The largest deal in the history of the Cyprus real estate market has been finalized.
On Monday, June 30, the international company Columbia Group officially acquired the famous 5 million-square-meter Secret Valley site from REMU, the real estate management division of the Bank of Cyprus, for a record-breaking €130 million.
Formerly known as the Venus Rock Golf Resort and owned by Aristo Developers, the grand project is located in one of the most prestigious areas of the island, between Limassol and Paphos. It is just a ten-minute drive from Paphos International Airport.
The property boasts 850 meters of picturesque coastline and is renowned for its 18-hole golf course. Negotiations between the seller and buyer lasted approximately four months. The resulting contract marks not just a transfer of ownership but also a new milestone in the development of Cyprus's tourism and investment landscape.
Notably, Columbia Group has announced a large-scale master plan for developing the territory, which includes:
- A five-star hotel resort with a beach club and panoramic views of the Mediterranean Sea;
- Around 3,000 luxury residences, including private villas and apartments with sea views, spacious terraces, and green areas.
- A second 18-hole golf course that meets international standards;
- A marina for dozens of boats will reinforce the project's premium resort status.
- A shopping and entertainment area with restaurants, shops, galleries, and cultural attractions;
- Tennis courts, basketball courts, volleyball courts, and a soccer field.
- A kids' club with a playground;
- A desalination plant and autonomous water infrastructure for sustainable development.
For Columbia Group, this project will solidify its position as a leading player in Cyprus's high-end real estate and tourism sector. Interestingly, the deal was initiated by the company's CEO, Heinrich Scholler. He personally insisted on acquiring Secret Valley, recognizing its unique potential and strategic value.
For the Bank of Cyprus, the closed deal is a successful asset divestment and an important signal to the market. Cyprus is ready for large-scale investment, and the real estate sector can absorb top-tier projects.