$1 Billion Dollar mixed use property scheme announced for Paphos

Paphos , Cyprus , is set to elevated to premiership status as plans for a new international airport, marina and $1 billion mixed-use development are announced.

Cyprus ’s share in the growth and development of the EU economy looks set to increase substantially with plans for a new $1 billion mixed use development to be built in the Paphos area of the island.

The very first project of its kind in Cyprus and one of the largest in the world, the development of the 250 acre site, which is to be known as Neapolis, will include a hospital, private university, research and development centre, office park and international business centre, plus a wide range of cultural and leisure facilities and activities including museums, botanical gardens and family entertainment centres.

Located in the hub of Paphos within the Geroskipou Municipality , 800 metres from the beach, approximately two kilometres from the town centre and less than 10 minutes’ drive from Paphos International Airport , the residential development at Neapolis will include special assisted living accommodation for the elderly as well as affordable housing for local Cypriots.

It is predicted that the socio-economic benefits of this multi-million pound development will include the creation of thousands of new jobs on the island, with the state and local authorities receiving benefits of £350 million during the construction of the project, and an on-going income of £30 million per annum after completion.

An injection of around £1 billion pounds in foreign currency into the local economy is also expected within 10 years, together with annual revenue of £200 million generated by the hospital, university, research and development facilities, business parks, residential communities and other activities.

Huge emphasis is being placed on landscaping to make Neapolis a green and pleasant land, with Aphrodite’s Gardens, a walkway along the Aphrodite cliffs, children’s play areas, pedestrian and cycle pathways, piazzas , market squares and open green spaces connecting the various elements of the development.

The English speaking private university will be of the highest international standard, with the campus next to the main civic square, where galleries, Aphrodite’s museum, a wine museum, Mediterranean culinary school, handicraft centre and a small business hotel will be located.

A research & development centre will also be located in the civic square and will interact closely with the university to provide a unique study and research environment. The master plan places the hospital building in large landscaped gardens, with even more greenery in the adjacent Botanical Gardens, with the assisted living retirement residences in the same vicinity, again setting these facilities in landscaped grounds.

The Neapolis office park with be located near the main road junction, while the various residential developments, offering a mix of properties will be built on select sites throughout the project, with a country club, spa and therapy centre for the enjoyment of all residents.

As well as this $1 billion project, the Paphos area of Cyprus is soon to benefit from a new international airport, due for completion in 2008, and with the facilities to cater for 2.7 million passengers per annum. Plans are also underway for a luxury 1,000 berth new marina to be built just off the Tomb of the Kings Road , near Coral Bay .

Other major infrastructure projects on the way include the Paphos Harbour rejuvenation master plan, the highway to Polis Chrisochou to the west, a new modern road connecting Paphos town to the new marina and a major beach improvement project.

With close cooperation between the public and private sectors in Cyprus , the regeneration of Paphos as an important international destination is already well underway, and with the launch of the Neapolis project, this ancient town will again prove to be of immense strategic and economic importance to Cyprus and the European community.