PGA Golf Management appointed to manage golf complex within proposed new
luxury holiday destination in North East Crete
Minoan Group Plc today announced that Loyalward Limited, its wholly owned subsidiary, has signed an agreement with PGA Golf Management Limited for the management of the Golf Complex at its proposed development in Cavo Sidero, North East Crete. Cavo Sidero will be the most extensive low density, luxury holiday destination in the Eastern Mediterranean and the largest foreign inward investment in Greece.
The agreement was signed during the 2005 Open Championship at St Andrew’s by Sandy Jones, Chief Executive of the Professional Golfers Association (“the PGA”) and Geoffrey Brown, Project Director of Loyalward Limited. PGA Golf Management is the part of the commercial division of the PGA which provides specialist golf management and marketing expertise to developers and owners of golf projects.
Commenting on the agreement, Sandy Jones said: “The PGA is committed to the development of the game of golf for all. We are very much looking forward to working with Loyalward on this exciting project, which will offer facilities for all golfers of all ages and abilities, from beginners to top professionals. We hope to open up a dialogue with the PGA of Greece and the Hellenic Golf Federation to extend the popularity of the game both on Crete and mainland Greece.”
Geoff Brown responded: “We are delighted to be working with PGA Golf Management, whose management team has clearly demonstrated their understanding of the site and project’s special characteristics. Their proven expertise will be invaluable in ensuring that the Golf Complex meets the highest international standards.”
The Golf and Conference Village is one part of Minoan’s development that will also include a further four holiday villages. The Golf and Conference Village will have a major conference venue, a 5 star hotel, 154 villas and 115 apartments. Its golfing facilities will include two 18-hole courses, one of which will be a championship course, a 9-hole par-3 course, driving range, professional golf academy and luxury clubhouse.
The contract to design the golf courses has been awarded to European Golf Design, who will work closely with PGA Golf Management to ensure that the courses and amenities meet Minoan’s strict environmental requirements.
Minoan Chairman, Christopher Egleton, said: “With a build footprint of just 1% of the 26 square kilometre Cavo Sidero site, the project has been master planned to protect the site’s ecosystem through a long-term programme of sustainable environmental management. The design of the Golf Complex and the subsequent management of the completed facility will adopt many of the latest techniques to ensure that the highest environmental standards are met.
The residual land value of the site has recently been reassessed by AXIES S.A., a member of the Lambert Smith Hampton Group, and re-valued at £80 million based, inter alia, on all relevant consents having been obtained. The agreement with PGA Golf Management, together with the signing of the Memorandum of Understanding with a major international operator of luxury five star hotels announced recently, represents major progress towards the crystallisation of the value of the project. ”
The Directors of Minoan Group Plc accept responsibility for this announcement.
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Contacts:
Christopher Egleton , Minoan Group Plc Tel: 0044 (0) 7808 722022
Keith Haslam, PGA Golf Management Tel: 07971 211673
Isabel Crossley, St Brides Media & Finance Ltd Tel: 020 7242 4477
