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

How European Banking Supervision can help fight economic impact of coronavirus outbreak in Europe

By Andrea Enria, Chair of the Supervisory Board of the ECB These are dramatic days for Europe and its citizens. The coronavirus outbreak has severely...

U.S. could face 200,000 coronavirus deaths, Fauci warns

U.S. deaths from coronavirus could reach 200,000 with millions of cases, the government's top infectious diseases expert warned on Sunday as New York, New...

Limassol: 45 booked in 12 hours for breaking decree

  Limassol police officers on Sunday booked another 45 people for breaking the stay at home decree as police spokesman Ioannis Soteriades told CNA that...

Two more test positive in Turkish-held north

Two more have tested positive in Turkish-held north Cyprus, bringing the total to 64, the Cyprus News Agency reports. It said that three of the...

Minister rebukes irresponsible behaviour

Health Minister Constantinos Ioannou on Sunday expressed concern over the large increase in the number of confirmed Covid-19 cases saying tracing had shown that...

Taste

Village salad

A must-have with every meal is a village salad. You will find it in every tavern or greek restaurant you visit in Cyprus. Make...

Courgettes with eggs

Heat the oil in a frying pan and fry the courgettes at a medium heat until they soften. Add salt and add the eggs....

Classic Pastitsio

Prepare the mince sauce: heat the butter in a pan and sauté the mince with the onion and garlic until nicely browned, mixing well....

Grilled vegetable and goat cheese rolls

Brush the vegetables with olive oil and season. Heat a pan/griddle and cook them carefully until golden on both sides, making sure their shape...