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Geroskipou project eyes artificial island, hotels and university

The €3.5 billion development project by Hungarian investor Atum Developments in Geroskipou, Paphos include the construction of an artificial island, university, two five-star hotels and a marina.

According to the company website, the project – Eden City – is a 200-hectare resort development project with three distinct sections.

The Garden of Eden will be a district dedicated to business, culture and education with the construction of a university campus, dormitories, a research and development centre, Business Hotel and Art Academy.

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The Peninsula will include an international five-star hotel, apartment blocks, event centre, health centre, spa and beaches.

Divina Island will be man-made housing luxury villas, a five-star hotel, Mediterranean village, residential houses, serviced apartments and a marina.

The project has been hit by delays, the latest being the recent archaeological excavations earmarked for a section of the project.

In a statement released on Wednesday Atum Developments Ltd announced that the company is in full consultation and communication with the Antiquities Department adding that the company had submitted an offer to the Transport Ministry on October 20, 2016, declaring its willingness to cover part or even the entire costs of the excavations with the aim of completing the necessary study of the area as soon as possible.

Atum Developments said that talks are continuing as scheduled with the relevant negotiating team with regards to the Eden Project in its entirety despite any delays and is waiting for the report undertaken by an independent international consultancy firm with regards to the value of the state land which will be used for the project as well as that of the artificial island the company plans to construct.

In November, the developer and state came to a disagreement over whether or not the sea off Paphos belonged to the state.

The dispute stemmed from the disagreement between the investor and the government over demands that the investor foot an annual rental fee of €5.5 million for the artificial island that he planned to construct off Geroskipou, as part of the Eden City project.

Reports suggested the project was once again in danger of being derailed due to the discovery of antiquities on property belonging to the church earmarked for the development.

Atum Developments assures that it will continue with good will to cooperate with all the parties and looks forward to the timely implementation of the project which will have many and substantial benefits for the Cyprus economy.

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