24 Jan Lanitis finds Investors for Golf Resort, adjacent to Melco’s Casino in Cyprus
“Limassol Greens” Golf Resort, which is a fully integrated golf and real estate development, west of Limassol and adjacent to the upcoming integrated casino resort, Melco’s “City of Dreams Mediterranean”, is now set for implementation, following a new shareholding structure that was announced on 16th January 2020 (https://in-cyprus.com/limassol-greens-golf-resort-has-new-shareholding-structure/).
The Golf Resort, which is an ambitious development of Lanitis Group, which launched the initial plan, has a land area of 1,400,000 square metres.
The project will comprise of 495 luxurious villas, 233 apartments, and an 18-hole championship golf course. It will also have indoor and outdoor pools, spa treatment facilities, fitness area, tennis and squash courts as well as facilities, including shops, restaurants, bars, and a convenience store (http://www.limassolgreens.com/en/).
Lanitis Golf Public Co., which are the owners of “Limassol Greens” Golf Resort, announced that on the 15thJanuary 2020, MCY Development acquired 99.99% of its share capital from Lanitis Farm Ltd, for EUR 75 million, whilst EUR 25 million had already been paid in cash (https://www.philenews.com/oikonomia/kypros/article/857974/symfonia-me-ependytes-ga-to-limassol-greens).
MCY Development has a share ownership structure of 50% controlled by AMOL Enterprises, and the other 50% controlled by Lanitis Farm (Lanitis Group interests).
It should be noted that AMOL, which was registered on the 10th July 2018, has Alec Mizzi, as one of its Directors. He is a member of a well-known family from Malta, with significant investments in Cyprus over the recent years, including Homemate store and the acquisition of a majority stake in Tryfon Tseriotis.
The Maltese company had previously joined forces with the Lanitis Group, when they set up Vecchia Napoli Restaurant, in partnership with the Carob Mill Group Company (https://in-cyprus.com/limassol-greens-golf-resort-has-new-shareholding-structure/).
It has been reported that there are more Maltese investors that are behind the “Limassol Greens” project, whilst Lanitis Group maintains its 50% stake.
As previously mentioned, the project is adjacent to the upcoming , and Cyprus’ first ICR, Melco’s “City of Dreams Mediterranean”, which is scheduled to open its doors late 2021, early 2022 (https://www.cityofdreamsmed.com.cy/en/home.html).
The project of “Limassol Greens” is also in close proximity to the Limassol’s MyMall, Limassol City Center, Limassol’s Port and Limassol Marina.
The fact that the project of “Limassol Greens” is located in Fasouri, west of Limassol, is a further indication of the future opportunities that will arise, in the surrounding area.