MICHANIKI S.A. signed a deal with the Young Women's Christian Association (YWCA) of Greece, to build a large residential complex, a fact that provides a significant boost to MICHANIKI's Group of Companies activities in the real estate sector.
The deal regards a lease contract for the construction of 53 luxury villas on YWCA's own land of 27,376 square meters in the affluent Athens suburb of Ekali.
The project covers an area of three building blocks and will result in a residential complex of high functionality and aesthetics. A total of 23 villas will be built in the first block covering an area of 4,659 square meters, 6 villas in the second block covering 1,448 square meters, and 24 villas in the last covering an area of 4,846 square meters.
The size of the villas will vary between 200 and 350 square meters each, plus additional area for parking and storage space. It is also planned that each villa will have its own architectural style and uniqueness.
The estimated amount of the investment for MICHANIKI exceeds ? 15 million, while the construction works are expected to commence at early 2003.