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

Rain on the way all across Cyprus, snow on Troodos mountain

Rain all across Cyprus is on the way and so is snowfall on Troodos mountain, according to the Mediterranean island’s Met Office. The depth of...

Cyprus’ municipal solid waste per inhabitant among highest in EU

Cyprus' municipal solid waste per inhabitant is one of the highest in the EU, according to data released on Tuesday by the island's Statistical...

Help desk for “CyprusFlightPass” e-platform in operation as of Monday

A help desk assisting passengers who intend to travel to Cyprus from abroad and may have queries regarding the use of the e-platform “CyprusFlightPass”...

UK to unveil hotel quarantine plans, public told not to book vacations

Britain will announce on Tuesday whether it will bring in mandatory quarantine in hotels for some or all arrivals, the country's coronavirus vaccination minister...

Sokratis joins Olympiakos after Arsenal exit

Former Arsenal defender Sokratis Papastathopoulos has joined Olympiakos Piraeus on a deal until the end of the 2022-23 season, the Greek Super League champions...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...