With investors and funding both in place for the Limassol Greens Golf Resort in the Fasouri area of Limassol, work on implementing this highly ambitious project can be expected to get under way shortly. This development is the result of equity changes in the ownership of the project, 50% of which has passed into the hands of foreign investors who will allocate the capital required to move on with this grand project. The remaining 50% of the project remains with the Lanitis Group. Specifically, MCY Development acquired 99,99% of the share capital from Lanitis Farm Ltd for €75 million.
MCY Development is controlled 50% by Lanitis Farm of the Lanitis Group - and 50% controlled by AMOL Enterprises. The most recognizable name of the new shareholders is that of Alec Mizzi, a well-known Maltese family who has made significant investments in Cyprus in recent years, such as the Homemate store. Everything is now ready for the start of the project, as a July 2019 building permit was granted to separate 501 residential development plots as well as the golf course and club house facilities.
Lanitis Group Communications Director Antonis Papas told ‘’Entrepreneurial Limassol’’, that construction work is scheduled to begin by the summer, primarily for the golf course and almost simultaneously, for the real estate project which is to generate the buld of revenue for the investment. This is a multi-faceted project covering an area of 1.4 million square meters. Among others, the revised masterplan provides for an 18-hole golf course designed by Cabell Robinson, Country Club, a wellness center, commercial and leisure uses such as restaurants, cafes and shops, 495 villas and 233 apartments. The project will also include tens of thousands of square meters. Of green areas that are strategically placed in the development to ensure the continuation of biological activities in the area.
