The future of Cyprus is bright – Top 4 most exciting projects ‘en route’ to the island.
Photo credit: @dans_eyeinthesky
2020 has been a complicated year for most, as it brought the most crucial global health cataclysm of the century. Almost every single industry in the world was somehow affected by the pandemic. COVID-19 managed to cripple financial markets and completely turned the global economy upside down.
The COVID-19 pandemic did not just impact public health; it caused economic and social turmoil. It caused borders to close, restricted trade, and lead governments to enforce confinements. Millions of people succumbed to poverty, and numerous enterprises across the world now face existential threat. Despite the unfortunate financial climate, Cyprus is amongst the few European countries to have handled the pandemic well and is forecasting economic progression in 2021.
Even though the past year has been a challenging one, Cyprus continues to grow and flourish. In Q2 of 2020, economic sentiment slowly started to lift on the island. Despite new uprises in cases, the Cypriot government handled the pandemic well. While there yet is little positivity in the tourism industry, there have been marginal increases in the industry confidence indicator. And with the COVID-19 vaccine on its way (UK will commence vaccinating citizens as early as next week), the hospitality industry finally saw the light at the end of the pandemic infused tunnel.
As we close off 2020, we are filled with optimism looking at all the exciting projects awaiting the island in the coming years. Below a review of the top 4 most exciting projects on their way to the island, according to our investment team.
CITY OF DREAMS
Image source: City of Dreams
One important project for the island is City of Dreams Mediterranean, the first integrated Casino in Cyprus and Europe. The project will be completed by 2021 and will enrich the Cyprus tourism industry by attracting an additional 300,000 tourists annually.
The casino resort is a joint venture between Melco Resorts & Entertainment and The Cyprus Phassouri, which is part of the CNS Group. Melco is a developer and operator of multiple integrated casino resorts and is based in Hong Kong. The company has resorts in Manila and Macau and operates Mocha Clubs, a slot machine brand.
The resort will be based in coastal Limassol in close proximity to the Marina, old town Limassol, and of course the beach. The project cost approximately 600 million to build and is Melco's first project outside of Asia. City of Dreams will have 500 hotel rooms and 11 restaurants, amongst other facilities across 6000 square meters of land.
Melco group is currently operating satellite casinos across the island, in Limassol, Nicosia, Paphos, and Agia Napa. Together with the acclaimed catering and hospitality company Columbia Restaurants, the casinos host Columbia Bistro, where visitors can enjoy a great meal and drinks.
City of Dreams is an exciting project for Cyprus and has definitely put the island on the global map. According to President Anastasiadis, the project "is expected to have a significant impact on the country's GDP." The casino resort will contribute 4% annually to the country's GDP, which is the equivalent of 700 million euros. In addition to this, the project will create an additional 2500 jobs upon completion.
LARNACA MARINA
Image source: Financial Mirror
In November 2020, the Cabinet approved the development of Larnaca Port. Another long-awaited project that will commence construction in January 2021 and will cost 1 billion euros to build.
It has been forecasted that the project will bring an additional €120 million to the Cyprus economy every year.
Larnaca Port will bring great economic benefits to the island by creating new jobs and improving the infrastructure of the Marina for social activities, green spaces, and educational and hospital centers. The port and Marina will span out across 510,000m². The project will expand the port by adding facilities to handle at least 650 boats and improve the interior roadwork and even create a new terminal for cruise ships and a designated area for cargo management.
Similarly to Limassol's Marina, Larnaca Marina will be a popular location to live or holiday at for affluent locals, foreigner investors, and tourists seeking a location right at sea and in close proximity to top restaurants entertainment centers on the island.
An investment opportunity in the area is SOHO City Apartments, which is Emerald Group's exclusive project. SOHO City Apartments is a Hotel Apartment Building that is a newly built building consisting of ten 2-bedroom apartments with a total building area of 895 m². Any interested investors are kindly invited to contact us in order to receive further information or to schedule a call or meeting with our team.
Upgrading the Larnaca Marina is a consortium between Eldeman Holding BV and Alexandrou Corporate Services Ltd, Israeli and Cypriot organizations, respectively.
RENEWABLE ENERGY
Green, or better yet environment-friendly energy, is a global concern and an important conversion amongst lawmakers. Over the past summer, two additional photovoltaic parks with a total capacity of 2.5MW were constructed by L&T Sun Power Ltd. They were connected to the national network of the Electricity Authority of Cyprus and have the capacity to provide green energy to over 650 residences.
The parks are privately funded and were built to help the island meet the EU's clean energy criteria.
The investors behind the project include both local and foreign stakeholders. The local investors are Lanitis Energy Ltd, which is part of the esteemed Lanitis group of companies, and T.P. Timotheou Ltd. Foreign investment came from the senior management of RCB Bank Ltd, Dr. Kirill Zimarin and Mr. Andrey Vedenkov.
All the investors participating in the project are incredibly passionate about enriching clean energy production on the island. The project will also help conserve 3000 tons of CO2 emissions annually, which normally would require about 85,000 trees to absorb.
TRILOGY
Image Source: Trilogy
Trilogy is an exciting real estate development that, from its conception, stood out amongst other high-rise developments on the island. Located on Limassol's coastline, Trilogy will be a mixed-use property that will consist of three towers, dubbed the West Tower, Easy Tower, and North Tower. The project is a mix of residential apartments, commercial offices, retail space, restaurants, cafes and bars, and recreational facilities like numerous swimming pools, a retreat that includes a luxurious spa, and a large tennis court.
The property is developed by Cybarco, a local developer that is part of the Lanitis group. The company has been developing properties on the island since 1945 and is responsible for some of the island's landmarks like The Oval and Limassol Marina. Trilogy was designed by London-based architects, WKK whose portfolio consists of properties like The Burj Al Arab, Jumeriah Beach Hotel, the artificial island Durrat Al Bahrain, Jumeriah Beach Hotel, and Dubai's premier aquatic park Wild Wadi.
Luxury office space has been in deficit in Limassol, which is a home base to multiple large international companies like Amdocs, Parimatch, Wisebits Group, Mail.ru Group, SEMrush, and many others. Trilogy will offer a total of 52 separate office spaces, varying in size from approximately 100 to 400 square meters. Every company based in the development will have access to not only beautiful offices but 24-hour concierge, maintenance, and security services.
Despite the difficulties of the past year, as we approach the festive season and the New Year, aspirations for a more optimistic 2021 are feeling more realistic. While Cyprus is preparing for a Christmas break, businesses are planning how different the next year will be.
At Emerald Group, we are certainly prognosing a more innovative, positive and cheerful new year. A lot of projects are on their way and this fills us with hope for 2021. If you too are feeling optimistic about the year ahead and are interested to find out more about the various business opportunities that Cyprus offers, feel free to reach out to our team for any questions you might have. We will be delighted to invite you for a no-commitment first coffee meeting or virtual call and discuss the future of your business.