Stelios Angelodemou presents his vision for ‘Metochi Estate’

The Director of Fabretti Constructions, Stelios Angelodemou, has elaborated on his plans, as well as his vision for 'Metochi Estate,' a grand residential development that is anticipated to drastically change the status quo in Nicosia’s luxury living sector.

Speaking to InBusinessNews recently, Angelodemou, a businessman with over four decades of experience in successful projects in Australia, underlined that he has returned to Cyprus to completely overhaul the architectural mentality by offering multiple and varied amenities to the buyer that have never been offered Nicosia before.

The aim of the new residential development coming to Engomi is the realisation of a "small city within the city" featuring 280 luxury apartments but which is also a development that will leave old architectural practices behind and create a brilliant pole of attraction for local and foreign investments.

As Stelios Angelodemou pointed out, construction work will begin after the start of the road separation works scheduled for September 2024, with the first part of the large investment exceeding €100 million.

Fabretti Constructions' goals for the Cypriot market concern long-term planning, including 1,340 student residence units, the construction for which will begin as soon as the necessary permits are secured, with the aim of attracting foreign students.

At the same time, Stelios Angelodemou explains that price rises in a city have a direct impact on everyone, and calls on all those involved to work together to solve the problem in order to keep prices low and sustainable for every resident of the city.

As Director of Fabretti Constructions Ltd, you have had over four decades of success with numerous projects in Australia. Can you briefly describe the areas of activity (the types of developments) and the milestones of your many years in action?

In our long history of construction activities, we have dealt with the sectors of commercial and residential developments, as well as with the sector of tourist units (hotels) and in the division of land, but also in many other activities.

Apart from commercial activities, in 1972 when we arrived in Australia I created, together with my wife Chrisy Angelodemou, a very large sewing company, which my wife operated for many years.

Due to the events of the times, I dealt with the Cypriot immigrants who came to Australia after 1974.

By buying a football team with two to three other friends, we created Pankyprio (Pan-Cyprian), which today includes more than 700 young people who train on the club's four synthetic pitches, the only ones in Australia.

It is worth mentioning that ‘Pankyprio’ has been winning in the premier league all over Australia for the last 10-12 years.

Besides, in 1989, we created the Bank of Cyprus representative office and in 1999 we turned it into a retail banking facility, of which I was the only Cypriot director for 17 years. Subsequently, we proceeded to sell it in order to send the money to the Bank of Cyprus in Cyprus for its financial support.

From 1989 until 2021, intermittently and at the request of the Cypriot Community, I was the President of the Cypriots whom I supported with all my strength and in all areas, while we were also present, together, at all events on all national issues, especially the national issue that is our main priority.

I am very proud to have served, from the beginning, as vice-president of the National Centre for Hellenic Studies and Research, where we have recorded the history of the Hellenic diaspora worldwide with our Professor President, Anastasios (Tassos) Tamis and always with the impeccable cooperation of Georgios Babiniotis, former Minister of Education and Chancellor of the University of Athens.

These are some of the few services I have offered during my time in Australia over the last 50 years.

With my vast experience, I now hope to offer the best for my country.

A small city within the city - An oasis in the capital

How did you decide to proceed with the large investment that is 'Metochi Estate', in a highly popular area of ​​Nicosia? What are your goals, what gap have you identified in the market and what do you expect this luxury development to deliver?

The vast experience and activities we have engaged in, in the field of commerce during the last 15 years of activity creating large units for rent and sale for international companies and others, have inspired us to design and create luxurious living spaces, where every tenant can be proud of place he lives in and feel absolute security and comfort in his environment, in locations like the "best small city in Europe," as the Europeans call it.

Our experience over the last 48 years in the field of investment confirms to us that you have no other choice but to choose the finest living location, with the best quality, the best amenities, at the right price.

My goal is to completely change the mindset of architecture, offering multiple and varied amenities to the buyer that have never been offered in Nicosia before.

Also, to create buildings with green architecture and construction techniques, which will not require outside maintenance and provide visibility and an oasis in the centre of the development.

All vehicles will be parked in underground spaces so that they are not affected by sun and rain, for the comfort of the residents.

Residents will not have to leave their residence as there will be services such as a hairdresser, beauty salon, cafeteria, pilates studio, gym, pet grooming facility, laundry, car wash, electric car charging station, meeting room, board room, concierge, car security system, car number plate security system, rooftop on the 10th floor with two kitchens, a restaurant, an open space with a lounge, terrace seating and an events-banquet area.

Furthermore, this is the beginning of the implementation of the "small city within the city" of Nicosia's 280 most luxurious apartments. This is how we want to see our city develop now and in the future.

The luxurious development will leave behind old architecture and create a brilliant investment attraction for local and foreign investors, so that we can see the Nicosia of tomorrow - which along with the excellent cooperation of our previous and current Mayors - we all dream of together.

This space that will be created will be an oasis for the foreign investor, for the scientist, the businessman, the doctor, the worker in Nicosia.

Purchase interest beyond expectations - When the work will begin

What has the interest in Metochi Estate been from buyers so far? Who is it aimed at, what is the estimated investment cost, when do you expect work to start and when will the project be completed?

First of all, the interest from buyers has exceeded our expectations, which confirms to us that people consider this to be an excellent place to live in, in the future, and this is something that makes us very happy. So far there has been a lot of interest, 90% from Cypriot investors.

We hope that the work will begin immediately after the start of the road separation works, which based on our communication with the various agencies, is expected to start in September 2024.

The first part of the investment amounts to more than €100 million.

After the start of work, the project is expected to be completed in 24 months, i.e. around the end of 2026.

What differences do you see between Cyprus and Australia in terms of the procedures required to promote and establish an investment/development? Do you think that Cyprus can draw examples from Australia's practices?

If we all coordinate and optimise every cycle of business, from licensing to the immediate response of local authorities to reduce red tape, then I believe that Cyprus would be the best place in the world to invest in, with the best goods in the world, sunshine, hospitality, bilingualism, the preference of foreign companies to operate and become established in our country.

There are many examples that have been proposed and discussed, in my own personal experience, from Australia towards promoting and implementing actions that do not require any cost and I have insisted and will continue to insist on, such as that title deeds should be issued automatically and no one should be allowed to live in an apartment without a title deed as is the case in Australia.

I cannot fathom why this system cannot be implemented, it is something which could provide billions of euros to the coffers of the Ssate, which could then be used for the multiple needs of local authorities and every citizen.

1,340 student residences are under construction

What are your goals/plans for the Cypriot market and what prospects do you perceive?

My goals for the Cypriot market concern long-term planning and this is what our company plans to implement in the future.

For example, for decades we have been talking and discussing with the relevant persons that the education system in Cyprus should be a pole of attraction for foreign exchange and attracting interest from all non-English speaking and Asian countries.

Fortunately, I have been vindicated by all the previous proposals and the European Union recognises that Nicosia is one of the best destinations for education. The foreign exchange from education has to be higher than the foreign exchange from tourism.

Because I believe in this, we are currently promoting 1,340 student residence units, construction for which will begin as soon as we are granted the necessary permits, to house French, Scandinavian, European and Asian students.

With the completion of the new Nicosia museum, we will have perhaps one of the best museums of antiquity and culture.

With the implementation of the project, beyond any doubt our city will attract, in my humble opinion, one out of every two tourists who will arrive in Cyprus, and if I am verified then our wonderful city will have over two and a half to three million tourists a year.

Time shoots up costs-Price reductions benefit everyone

What problems are plaguing the construction sector and the Cypriot real estate market, what are the challenges and what are your suggestions towards solving them?

The biggest problem plaguing the construction sector and its worst enemy is time. Time is what creates enormous costs for the manufacturer without any justifiable reason.

These huge costs are due to taking out loans, interest, various fees to local authorities, to consultants and these are what, by extension, send prices soaring.

Appraisals and rising prices in a city affect everyone so much that at some point all of us who are involved have to work together on how to solve this problem--how to keep prices low and sustainable for every resident of our city.

We can achieve a reduction in inflation, as you asked me about before, by implementing simple suggestions.

For example, a building permit from a private building surveyor can be issued within two days and work can begin. So we can keep costs down for everyone. Simply by implementing some basic principles, we can become a model city, setting the example for others.

• Fabretti Constructions

Fabretti Constructions, based in Cyprus, is a distinguished construction company with more than four decades of experience in the industry.

Under the visionary leadership of founder Stelios Angelodemou, the company has extensive experience, charting a distinguished track record that includes numerous projects in Melbourne, Australia.

• Kyriakou Matsi & Spyrou Kyprianou 2, 1082 Nicosia, Galatariotis building, ground floor, Tel: 70000611

For more information: www.fabretti.com.cy | www.metochi-estate.com

(Source: InBusinessNews)