The Ministry of Development has given the “green light” and with the official bull’s eye to the 5-star investment for the PHĀEA-South Crete of the Smpokos-Vassilakis groups in Crete, under the “umbrella” of Phaea Resorts, with a decades-long presence on the island.

This is an investment of 121.11 million euros that has been classified as strategic since last autumn and now the Ministry of Development approves “the granting of incentives to the investment body “Myrina Village” for the implementation of the investment project “PHĀEA-South Crete: Integrated Tourism Development Plan” in the Heraklion Regional Unit of the Region of Crete”.

“PHOREA – Regional Planning Authority of the Region of Greece”.
The project will be developed on a privately owned area of more than 155 stremmas (about 15.5 hectares) in southern Crete, in the Heraklion regional unit, at the location “Skouros” in the Municipality of Viannos. The site is 63 kilometers from Heraklion and 38 kilometers from the under-construction airport in Kastelli.

According to the investors, “the objective of the investment plan is the creation of an integrated, high-quality tourist complex, harmonized with the natural and human-made characteristics of the investment area and fully compliant with international Green Hotels standards.”

The company Myrina Village is led by Konstantia Sbokou as president and Agapi Sbokou as vice president and CEO. Other board members include Eftychios Vassilakis, president of the Aegean Airlines group, Giorgos Vassilakis, Glykeria Tsernou, and Charalampos Foskolakis.

The Myrina Village investment was officially classified as a strategic investment by the Interministerial Committee for Strategic Investments in early September 2025. As a result, it now benefits from special incentives and favorable provisions, including fast-track licensing procedures, spatial planning for a Special Spatial Development Plan for Strategic Investments (ESCHASE) with land use designated as “Tourism – Recreation,” as well as the granting of use of the seashore and beach areas, and provisions for supporting and accompanying infrastructure projects.

The financing of the investment plan will come from 13.5% equity capital and 86.5% borrowing, consisting of a 43.8% loan through the Recovery and Resilience Facility (RRF) and a 42.7% bank loan.