Insider Business BoC sells Elea Estate Golf to UK firm Panda City Development for...

BoC sells Elea Estate Golf to UK firm Panda City Development for €49m

Following a Bank of Cyprus invitation to tenders, Panda City Development Plc, based in the United Kingdom, submitted the highest bid for the acquisition of the Elea Estate & Golf Course, offering €49 million.

The process will be completed in around two months and Panda City Development estimates that the ensuing infrastructure will attract sale investments of over a billion euro in the next three years. The Elea Estate & Golf Course, situated in the Paphos area of Marathounta, will include 250 luxurious homes, 300 apartments and an 85 room boutique hotel.

Cooperation with international chain Fairmont Hotels and Resorts is expected to be a major source of attraction for golf aficionados.

Panda City Development senior CEO, founder and co-owner Umer Khan heads an investors group spreading across the five continents with a wide ranging scope of activities. This large scale construction will become a source of new foreign capital investment, strengthening the further upgrade of Cyprus tourism, as well as the construction industry and contributing to the overall condition of the real economy through the creation of 500 new jobs.

The investors’ ambition is for Elea Estate & Golf Course to become yet another luxury destination in the Mediterranean.

Following the conclusion of the ownership change process, Panda City Development will present its working development plan to the Cyprus public.

Top Stories

Missing child found (updated)

  A 15-year-old child reported missing from his home in Limassol since June 29 has been found and is in good health, police said on...

One new Covid case with travel history

One person has tested positive for coronavirus, bringing the total number of cases to 1005, the Health Ministry said on Tuesday, from a total...

Compulsory use of gloves by employees on way out

    The compulsory use of gloves by employees that was introduced as part of measures to contain the spread of coronavirus is to be scrapped,...

22-year-old sentenced to 13 years in jail for Nicosia manslaughter

The Nicosia Criminal Court handed down on Tuesday a 13-year jail sentence to a 22-year-old foreign national who had pleaded guilty to killing a...

House, car repair shop, storeroom damaged by fire

  A fire which broke out off the Ayii Trimithias and Anthoupolis road on Tuesday afternoon has left a trail of damage in its wake,...

Taste

How to make triandafillo ice cream, by UK Cypriot chef Loulla Astin

  Just in time for the scorching heat, UK Cypriot chef Loulla Astin has shared her recipe for refreshing triantafillo ice cream -- or as...

Cyprus sprouts with cream and prosciutto

In a big, deep frying pan, fry the prosciutto in the olive oil, on medium heat for 2 minutes. Add the onion and garlic...

Pork burger with sundried tomatoes, mozzarella and anchovies

Mix all the ingredients together with the mince in a bowl, and combine well. Divide into 4 balls and form the burgers. Warm a griddle/pan...

Sheftalies

Wash the lamb cauls with plenty of cold water and let them settle in water and vinegar for a little while. Soak the bread crumbs...