Panda City Development Plc had ambitious plans for Paphos-based Elea Estate Golf Resort to become yet another luxury destination in the Mediterranean but the takeover bid failed to bear fruit.
Following a Bank of Cyprus invitation to tenders, UK-based Panda City Development Plc submitted in April the highest bid for the acquisition of the Elea Estate & Golf Course, offering €49 million.
The process was expected to be completed in around two months with Panda City Development estimating that the ensuing infrastructure would attract sale investments of over a billion euro in the next three years.
The Elea Estate & Golf Course, situated in the area of Marathounta, would have included 250 luxurious homes, 300 apartments and an 85 room boutique hotel.
Bank of Cyprus controls 70% of S.Z. Eliades Leisure Ltd – Elea Estate’s owners who are unable to meet their loan’s obligations. The Bank has appointed an administrator.
In a stunning setting, Elea Estate offers a Par 71 course Golf Club designed by the legendary Sir Nick Faldo who has incorporated numerous natural features. Today there is also a Club House there and a villa used for demonstration.
Some 50 people are currently employed by Elea Estate where 55% of the land upon which the project is designed belongs to the Monastery of Saint Neophytos with a rental agreement until 2088.
Elea Estate’s unique location gives one the best of both worlds, that is, the peace and tranquility of the rolling countryside with the vibrant town of Paphos just ten minutes away. Plus, it is very near the coastal town’s airport.
At the same time, Elea Estate is only 12 kilometres away from Venus Rock and Aphrodite Hills and has a total area of 1,190,644 sq. metres.