Zakynthos “Sun City Project”
Location: Zakynthos
Property Type: Land Development
Land Area: 15.000.000 m2
House Floor Area: Up to 400.000 m2
House Specifications: Hotels, Tourist Resorts, Villas
Rooms:
In the Area: Airport, Harbor,Marina,
Parking:
Viewing Instructions: By Appointment, call 0030 6974 551499
mailto: info@my-place-on-crete.com
Price: See details forward.
DESCRIPTION OF SITE
Ionian Islands are a chain of beautiful Islands, spending from south to north, on the west part of Greece.
Zakynthos is the most south of the Ionian Islands of Greece west of
Peloponnesus. The island is 406 square kilometres large and it has 132, 2 kilometres of seashore. The climate in Zakynthos is very mild and the tourist season lasts for 9 months, from March till November.
The plot in whichZAKYNTHOS CITY is to be developed is on the west side of the island and has an area of 15.000.000 m2 and 21 kilometres of seashore.
The landscape is very green and is made of a great variety of hills and valleys, ravines and peaks, which roll towards the sea and provide unobstructed view from all locations.
Within the plot is also located the famous ship wreck beach and the Vromi fiord which is a natural harbour able to accommodate more than 500 yachts.
BUILDING REGULATIONS
Within the total area of 15.000.000 m2 there are forest zones which the authorities will preserve as areas of exceptional beauty. These zones are characterized as privately owned forest so it could be fenced and used for sport activities but no buildings will be allowed in these areas.
In order to develop the plot it is necessary to apply to the authorities a request of zoning characterization, which will specify the zones in which to build.
It is expected that at least 2.000.000 m2 will be licensed for hotel and villas development. In this case the Total Gross Floor Area (GFA) will be 20% of the 2.000.000 m2. It means at least 400.000 m2 of Total Gross Floor Area will be able to be built.
From the floor area of 400.000 m2, half of it will be for tourist development (hotels, resorts, etc) and the rest 200.000 m2 will be privately owned villas.
The cost for the zoning and urbanization studies, that are necessary for the initial licences, will be approximately 1.000.000 €.
PRICE OF THE SITE
The price of the site in cash is 30.000.000 €.
The participation on an existing land development project plan is up to 50 % of the land value. No other form of cooperation will be accepted by the owners.
PROFITABILITY
Based on the minimum of the expected Total Gross Floor Area (GFA) of 400.000 m2 the cost of the land /m2 of building is 75 €.
The cost of the infrastructure is estimated to reach the sum of 300 € / m2 of building.
The building cost is estimated to be 800 € / m2.
The cost of financing will be approximately 200 € / m2.
Total cost of building will be approx. 1.400 € /m2.
Sale value of building will be above 2.500 € / m2.
Profitability is estimated to be around 80 %.
