Petrolina Group (Holdings Public Limited, or PHL) has announced the establishment of five special-purpose entities that will oversee different phases of the Land of Tomorrow development. This is one of the largest mixed-use waterfront redevelopment projects in Cyprus and will transform the site of the company's former industrial facilities. The new entities will begin operations once all required government approvals and licenses have been obtained.
Which Companies Will Deliver the Project?
Five separate companies have been established to develop different parts of the project:
- Land of Tomorrow – Residential Towers Ltd — residential towers, PHL stake: 21%;
- Land of Tomorrow – Ecovillage Ltd — eco-friendly residential neighborhood, 35%;
- Land of Tomorrow – Resort Ltd — resort real estate, 100%;
- Land of Tomorrow – Boutique Ltd — boutique hotel, 100%;
- Land of Tomorrow – Business Hub Ltd — business center, 10%.
This structure will allow the project to be implemented in phases while attracting partners for each individual component.
What Is the Land of Tomorrow Project?
Land of Tomorrow will be built on the site of Petrolina's former fuel storage facilities, which have been relocated to Vasiliko in Limassol District. The master plan for the new mixed-use district was designed by the internationally renowned architectural firm Foster + Partners. The development will cover approximately 300,000 m2, with the entire project expected to be completed over the next 12–15 years.
The new district will include:
- residential developments;
- retail spaces;
- restaurants and cafés;
- a five-star hotel;
- a boutique hotel;
- a modern conference center;
- office buildings;
- public spaces;
- parks and green areas;
- landscaped beaches and waterfront promenades.
The project aims to create a modern urban district that combines residential living, business, tourism, and leisure. Construction is scheduled to begin in late 2026 or early 2027, while the first phase is expected to be completed in 2028–2029.
Land of Tomorrow is regarded as one of the largest property development projects undertaken in Cyprus in recent years. Once completed, it will transform a former industrial site into a modern waterfront district, enhance the region's investment appeal, and create new opportunities for business, tourism, and the island's real estate market.