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

April 17, 2019 at 1:40pm
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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.