In the coastal region of Pyla (Larnaca), the implementation of large hotel complexes will soon begin.
According to the release, two hotels, villas and luxury apartments will be built on a 33.5 thousand m2 plot.
The projects are categorized as "foreign direct investment". They are attended by the American investment company NCH Capital Inc and the European agency Edge Development Group, which operates with the Supernova Polish Real Estate and Hospitality Group.
Investors recently filed an application for the demolition of the former Beau Rivage Hotel with the Department of Town Planning and Housing. In its place, they intend to build a 4-star hotel, and to the west of it, there will be a 5-star hotel, villas and luxury apartments.
By the way, the head of NCH Capital Andreas Santis and the mayor of Pyla Simos Mytides said that the plans for the demolition of Beau Rivage, submitted to the Department of Town Planning and Housing, could be approved as early as July. However, investors are likely to start implementing the project after the end of the tourist season, so as not to inconvenience nearby hotels.
These are very important projects that will significantly improve the tourism product not only of Larnaca, but of Cyprus as a whole. We hope that everything will develop smoothly with competent services, - said Andreas Santis, Managing Director and Head of NCH Capital for the Western Balkans, Greece and Cyprus.
It is worth noting that both hotels, villas and apartments will function as one tourist facility, which will be headed by a common management company.
More than 1.5 thousand rooms will appear in the new tourist complex. About 500 people will be involved in the construction. After the commissioning of the complex, about 300 people will be employed.
We are confidently moving forward in the implementation of our investment plans, always taking into account the market data, as it is generated by both the pandemic and factors affecting Cyprus and the real estate sector. Our investments are always based on the main rules of economic data both in the tourism and real estate sectors. We are delighted to be working with Edge Developments Group and we hope that the experience and knowledge of the two organizations will allow us to create a unique project and turn Larnaca into a tourist destination, ”said Santis.
The total cost of the projects is estimated at €150 million: €50 million were allocated for the construction of a 4-star hotel, and €100 million - for the construction of a 5-star hotel, villas and luxury apartments.
If you are looking for accommodation in Larnaca, contact the DOM Real Estate office on +357 24621001, or come to the address: Gregoriou Afxentiou 7, Larnaca, 6023, Cyprus. Here you will always be provided with competent advice and help with renting or buying and selling your home.