One of the most famous hotels in Cyprus, Londa, is about to undergo a radical makeover.
It became known on Tuesday, June 1 that the 5-star hotel will be transformed into an elite complex called The Residences by Londa.
As it turned out, the hotel recently passed into the hands of a new owner: the American investment fund York Capital Management (YCM). Elements Capital Management acted as a consultant in this transaction.
YCM intends to completely renovate the building, transforming it into a modern residential complex with a limited number of apartments.
By the way, the new owner has already managed to attract the famous French architect and designer Thierry Lemaire to the project, cooperation with whom is a great success for the Cypriot development market. Lemaire's involvement, exuding sensual modernism and extreme sophistication, in the renovation of the hotel will give particular significance to the new project.
It should be noted that the main advantage of The Residences by Londa should become its location and price.
First, it will be the only residential building in the central area of Limassol built so close to the sea.
Second, when buying an apartment in The Residences by Londa, there will be no need to pay real estate tax, since the project is exempt from VAT. This is a great advantage that makes this property very attractive in terms of investment.
To realize their ambitious plans, the new owner will have to make serious investments in the new complex. In the future, The Residences by Londa is expected to become the pearl of the Limassol coastline, while remaining a historic and iconic landmark in the city.
You can find out more information about new projects in Cyprus on the DOM Real Estate. The website also has a huge number of real estate objects in the country, both residential and commercial. Choose and contact professionals who will help you make the right choice!