30.12.2022
Sales of residential complex Limassol The Greens were at a very satisfactory level until the end of 2022. This level started in 2021 when Lanitis Golf Public Co , developing the project, has received the necessary planning permissions for the residential area.
Cybarco Development has taken over the sale of a new integrated golf resort and spa resort under construction in Limassol .
Project progress to date outlined by Lanitis Golf Public Co. _ in her briefing to investors. In 2014, the Company submitted revised plans for the project’s master plan to the City Planning Authority in order to obtain a development permit, with significant development amendments approved in 2012.
The planning permissions changed in March 2017 were for the development of a golf course and the development of 501 residential development sites, as well as golf course facilities (club, renovation building and biostation), increasing the total area from 100,000 to 150,000 square meters. In addition, in July 2019, the company received permission to subdivide the plots and build a golf course and clubhouse.
According to the company, delays in issuing amended building permits, as well as issuing building permits, were mainly due to lengthy government procedures.
Lanitis Golf Public Co , having received the above licenses, proceeded to conclude an agreement with Hellenic Bank on financing infrastructure work on the project. Construction work on the infrastructure began in March 2021 and is scheduled to be completed within three years from the start date .
At the same time, during 2021, the company received urban development permits for residential properties and began sales, which, as emphasized, were at a very satisfactory level until the end of 2022.
According to Lanitis Golf Public Co , now that the infrastructure is fully licensed and financed for its construction, it is expected that the business plan will continue on the basis of the original schedule until the completion of the project.
