A look at the biggest real estate projects in the works (pics)

With Cyprus’ real estate market proving to be resilient against external pressure and even recording its best performance since 2008, the Danos Cyprus Real Estate Market Report for the 2nd Semester has named the most significant projects and transactions that are coming up.

Larnaca Port & Marina Development

The proposed €1 billion joint Larnaca port and marina project was approved last year and is expected to bring radical changes to the area. The project provides for port infrastructure, a marina, redevelopment of the land, a road network, green areas, parks and pedestrian areas as well as residential units and catering and recreation establishments over a period of 10 to 15 years.

The new marina will have catering venues, recreation and green areas, children’s play areas, shops, hotels, luxury villas and an educational and medical centre that can host students to study and train in hotel management, medical studies and marine studies. At about €1 billion it is considered the biggest investment in Cyprus to date and on completion will create 2,500 new jobs and considerable revenue for the state.

The build–operate–transfer (BOT) project will see the government receiving fixed rent and a percentage of the revenue through a concession agreement with the port/marina operated on a 40-year lease and real estate acquired on a 125-year lease. After 40 years, the port and marina can be returned to the government. The project has been assigned to the consortium Kition Ocean Holdings.

Unity Apartments, Limassol

Unity Apartments in Limassol has been designed with the philosophy “all in one place”, which means it will offer its residents all the amenities and comforts with everything they need within easy reach. It is being built in the western part of Limassol, near the My Mall shopping centre and City of Dreams Mediterranean resort. It will offer easy access to all main roads and be in close proximity to supermarkets, pharmacies, tennis courts and sports clubs, offices, clinics and educational institutions.

The complex will consist of 13 apartment buildings, with round-the-clock security. It will include walking areas, squares, places for outdoor sports and children's playgrounds. It will also have a designated work station for those who work remotely, offering a quiet space with fast internet and smart charging stations. Other special features include a separate dog walking area, barbecue and recreation area, and open-air cinema.

Limassol Greens, Limassol - Lanitis Golf Public Co Ltd

Opening in the winter of 2024, Limassol Greens is one of the largest residential golf and spa resorts in currently under development in Cyprus. Located in the Fasouri area, the central figure of the complex is a golf resort (18 holes and almost 0.2 hectares), though it will also offer its residents and guests a variety of services for leisure and wellness.

It is in close proximity to the Fasouri Watermania Water Park; City of Dreams Mediterranean casino resort; My Mall; the new port of Limassol; and Lady's Mile, the longest beach on the island, as well as cafes, restaurants and shops, schools and kindergartens (including private ones), pharmacies, bank offices, beauty salons and much more. The tourist area of ​​Limassol (the quay + Old Town) is about 3-4 km away. The entire development spans 140 hectares, will contain several multi-apartment buildings (a total of 250 apartments) and 495 land plots with villas. All this is united by a golf resort with a premium club and spa complex.

It will also boost indoor and outdoor pools, tennis courts, a fitness centre for various sports, a basketball court, cycling paths around the entire perimeter of the complex, children's playgrounds; an open-air amphitheatre for entertainment and cultural events, walking areas and green gardens, and own bars and restaurants. The apartments will offer complete comfort and a secluded location, as well as a spacious layout and terrace, while the owners of the villas will have a spacious plot of land and a two-level cottage with 3-6 bedrooms. Each home will have its own private pool, open plan living area on the ground floor and bedrooms on the second floor.

The project is being developed by Lanitis Golf Public Co Ltd owned by the Lanitis Group and a Maltese consortium of investors led by Alf Mizzi & Sons Ltd.

Yoo Limassol By Philippe Starck, Limassol

YOO Limassol is the island’s first of its kind high-end branded seafront residential property, designed by YOO Inspired by Starck. Property Gallery is proudly spearheading the first coastal project designed by YOO Inspired by Starck in Cyprus and throughout the Mediterranean.

According to the company’s website: “What makes this unique, luxury project stand out is its concept of a ‘city within a city,’ featuring a plethora of amenities to ensure a rich and varied lifestyle for its residents, whether they are conducting business, playing sports, maintaining a healthy lifestyle or raising family. A wide array of service, from luxury cars and yachts to a casino and cinema will cater to residents’ overall health, entertainment and childcare.”

The many amenities offered at Yoo Limassol include: swimming pools for children and adults, some of them open all year round, clubs for sports interests with rooms for classes: fitness, yoga, Pilates, etc., a cigar club and lounge, private jet and car club, SPA-centre, playgrounds and kids club, business centre for work near the house - with equipment, high-speed Internet and everything you need, indoor and outdoor cinemas, as well as an amphitheatre in the green zone, labyrinth and botanical garden, and sports grounds: mini-golf, bocce, tennis court.

In addition, residents and tenants will be offered a 24-hour concierge service, dry cleaning, premium car rental and property management services. Also on the territory of the complex will be located supermarkets, pharmacies, bars, cafes and other establishments. The apartments in the project will occupy half the floor or the entire floor, while villas will be located close to the coast. Each cottage comes with a private outside area from 300 to 1000 m2, as well as a parking space for several cars, a swimming pool, a recreation area and a barbecue. Some villas also have a private rooftop garden.

The Floating Scapes - 5* resort in Larnaca

Situated on the coastal front in the Pyla area of Larnaca, the ship shaped inspired hotel will have nine floors. The last two floors will be residential flats and penthouses. On the top of the hotel there will be a roof garden with a restaurant, a bar and a pool. All the rooms and suites of the hotel have an almost 270-degree view of the sea. There are also villas at the front of the development.

The basement will boast a conference centre and spa, while the building offers all auxiliary services. It is being built by the EDGE Development Group.

Sea Horizon Tower, Limassol

Sea Horizon Tower is a small but luxurious project that is expected to attract attention because of its privacy and thoughtful details. Built in Parekklisia, an area that has all the advantages of luxury country living, Sea Horizon will offer a quiet and secluded experience, away from the bustle of the city. Within walking distance are the cleanest beaches, some of them voted best in Limassol, as well as all the necessary infrastructure for families and children and remote work.

The high-rise tower will boast 12 floors and be surrounded by a green area and a closed area guarded around the clock. It will offer an outdoor pool for the summer season, indoor swimming pool open all year round, underground guarded parking and ground parking, sauna and hammam for rest and relaxation, and a large gym with modern equipment. It will also include several detached villas, which will be part of Sea Horizon Tower.

The Landmark Nicosia

Formerly the Hilton, the iconic hotel, known for hosting politicians and high society over the decades, is undergoing an extensive transformation to create sophisticated, cutting-edge accommodation with superb amenities and specifications. According to Landmark Nicosia’s website, the new development aims to offer a new way of living and working in the heart of Nicosia, seamlessly complemented by exceptional amenities.

The project will include 53 privileged residences and 16,500 square meters of office space, as well as a five-star hotel experience. Regarding the residences, the company says: “Perfectly crafted and immaculate in design and specification, these residences are more than just a home. Investing in the residential tower of The Landmark Nicosia grants you access to the world-class amenities of the Internationally branded five-star hotel.” As for the office space: “Modern, dynamic and sustainable, the new offices for rent in LEED Gold certification process, will provide an exceptional working environment, reflecting Nicosia’s status as a leading business hub.”

The iconic building is currently undergoing an extensive transformation with branded restaurants, a pool bar and a cigar lounge, a spa, a gym and thermal baths.

The project has been taken on by MHV Mediterranean Hospitality Venture Limited. The Group’s current portfolio consists of prominent luxury hotels and resorts, residential and office developments such as Parklane, a Luxury Collection Resort & Spa, Limassol member of Marriott International, Nammos Limassol, LPM Restaurants & Bars, Park Tower Residences adjacent to Parklane, The Landmark Nicosia Hotel, Residences and Offices, Aphrodite Hills PGA Golf Resort Villas and Residences in Paphos, Nikki Beach Resort in Porto Heli and Porto Paros in Paros. MHV Group is looking to expand its portfolio by taking on several new projects across the wider eastern Mediterranean region.