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Elea Resort new owners have big plans

April 18, 2019 at 7:31am
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Panda City Development Plc are the new owners of Paphos-based Elea Estate & Golf Course which was in the hands of Bank of Cyprus until now after the UK-based company offered €49 million. And their ambitious large scale construction plans are all set to start by January 1, 2020.

The Elea Estate & Golf Course, situated in the coastal town’s Marathounta area, 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 Plc is a company formed after a number of investors joined forces in a bid to reach agreement with BoC for Elea Estate & Golf Resort. Negotiations went on for over a year, according to Louis Louka who is their representative in Cyprus.

Louka also told Phileleleftheros that their ambition is for Elea Estate & Golf Course to become yet another luxury destination in the Mediterranean. And that the first phase of the investment will start with an initial budget of €150 million, followed by the second phase estimated to cost €300 million.

The goal is for the ensuing infrastructure to attract sale investments of over a billion euro in the next three years, he also said, ruling out the possibility of resale under any circumstances.

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.

Elea Estate Golf Resort is only 12 kilometres away from Venus Rock and Aphrodite Hills. It has a total area of ​​1,190,644 sq.m and 55% of the land belongs to Agios Neophytos Monastery with a rental agreement until December 31, 2088.

 

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