With a strategic partner, the Edge Development Group operating under the auspices of the Supernova Polish Real Estate and Hospitality Group, NCH Capital Inc. is implementing the development in the coastal area at the community border Pyla.
The investment is incredibly essential and symbolic because it is the definition of "foreign direct investment" and the result of a large US institutional investor working with a European agency specializing in real estate and tourism.
The two partners' strategic cooperation concerns the adjacent coastal area of 33 000 m2 of the former Beau Rivage hotel, which will drastically change the image of the Pyla area in the Larnaca District.
The strategic partnership agreement between NCH Capital Inc. and Edge Development Group is based on the basic principles of hosting and real estate development of an upgraded tourism product, taking into account the new data created due to the pandemic and sustainable development.
The investment is expected to give glamor to Zeno's broader area, which has remained sterile of new assets of this size and type for several decades. It creates more than 500 jobs during the construction works and another 300 during the project's operation that envisages mixed tourist and residential development, including holiday homes, apartments, and a 460-bed hotel complex.
"We are moving forward with steady steps in the implementation of our investment plans, always taking into account the market data as they are created both by the pandemic and factors concerning Cyprus and the real estate sector. Our investments are still based on fundamental economic data rules of both the tourism and real estate sectors. We are happy to work with Edge Developments Group, and we hope that the experience and knowledge of the two organizations will create a unique project and upgrade Larnaca as a tourist destination", says Andreas Santis, CEO of NCH Capital Inc., Head of Greece, Cyprus, and the Western Balkans.
"Edge Development Group is now able to offer, among other things, a variety of innovative types of senior living and hospitality, and our partnership with NCH Capital Inc. creates all the conditions for a project of different specifications by changing the tourist product and map of Larnaca. We expect the authorities' cooperation so that the licensing and implementation process of the project can proceed at a breakneck pace ", says satisfied Andreas Varianos, CEO of Edge Development Group.
Especially in this challenging period that has affected the tourism sector due to the pandemic, this investment sends a message of optimism, says the Deputy Minister of Tourism, Savvas Perdios.
"As the Undersecretary of Tourism, we welcome the new investment coming to the Pyla area from NCH Capital Inc and the Edge Development Group. This latest investment in the field of tourism and land development concerns the creation of a mixed tourist village that includes a hotel unit, apartments, and villas in the area of Pyla in Larnaca, a place that for many years now did not have a very high degree of development, is significant. And significantly upgrades the tourist product of the region, Larnaca, and Cyprus in general. It also comes at a difficult time when tourism has been hit hard by COVID and sends a message of optimism that there is light at the end of the tunnel. It is also particularly encouraging that the investment is being implemented by a large US institutional investor in partnership with a Polish agency with particular knowledge in land development and hotel management. The benefits for both the local community and for Cyprus, in general, are particularly significant. The project is expected to cost over €90 000 000 and to create a significant number of jobs both during its construction and operation ".
It is worth noting that the adjacent land for which the development was agreed between NCH Capital Inc and the Edge Development Group occupies an area of 33 000 m2 and is located next to the former Beau Rivage Hotel. In its entirety, the project is in the process of completing its architectural design.