Private projects € 8 billion in the spotlight

На Кипре зависли в воздухе крупномасштабные девелоперские проекты стоимостью €8 000 000 000
29 September 2020 Liza Medvetskaya

Billions in projects are expected to boost projects being debated in parliament to speed up large investments.

The significant development association brings back to the forefront the 23 large complex projects whose cost is estimated at € 8 billion, betting on the government's statement that it will facilitate the licensing of large development projects to restart the economy after the global crisis.

As Andreas Dimitriadis (president of the Association of Great Developments) told, the entrepreneurs expect from the parliament the discussion and approval as soon as possible of the bill on investments, which provides, among other things, the appointment of a project manager by the public, who will coordinate all the actions that need to be carried out through the various government departments so that the permit can be issued within a year at the latest.

Of the wide range of projects, some have already been completed. Others are in progress or the licensing stage, and others are looking for a strategic investor while some projects have passed into creditors' hands.

Among the projects that the bank has acquired in recent years and has not yet found a strategic investor is the much-acclaimed Limni Bay project in the Limni area, 3 km from the Golden City of the Shacola group. The Shacola group agreed with the Bank of Cyprus to write off its loans.

The development includes two golf courses with two clubs, a luxury five-star beachfront hotel, high-end residential units with independent villas, a shopping mall, sports facilities, a museum dedicated to the Lake's history, and other commercial developments.

На Кипре зависли в воздухе крупномасштабные девелоперские проекты стоимостью €8 000 000 000

The second significant complex development under the jurisdiction of the Bank of Cyprus is the Elea Estate in Paphos, which in addition to a golf course, provides for residential development consisting of 500 villas and apartments and a small hotel. The owner's agreement with Panda Investment collapsed, so the project passed into the bank's hands.

The Bank of Cyprus also received the development of Santa Barbara Hills Park, a five-star hotel, villas, and other related products. It is located in Paphos, 7 km from the city airport.

Among the mixed developments whose owners seek funding from abroad is the Zavos Cardea Health Care and Rehabilitation Resort, which will have 100 rooms, a boutique hotel, and villas. The project is located near the new Limassol hospital, and the company is looking for strategic partners.

  • In Paphos, also the mixed development Neapolis Smart Eco City, which includes luxury apartments and villas, a conference center, and a health center. The whole project will be erected next to the University of Neapolis, which is already operating. The company is in negotiations to find foreign investors.

На Кипре зависли в воздухе крупномасштабные девелоперские проекты стоимостью €8 000 000 000

The work of Aristo Developers Eagle Pine Golf Resort is in progress. The project planned between Agios Ambrosios and Paramali, northwest of Limassol, will be built on an area of ​​1 700 000 m2 and will include creating a golf course, luxury homes, and commercial development.

The construction works of the Limassol Greens Golf Resort of Lanitis Group, which is located near the casino resort, are also in progress. The project is carried out in combination with residential development in Fasouri, Limassol. The total development is estimated at 150 000 m2 in an area of ​​1 500 000 m2, featuring among others, 397 villas, 264 apartments, an 18-hole golf course, a health and sports center, as well as shops. In addition to the Lanitis Group, Limassol Greens Golf Resort includes, among others, AECOM / EDAW responsible for the design of the master plan.

The works of Aphrodite Hills Golf & Spa Resort Residences, which is an extension of the company's first golf course, usually continue.

The works of Limassol Del Mar, which belongs to the companies Cypher Properties (joint venture D. Zavos Group and Leptos Group), are also under construction. The project consists of a tower of 27 floors and 173 apartments, while its height is 107 meters.

The puzzle of the projects under construction also includes the projects of the company Korantina Homes, which are proceeding normally. The tourist villas and the company's five-star hotel in the municipality of Pegeia, near the Sea Caves, are in progress. Recently the environmental authority lit the green for the construction of additional rooms in the company's hotel.

A few months ago, the construction works of Limassol Blu Marine, the first significant development that will take place between the marina and the new port of Limassol, also started. The project consists of 247 apartments in three impressive towers of 33, 29, and 5 floors.

На Кипре зависли в воздухе крупномасштабные девелоперские проекты стоимостью €8 000 000 000

The first phase of the Ayia Napa marina has already been completed, including all the port facilities and infrastructure, the main operating buildings, the internal road construction, and the marina's electromechanical installations.

With a capacity of 600 berths, the marina has a depth of 4.5 to 6 meters and can accommodate boats up to 65 meters long.

The second phase of the project is under construction, which is in progress, which includes the construction of two multi-storey buildings of 22 floors each and a complex of luxury homes and a commercial zone.

The second phase of Minthis Pafilia in Paphos is in the final stage. Among other things, the project includes luxury villas, a wellness center, and restaurants. The pioneering resort covers an area of ​​5 000 000 m2.

The construction works of the project of Cybarco Development, the Trilogy Limassol Seafront are in full swing.

The Trilogy Limassol Seafront consists of three towers, the east with 36 floors, the west with 39, and the north with 37 floors and is erected on the coastal front of the city near the area of ​​Enaeri.

In the meantime, several other developments are awaiting final permits to begin implementation.

Among them is the complex development of The Continent Resort in Coral Bay, Limassol Hills Gold Resort in Vasa Kellakiou, which will include a golf course, boutique hotel with 30 luxury suites, apartments, restaurants, and bars. 

Waiting for the permits and the large investment of the Shacola group on the Limassol seafront, which will include a 45-storey tower and will be erected on the former Debenhams shopping center site.

Universal Eco-Development is also in the licensing stage.

  • The archbishop is also awaiting the issuance of permits for constructing the five-star hotel in Geroskipou, next to the antiquities that have been discovered. In this area, the archbishop promoted in collaboration with the company Atum Developments Ltd, the Hungarian investor Sandor Kenyeres, a considerable investment that sank after antiquities came to the surface.

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