01.08.2022
There are dozens of new developments that we will see in the next period in Cyprus, some of which are related to foreign and other Cypriot investments, in all cities of the island and in mountain resorts. These are residential, commercial and tourism projects, including integrated marinas and ports, as well as investments in higher education and healthcare. Some of the multi-million dollar developments in development:
Marina Paralimniu
The Paralamniou marina is also under development with the aim of making Cyprus a destination of high tourist standards. This is a €110 million investment owned by PMV Maritime Holdings Ltd.
There will be 300 boat berths in Paralimni harbor with all the necessary support services such as electricity and water supply, waste disposal, fuel, reception for boat owners and crews, yacht club, launching/launching ramp for boats, shop for special boating equipment, as well as Police, Customs and Aliens and Immigration, as this will be the official point of entry into the Republic of Cyprus. It will also have a commercial character as there will be shops and eateries such as cafes, bars and restaurants. At the same time, 123 apartments, 4 villas, a beach park and paths leading to the beaches of Protaras will be built up.
Two new towers and the renovation of “Milestones”
The renovation of The Landmark Hotel in Nicosia, as well as the construction of the two towers that will be erected on its open area, within the framework of the Landmark Project-Office and Residential Tower Development, have entered the implementation phase. Work has begun and is progressing at an intensive pace, the estimated cost of the project is about 70 million euros. The ongoing project concerns a residential and office-commercial development where two towers will co-exist with an existing hotel and will be developed as two separate buildings.
Hadassah
The emergence of the Israeli Hadassah Hospital in Cyprus through the establishment of a large hospital department in Nicosia, as well as a diagnostic center in Limassol, is considered extremely important and multi-level.
This is an investment that, in addition to significantly improving the medical services provided and strengthening medical tourism on our island, is another tangible step in deepening relations between the two countries.
Port and marina of Larnaca
The port and marina of Larnaca recently received a permit from the City Planning Authority, which also marked the countdown to work. The project is owned by KITION Ocean Holdings Ltd and has a budget of 1.2 billion euros. According to the business plan of KITION Ocean Holdings, the project is expected to create approximately 4,000 jobs through the implementation and operation of the project, making it the largest project paid for by the Republic of Cyprus.
The main objective of the development of the port is the creation of a modern and functional cargo-passenger terminal with a new passenger hall, administrative buildings and government services, as well as new berths. At the same time, the main objective of the reconstruction of the marina is the redevelopment of the offshore area, in order to achieve a minimum capacity of 600 berths for pleasure craft up to 115 meters in size, the development of the Yacht Club and various service shops.
In addition, the project includes the development of the land with residential and commercial developments, office space, hotels, beach villas, educational institutions, as well as a private island. During the initial period of development, roads, cycle path networks, footpaths, parking lots and open green spaces will be built to link the development area with the city, and other buildings and infrastructure will be gradually developed, which will soon turn Larnaca into an attractive place for tourism and investment.
Floating scenery
Floating Scapes in Pyla, Larnaca is a five star mixed tourist village developed by NCH Capital Inc. which is expected to lead to a complete “lift” in the area. The village will be called a leading name in the area and this development is being carried out in partnership with Edge Development, which operates under the auspices of the Polish Supernova Real Estate and Hospitality Group. The complex is located on a coastal plot of 33,000 sq. m, which adjoins the former Beau Rivage hotel, which has already been demolished and work has begun. The five-star hotel will be shaped like a ship and will consist of nine floors. The last two floors will feature residences and penthouses, while upstairs there will be a rooftop garden with a restaurant, bar and swimming pool. All hotel rooms and suites have sea views, and the villas in front of the hotel will be built on a lower level so as not to obstruct the view.
Staston Project
In June 2022, the Department of the Environment gave the green light for the construction and operation of two new residential towers, Tower A and Tower B, as well as the five-star Staston Project Hotel in Larnaca. It is a residential, commercial, office and tourist complex in the district of Chrysopolitissa, on Makariou III Avenue in the municipality of Larnaca. The owner of the project is the company of Lebanese interests OMIKRO KTIMATIKI LTD. The height of the two residential towers (Tower A & Tower B) will be 75.66 m and 103 m and will consist of 19 and 27 floors. As for the five-star hotel, its height will be 100.75 meters, in total it will have 25 floors and a capacity of 168 rooms.
Mediterranean city of dreams
The City of Dreams Mediterranean in Limassol, built by Melco, is counting down to completion and operation. The multi-purpose resort aims to usher in a new era for the Cyprus tourism industry by making our island an international destination for luxury entertainment and hospitality as well as high class business tourism all year round. The City of Dreams Mediterranean will include a 14-storey 5-star hotel with more than 500 rooms and suites, about 10,000 square meters of conference and exhibition space, sports facilities, an outdoor amphitheater, an adventure park, restaurants and luxury shopping. The multi-themed resort, which introduces innovative luxury entertainment to the country, is expected to attract a large number of visitors.
Limassol Greens
Also under construction is the long-awaited Limassol Greens, located in the western part of Limassol. It is the first multi-themed golf resort and is unique in its kind due to its geographical location within the city and being surrounded by the most important new developments of the larger Limassol. At the same time, in the southeast, it borders on one of the most important wetlands of the Eastern Mediterranean – the Akrotiri salt lake.
Limassol Greens is a 1.4 million square meter large scale, multi-disciplinary development that includes an 18-hole international standard golf course, a state-of-the-art clubhouse, 500 villas and 250 apartments, all designed and planned in different phases. It includes both commercial and recreational premises, which will house shops, restaurants, cafes, as well as a wellness center with an outdoor pool, a spa center, a gym, outdoor areas for yoga and meditation, tennis and basketball courts, walking and cycling paths, playgrounds, an outdoor amphitheater, as well as a rich botanical garden.
It was designed, developed and operated by Lanitis Golf Public Co. and sold exclusively by Cybarco Development. It is also worth noting that the project was developed by the famous architect Luciano Mazza, director of hotel design at the international architectural bureau HKS.
Berengarias
The restoration of the iconic hotel in the Prodromos area will become a reality thanks to a €35 million investment by the bbf: group and the management of Thanos Hotels & Resorts. The Beregaria Luxury Boutique Hotel will consist of the listed Beregaria Hotel, which will be preserved for reuse as a high-end hotel with 28 rooms, 4 suites, 12 suites and a state-of-the-art, brand new spa. the surrounding forest area, on which 14 residential apartments and 12 detached villas will be built. The project is expected to be completed in mid-2026. The cost of the new hotel is 20 million euros, while apartments and villas in the surrounding area are 15 million euros.
The approval of the Department of the Environment received a luxury residential complex in Platres. The Guru Mountain Resort, which will be developed by DTA Group, is expected to be completed by the end of 2024. This is a single residential and organized complex, which will consist of seven residential floors, a basement and a mezzanine. In addition, it will include other independent residential units as well as parking spaces, two basements with 182 private parking spaces, warehouses and technical rooms. In addition, Guru will provide a variety of amenities for residents and guests, including wellness areas, a gym, locker rooms, a swimming pool and a dining area. Guru will consist of a building of 71 apartments (20 studios and 51 one-bedroom apartments), five maisonettes (lofts) and 22 residential units. The sum of all investments reaches 98 million euros.
Diamond Essence Hotel
The five-star Diamond Essence Hotel in Paphos province, specifically in Geroskipou, received the green light from the Department of the Environment in July 2022. The owner of the project is the Holy Archdiocese of Cyprus. In particular, the project concerns the construction of a five-star hotel block with a capacity of 484 beds, eight floors and an additional basement and roof garden, as well as a total height of 40.60 meters. It is worth noting that the construction of the proposed hotel complex will also include the construction of two residential towers (Amethyst and Aquamarine Residential Towers). The two towers belong to a residential complex with a capacity of 122 apartments, for which a building permit has been issued.
American University of Beirut
The American University of Beirut in Paphos, whose building permit was issued on July 1, is in the works. The agreement between the Municipality of Paphos and the American University of Beirut (AUB) for the establishment of the American University of Beirut – Mediterraneo in Cyprus was signed on Friday, April 8, 2022 at the Paphos Municipal Theater Markideio in the presence of the President of the Republic.
