Ionian
PROJECTS
Archipelago, the islands and
PART “A”: WESTERN PART OF GREECE MAP
the mainland.
The Ionian Islands hug the West
Coast of Greece and are
distinguished from many of the
other Greek Islands by fertile
land blanketed with olive groves
as well as pine trees. Some of
the Mediterranean's most
beautiful beaches can be found
in the area.
The islands of Corfu, Paxoi,
Lefkas, Ithaki, Kephalonia
and Zakynthos are the most
famous and along with many
other smaller ones like Kalamos
Kastos etc, form a unique
protected archipelago.
The Mainland with its endless
variety of beautiful landscapes
has formed its own unique
character. Springtime is an A: AKTIO AIRPORT
unforgettable experience as the
aroma of wild flowers fills the air. B: MARINA MESSOLOGHI (In contest, not yet finalized)
The area is highly recommended C: PLOT, WG-PAL-01
for family vacation and for
nature lovers who come in all D: PLOT, WG-KAL-01 (Kalamos Island)
seasons of the year.
High mountains and lash forests,
river banks, lakes, caves, rich AKTIO PROJECTS
variety of flora and fauna with AIRPORT “B” & “C”
over 200 species of birds, 50 of
which are considered rare, the
the largest and most varied
wildlife habitat in the whole of
Greece, thermal waters.
Sailing conditions: The Ionian
Islands are considered by most
as the absolute sailing paradise
combining fair weather, many KALAMOS
anchorages and short passages. ISLAND
Projects:
The Ionian Sea is the most “user “D”
friendly” sailing area in Greece.
The prevailing summer wind is
Northwesterly and blows at force
4-5 knots from midday until six in
the afternoon.
MESSOLONGHI
The distances are short and there MARINA.
are many beaches, bays, marinas Project: “B”
and ports only a few miles away
from each other.
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8. Messologhi Area ‘PROJECT B: MARINA MESSOLONGHI
Yacht Harbor and a Marina (In contest, not yet finalized)
Marina Area Planed tourists village
Messologhi is the capital city of
Aetoloakarnania in the western
part of Greece.
34 km from Rio - Antirio Bridge
and 45’ from Aktio Airport.
Challenge Of Nature:
Wild mountains, fertile valleys,
sheer gorges, torrents and
peaceful lakes, and wild life
habitats, thermal springs.
The salt marshes of Mesologhi-
Aitoliko are a nesting ground for
thousands of ducks and birds and
have their own rare charm.
Activities:
Sailing, Rafting, Ecotourism, Hang
Gliding, Trekking, Rock Climbing,
Mountaineering, Kayak, Bird MESSOLOGHI AREA
Watching, network of paths for
recreational walking.
"The demand from the nautical
sector of the tourism market for
births, is reaching unprecedented
figures, which can only be
remedied by a dramatic upgrading
of existing facilities as well as
creating new ones.
Important fact: The position
Passage from the Ionian to the
Aegean and protected from the
strong wings.
4ης Generation Marina
according to the “European
Federation of yachting harbors”
Births: 600 Boats MARINA TOPOGRAPHICAL CHART
(Superyachts included)
Floating Pontoons and Fingers
Maintenance and fixing facilities.
Lift Crane: 200 tones
A large-scale development for the
harbor and land infrastructure is
currently underway.
The area will be transformed into
a high-caliber, international
Marina in the Mediterranean,
thoroughly designed to cater the
mooring needs of customers with
even large luxury vessels and
ocean-going mega yachts. Gross Development Value: 40 Million Euros
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9. Notes about the plot: PROJECT: UNDER STUDY C: CODE: WG-PAL-01
It is located on the main land in
the western part of Greece,
overlooking the Ionian Sea.
Closed to Lefkada and Kastos
islands. The freehold is of 200 Ha
but only the 30 Ha can be
developed. The rest will remain as
a private Forest where it can be
used for sport activities (golf,
hunting, picnics etc). It has a
direct frontage to the beach.
Total buildable Area:35.000 m2
Theme: “Ecological Village”
Energy producing village:
Photovoltaics, Geothermal
heating, ambient cooling,
desalination plan for the water THE PLOT
supply, trees and vegetables
growth.
Purpose: The site can be
developed as a mixed unit of a
Hotel (150 rooms and 160
bungalows) and villas for sale.
Possible additional features:
not included in the calculations.
Golf centre (by using the
desalination process to satisfy the
water demand), Holistic center for
well being.
Activities: Swimming, Horse
riding, bird watching, good sea-
food and Nature trails, sports.
THE BEACH IN FRONT OF THE PLOT
Nearby facilities:
The nearby town with its
picturesque settings and the
beautiful architecture creates a
stunning environment for summer
holidays for families and elderly
people. Good area for retirement
Population of the near by town:
2.500 People.
30” min drive from the airport of
Aktio. Hotel: 150 rooms, Spa 2000 m2,
Small marina and port.
Hospital: 40 min away 160 Bungalows (60 m2 each),
Food: many Tavernas with fish
and Greek specialties. 200 Villas for sale
Mild weather conditions
Targeted clientele:
English & German and Italians
Gross Development Value: 165 Million Euros
Tourist Season: all year round
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10. PROJECT: UNDER STUDY D: PLOT, WG-EPI-01
Notes about the plot: (Kalamos Island)
The plot is located in the
Northen part of the island
Kalamos at “Episkopi” area.
Kalamos Island lies in the
southeast of Lefkada, close to
the coasts of Etoloakarnania.
The nature is unique and the
atmosphere travels the visitor in
unforgettable past times. The
pine trees forest is one of the
most precious of the Ionian
islands. Luxuriant, green and
hospitable to many species of
birds and small animals.
THE PLOT
Kalamos has small pebbled
beaches with crystal waters.
Many dolphins are traveling in its
surrounding waters.
Near to Episkopi area are fount
the left overs of the Castle of
Kalamos, known as
Kastromonastiro.
Total buildable Area:
Hotel: 2500 m2
Bungalows: 1700 m2
Residential: 4500m2
THE BEACH
Theme: Purpose:
Ecological island architecture
Activities:
Sailing, Hang Gliding, Trekking,
Rock Climbing, Mountaineering,
Bird Watching, Diving to see the
nearby ship wrecks
Nearby facilities:
Myticas picturesque village,
Lefkada, Kastos islands: 15 min
Aktio Airport: 40 min
Hospital: 30 min
Boutique Hotel: 50 rooms,
28 Bungalows (60 m2 each),
45 Villas for sale (100 m2 mixed area, each)
Targeted clientele:
German, English, Italian,
American. Gross Development Value: 35 Million Euros
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11. PROJECT: UNDER STUDY E: PLOT, WG-SI-01
Notes about the ISLAND: (PRIVATE ISLAND)
The island is located in the Ionian
Sea very closed to the island of
Leykada.
The island is lashing green and
has beautiful small beaches for
those who search private and
Luxury holidays during the
Summer time.
Whole island Area: 140.000 m2
Forest: 70.000 m2
Total buildable Area:
Hotel: 8.000 m2
Bungalows: 4.000 m2
THE PLOT
Theme: Purpose:
Ecological island architecture
Spa facilities
Activities:
Sailing, Hang Gliding, Trekking,
Rock Climbing, Mountaineering,
Bird Watching, Diving to see the
nearby ship wrecks
Nearby facilities:
Lefkada, Kastos islands: 30 min
Aktio Airport: 40 min
Hospital: 40 min
THE BEACH
Boutique Hotel: 110 rooms,
Spa facilities: 2.000 m2
45 Bungalows (70 m2 each)
Targeted clientele:
American, Arab counties,
Gross Development Value: 70 Million Euros
Russian, English, Italian.
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12. Notes about the project: PART “B”: CYCLADIC ISLANDS
The plot is situated at the area of
Porto on Tinos island. PROJECT: TINOS ISLAND F: PLOT, CY-THN-01
This known - yet unknown island
of the Cyclades holds lots of
surprises for its visitors. Today,
there are more than 50 inhabited
villages on Tinos that have
preserved their picturesque
atmosphere.
Masterpieces of vernacular
architecture are spread around
the island, since Tinos is the
island of artists. Some of the
most important Greek painters
and sculptors of the 19th and
20th centuries were from Tinos.
The museums and the
archaeological sites keep the
history of this place alive.
A scenery of rare beauty in Volax
village which is composed of
perfectly round shaped granite
stones, the marvelous aquatic
habitat of Livada bay with the
red, black and yellow rocks, are
a few of its exciting spots. The
whole surface of the island is
carved with thousands of miles
of drywall stone fences.
Countless chapels, dovecotes
and windmills adorn the
mountainsides, the ravines and
the valleys.
PERSPECTIVE- SKETCH SKETCHES
Permit already achieved:
21 Houses ranging from 70 m2 to
150 m2. Each one with its private
use of a garden.
Theme: Purpose:
Cycladic Architecture: “The Artists
village”.
Activities: Sailing, Hang Gliding,
Rock Climbing, Mountaineering,
water sports, Diving to see the
nearby ship wrecks, island hoping.
Nearby facilities: The beach is
150 m away. Hospital: exists
locally.From Athens: Dolphin: 2-3 Villas: 21 Units (ranging from 75 to 150 m2)
hours, Boat: 5-8 hours depending
on the time schedule.
Targeted clientele: Gross Development Value: 9 Million Euros
German, English, American
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13. Notes about the project: PART “C”: CRETE ISLAND
Crete, is the Greek island that PROJECT: AYIOS NIKOLAOS G: PLOT, CR-AN-01
has been influenced by the
multicoloured Mediterranean, the
mysterious East and the
fascinating Africa.
The plot is situated in the area of
Elounda the small village with a
unique architectural conception
that, in combination with the
natural environment, creates a
mythical setting for relaxing but
yet luxury holidays.
It is surrounded by acres of lush
vegetation and overlooks the
azure waters of Mirabelo Bay and
the Spinalonga Island. VIEW TO MIRABELO BAY & SPINALONGA ISLAND
In the proximities, the world
known top class Elounda Hotels
chains are fount that boast a
good range of facilities in the lap
of luxury to suit all demanding
tastes.
The golf and Spa facilities offer
luxury amenities to the visitors.
It is the preferred destination of
many celebrities around the
globe.
IDEAS
Permits already achieved:
12 villas of approximately 200 m2.
each
Theme: Purpose:
Cretan Stone built luxurious villas
Possible additional features:
Modern architecture, pool,
pergolas, B.M.S. controlling
system.
Activities: Sailing, water sports,
Diving to see the nearby ship
wrecks, Golf, Spa etc.
Nearby facilities:
60 min away from The airport of
Heraclion.
10 min from the beach.
Villas: 12 Units (200 m2 mixed area, each)
Targeted clientele:
American, Russian, Italian, French
and Arab countries
Gross Development Value: 12 Million Euros
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14. Notes about the project: PROJECT: IERAPETRA I: PLOT, CR-IE-01
The plot is situated closed to the
village of Ierapetra In Crete and
has a direct frontage of 1,8 Km
on the Platys Gialos Bay.
Ierapetra is popularly known as
the southernmost town of
Europe, nicknamed "bride of the
Libyan Sea" because of its
position. Having the great
fortune to be the southernmost
town of Europe, Ierapetra enjoys
the mildest weather, with the
least annual rainfall and a
temperature that rarely drops
below 12 C all year long.
The freehold is of 200 Ha
Total buildable Area:45.000 m2
Theme: “Green Village”
Energy producing ecological VIEW FROM THE PLOT TO “PLATYS GIALOS” BAY
village: Photovoltaics, Geothermal
heating, ambient cooling,
desalination plan for the water
supply, trees, vegetables and
herbs growth.
Purpose: The site can be
developed as a mixed unit of a
Hotel (250 rooms and 80
bungalows) and villas for sale.
Possible additional features:
not included in the calculations.
Golf centre (by using the
desalination process to satisfy the
water demand), Holistic center for VILLA PLAN IDEAS
well being.
Activities: Swimming, diving,
sightseeing, good sea- food and
Nature trails, sports.
Nearby facilities:
60 min away from The airport of
Heraclion.
The many nearby villages with
their picturesque settings and
Hotel: 250 rooms, Spa 2000 m2,
beautiful architecture, create a 80 Bungalows (60 m2 each),
perfect environment for summer
holidays for families and young 80 Villas (of 120 m2 mixed area) for sale
people.
Targeted clientele:
American, Russian, Italian, French
German and Arab countries
Gross Development Value: 185 Million Euros
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15. Notes about the project: PART “D”: SPORADES ISLAND
PROJECT: SKIATHOS- VROMOLIMNOS J: PLOT, SP-SK-01
Skiathos is green, soft and idyllic
and probably has more sandy
beaches than any other Greek
island. Ranging from tiny coves
to long open expanses of sand,
there are over 60 beaches. Three
of them, Koukounaries, Lalaria,
and Vromolimnos Bay are among
Greece's best. The island's only
town, Skiathos, rises from one of
Greece's prettiest ports. Pine
woods, orchards and more than
half a million olive trees cover
the hilly interior. The highest
wooded summit rises to 438
metres. Around Skiathos there
are 9 smaller islands. Two of
these, called Tsougries, lie
across the main harbour offering VIEW FROM THE PLOT TO “VROMOLIMNOS” BEACH
safe anchorage to boats, with a
small marina for yachts.
Total buildable Area:
Boutique Hotel 1.400 m2:
22 Rooms and 40 Bungalows of
2.000 m2
Beach houses of total: 2.300 m2
Theme: Purpose:
Beach Houses
Activities:
Sailing, Hang Gliding, Rock
Climbing, Mountaineering, water
sports, Diving to see the nearby
ship wrecks, night life, island
hoping.
Nearby facilities:
Airport: 15 min
Sea Connections from
Ayios Constantinos: 30 min.
Medical Services exist on the
island.
Boutique Hotel: 28 rooms,
40 Bungalows (60 m2 each)
23 Villas (100 m2 mixed area, each) for sale
Targeted clientele:
English, South European.
Gross Development Value: 34 Million Euros
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16. RISKS
Risk of fluctuation of
construction costs and time If the investor is aiming to earn money from being a partner in the
development scheme, meaning participating in the risk of time and
possible raising construction cost, rather than buying the project, the
safe calculations should be based on a return on the investment of
around 30 % – 50 % in the course of 3 to 5 years.
(Around 8 – 10 % year return).
Risk of fluctuation of time only
If on the other hand, the investor would prefer to buy the ready made
project and re-sell, thus avoiding the possible raising cost during
construction, the return should be considered at about 20 – 30 % in
the course of 3 - 5 years. (around 6 – 8 % per year return).
Risks that can not be eliminated:
Fluctuation of Interest rates or foreign exchange rates, securities
prices or market indexes, operational or financial conditions of
companies or other factors.
VALUATIONS
The plot valuations are based on current market values that are
checked by reputable well known Agencies who are specializing in
this field, that they know the market of each special location and are
authorized to perform such a comprehensive work.
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17. Sunset at Messolonghi Area, Marina bay
IMPORTANT DISCLOSURES
This report does not provide individually tailored investment advice.
It has been prepared for our internal use and without regard to the
circumstances and objectives of those who might be interested for it.
Our recommendations are that the investors independently should
evaluate the particular investments, and direct them to seek a financial
consultant’s advice concerning the expected return on their investment.
The appropriateness of an investment or strategy will depend on the
investor's special circumstances and objectives. This report is not an
offer to gain or offer any security or to participate in any trading or
intermediating strategy.
The value of and income from your investments may vary because of
changes in interest rates or foreign exchange rates, securities prices or
market indexes, operational or financial conditions of companies or
other factors. Estimates of future performance are based on
assumptions that may not be realized.
With the exception of information regarding Arsinoe SA, reports
prepared by our research personnel and consultants are based on
public information. We make every effort to use reliable,
comprehensive information, but we do not represent that it is accurate
or complete.
The information in this report is confidential and is intended solely for
the address(es). Be aware that any disclosure, copying, distribution or
use of this transmission or its contents is prohibited without our written
authorization.
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