Construction sites set ups in Karapetis area in Mykonos island
Construction sites set ups in Karapetis area in Mykonos island
  Economy  |  Tourism  |  Aegean islands

Construction sites set ups in Karapetis area in Mykonos island

RE+D magazine

The Ministry of Environment's competent department has approved the Technical Environmental Study (TE.PE.M) for the installation and operation of construction sites on BLUE IRIS A.E.'s properties located in the Karapetis area of Ano Mera Mykonos.

On the property in ESHASE , along with parts of two neighboring properties owned by BLUE IRIS, a total of seven construction sites will be set up. This project, launched in Mykonos, is an investment of around €80 million. It includes the construction of a 5-star hotel with 192 beds, a wellness center (spa), a multi-purpose event space, and shops.

Additionally, the construction of 65 one-room houses, with an area of 45-50 sq.m., 15 houses with an area of 70 sq.m., nine 2-room houses of 100 sq.m., five 3-room houses with an area of 130 sq.m., and a villa of 160 sq.m. is planned. 

The company BLUE IRIS is controlled by AGC Equity Partners of Arab interests, supported by two vital state funds of Abu Dhabi and Kuwait. The company made its debut in the Greek market by acquiring Asteras Vouliagmenis for 400 million euros. Among the most prominent investors of AGC Equity Partners is Khaled Juffali, through his company (E. A. Juffali and Brothers).

Reports suggest that AGC is already in talks with at least three international managers, including Four Seasons, with whom it collaborates in Asteras Vouliagmenis.

Initially, the project also included the construction of a marina, but it was later removed by the SC as they decided that it could be located as a follow-up to the tourist facility. The marina will have a small capacity in terms of the number of boats, which the law provides. However, it cannot be intended to cover broader docking needs, unrelated to the hotel unit.