LAMDA Development - work begins on luxury homes complex in Xylokastro, Korinthia

Thursday 22 November saw the official launch of the project at the Xylokastro worksite, where the DIMIOURGIA company, subsidiary of LAMDA Development S.A., is building a luxury homes complex.

DIMIOURGIA S.A., through its 51% stakeholding in LAND AND CONSTRUCTION SA, has embarked on the development of a 2.5-acre site in Xylokastro, making a dynamic entrance into the field of real estate development for the tourist market. The project will be carried out by the Yi kai Kataskevi company, in which a 40% stake is held by the contractor TSIGARIDI, and a 9% stake by EFG Properties. The project is scheduled for completion before the end of 2003.

The project received the customary blessing of the Orthodox Church at a ceremony attended by prominent personalities from the political and business worlds and the local community, as well as executives from the companies involved in the project. Among others present were the Deputy Governor of Korinthia, Mr. Georgas, the representative of the Regional Governor, Mr. Protopapas, the Mayor of Xylokastro, Mr. Skouras, the CEO of LAMDA Development, Mr. Lambros Anagnostopoulos, the Chairman of Tsigaridis S.A., Mr. Tsigaridis, and various executives from DIMIOURGIA S.A.

In his speech, the CEO of the company, Mr. Lambros Anagnostopoulos, said that ‘recognising the needs of families to escape from the big cities, LAMDA Development has decided to make a dynamic entrance into the development of tourist property and organised holiday communities, commencing with the construction of a modern complex of 200 high-specification holiday homes’.

The project under development is situated on a 2.5-acre plot of land on the western side of the town of Xylokastro, along the line of the shore and next to the recently constructed municipal marina and sports facilities. It will consist of 6 luxury apartment blocks, containing a total of 200 apartments, their surface area varying from 65 to 110 square metres.

The holiday homes complex will offer several unique advantages:

  • Impressive views from all apartments

  • 7,800 square metres of surrounding gardens

  • a swimming pool at the heart of the complex

  • parking places

At present the contractors are laying concrete for the buildings, and sales of the apartments to be built are already under way.

In this important business initiative LAMDA Development is demonstrating its steady commitment to implementing its investment programme and branching out into the most promising areas of the real estate operation sector.