• Acquire large, exquisite, developable sites with strong capital appreciation potential, or completed / semi-completed luxury residential resorts below replacement cost and with significant residential sales capacity and an attractive potential operating cashflow profile
  • Use tax-efficient holding structures to minimise tax on development and divestments
  • Secure land zoning, if not in place

Design and branding

  • Appoint internationally acclaimed master planners, architects and designers to create world-class products
  • Partner with luxury operators and marketing experts to create highest quality branding


  • Obtain construction permits through a well-planned process
  • Appoint the most reputable construction firms on a turn-key basis
  • Efficiently manage construction leveraging Dolphin’s internal expert team


  • Handle the pre-opening process
  • Organise the marketing and PR operations
  • Monitor and optimise operations to maximise profitability

Profit realisation

  • Sell entire projects or strategic stakes at any stage of development, particularly upon permits being obtained
  • Sell the residential components, land parcels and ultimately the residual leisure components
  • Leverage Dolphin’s internal teams and local development partners to create portfolio synergies through economies of scale and expertise transfer in design, management, operations, marketing and financing

Nikki Beach Resort & Spa, Porto Heli


Country selection criteria

  • Emerging economies with significant tourist inflow
  • High barriers to entry for foreign investors without local network
  • Beautiful coastlines, unspoilt landscapes, pleasant climate
  • Wealth of outdoor activities, safety, rich history and culture
  • Limited supply of serviced residential resorts managed by luxury international operators
  • Commitment and legislative initiatives from local governments to nurture sustainable luxury tourism and second-home industry
  • Significant capital appreciation potential as they converge with mature economies

Investment parameters

  • Large coastal land sites of striking natural beauty or completed/semicompleted luxury resorts with residential development potential acquired at attractive prices
  • Located near the sea and within driving distance of an airport
  • Development capacity for residential units (villas, townhouses and apartments) and leisure components (such as a hotel, golf course, country club, spa facility, marina or other sporting facilities)
  • Potential for comprehensive residential services (such as food and beverage, concierge services, health services, security, maintenance and property management) and leisure experiences (such as sports, adventure travel, excursions, spa, arts, culture and nature-oriented activities)
  • Attractive locations for affluent holiday and retirement home buyers, primarily from Europe, Russia, the Middle East and North America

Risk mitigation

  • Land acquisition prices which are at a big discount to south-west Europe and North America
  • Conservative phasing of the projects
  • No speculative building of homes
  • Financing of the residential construction through pre-sales
  • Financing of the leisure components mainly with ring-fenced non-recourse bank debt on a project-by-project basis
  • Limited borrowings at the corporate level