The special purpose company “EIDIKOU SKOPOU EIKOSI TESSERA MONOPROSOPI S.A.” of the Dolphin Capital Partners Group, owner of One & Only Kea Island, and the contracting company REDEX have agreed to resolve all outstanding issues of their agreement, committing to act in good faith and mutual respect throughout its implementation.
This agreement follows REDEX’s unexpected move to initiate an auction of 29 plots within the complex, originally designated for the construction of luxury villas. The auction, scheduled for October 23, 2025, involved properties valued at €433,584.50, raising concerns about the investment’s progress despite the relatively small amount owed compared to the total investment of €150 million.
The development of One & Only Kea Island includes the construction and operation of a luxury resort, which began operations in 2024, alongside the sale of high-value standalone residences. Although several sales had already been completed, the legal dispute threatened to delay or block the remaining transactions.
Kerzner International, the global operator of the One & Only brand and the project’s first investment within the European Union, has clarified its position, stating it holds no financial or ownership interest in the property and that the resort’s operations remain unaffected by the ongoing legal issues.
The out-of-court settlement between REDEX and the owning company is viewed as a positive step towards restoring stability around the investment, although it remains unclear whether it includes a suspension of the auctions. Nevertheless, the announcement of good cooperation and mutual respect offers grounds for optimism regarding the project’s future.
One & Only Kea Island remains one of the most ambitious tourism investments in Greece, with a long maturation period dating back to 2013. Restoring trust among the involved parties is crucial for the smooth completion of deliveries and for strengthening the international reputation of the project and of Kea as a premium destination.
