GEK TERNA’s strategic plans for the Ermionida “Riviera”

Through its wholly owned subsidiary, Argoliki Riviera S.A., the group is promoting an integrated tourism and residential development at Petrothalassa, in the “Sindoni” location of Ermionida. The project includes a 295-bed hotel, more than 23,000 sq m of residential accommodation, and total development of approximately 32,445 sq m.

Argoliki Riviera was established in 2022, the same year in which the properties were acquired, and has share capital of €27 million.

The project is currently undergoing urban-planning and environmental permitting procedures and involves the consolidation of two sections: an already urban-planned area of 113.929 stremmata and an adjoining area of 55.495 stremmata, creating a single organized development zone with a total area of 169,423.75 sq m.

The new proposal represents a radical departure from the previous urban-planning framework. Rather than a conventional holiday settlement comprising individually developed plots, the project envisages the creation of an integrated holiday and tourism village, in which residential accommodation, hospitality, leisure and infrastructure will operate as a unified whole.

The urban-planning proposal provides for seven principal building blocks, while a significant proportion of the overall site will be allocated to communal and public-benefit uses.

Total permitted development is estimated at 32,444.78 sq m. Of this, approximately 9,290 sq m corresponds to Building Block 3, where the tourism and leisure facilities will be located, including a hotel with a total capacity of 295 beds.

The largest part of the building programme, however, is dedicated to residential use. The remaining building blocks provide for a total of 23,154.52 sq m of residential development.

This layout enables the hotel operations to be functionally separated from the residences while providing a greater degree of privacy.

The development also includes areas for sports and leisure activities, an extensive pedestrian network, and parking facilities for at least 60 vehicles. A helicopter landing and take-off area is also planned, subject to the required permits and approvals.

Low-rise development is a key feature of the design. The Environmental Impact Assessment refers to the creation of a “model holiday settlement with low-intensity residential development”, combined with a tourism facility.

The topography of the site also plays an important role in the design. The higher sections provide better views towards the sea, while the coastal section has a direct relationship with the shoreline, with no public road intervening between the development and the coast.

Desalination and Water Reuse

Particular emphasis is placed on water infrastructure, one of the most critical issues facing large-scale tourism and residential developments in Ermionida.

The Environmental Impact Assessment provides for a reverse-osmosis desalination plant with a capacity of 15 cubic metres per hour, as well as a dedicated wastewater treatment facility using MBR technology.

At the preliminary design stage, the treatment plant is planned to have a capacity of approximately 300 cubic metres per day. The treated water will undergo additional disinfection before being directed either to a reuse storage tank or directly into the irrigation network.

GEK TERNA’s investment forms part of a much broader wave of development that is transforming the character of Ermionida. A series of major tourism and residential projects are now being promoted across the wider area, involving international hotel brands as well as Greek and foreign investment funds.

At Hinitsa, the development of the Four Seasons Resort and Residences Porto Heli is progressing. The investment, valued at more than €250 million, will replace the former AKS Hinitsa Bay and will include hotel facilities, bungalows and branded private residences.

In the Kouvertá–Perlé–Bourloto area, the Infinity – Six Senses Porto Heli is under construction. The approximately €150 million investment combines luxury hospitality with residential accommodation.

In Koilada, Kilada Hills is being developed as a strategic investment of approximately €420 million. The project will include a hotel, holiday residences, an 18-hole golf course, sports facilities, dining, leisure and commercial uses.

In Petrothalassa itself, the Scarlet Beach development is being promoted, representing an investment of approximately €203 million on a 234.7-stremma site. The project includes a 100-room hotel and 15 tourism residences.

The area’s investment landscape is further complemented by Hydra Rock’s Serenity Village, backed by interests associated with Giannis Vardinogiannis, with a projected budget of approximately €475 million. At different stages of development are also Salanti Beach, an investment exceeding €266 million, and Porto Heli Hospitality, valued at approximately €96.5 million.