PHAEA S.A. is proceeding with the development of an Integrated Tourist Resort in Plaka, Elounda.

It will be situated within the "RED (G)" urban redevelopment project, which integrates residential developments, hospitality facilities, and retail spaces.

The Special Spatial Development Plan for Strategic Investments (ESCHASE) has been approved, paving the way for a transformative redevelopment of the area.

The subsequent sale of the property for €18.6 million generated a significant capital gain, resulting in a net profit exceeding €13 million.

The investment project proposed by the Barmpalias family has entered the final stage of the licensing process.