PRESS RELEASE: The Grove Spa Resort, Mazotos, Cyprus – Appointment of High Profile Prime Contractor

The Grove Spa Resort, Cyprus – Appointment of General Constructions Company Ltd (GCC) as Prime Contractor

InvestinCyprus.com Developers has appointed the General Constructions Company (GCC) as the prime contractor for its landmark 5 Star mixed-use scheme, The Grove Spa Resort in Mazotos, Cyprus.

GCC was founded in 1947 and is one of the leading construction companies in Cyprus with its head office in Nicosia.

GCC has constructed many prestigious projects in Cyprus, including: The Annabelle 5 Star Hotel in Paphos, Ayia Napa Water Park, IKEA, and The Embassy of The People’s Republic of China to name a few. The company has also undertaken large projects for the Cyprus government and UK Ministry of Defence. Further, the company has successfully operated in Saudi Arabia for over 30 years and is now establishing a strong presence in Bahrain.

The motto of GCC is “Quality First” and the company this week celebrates its 62^nd year of delivering quality construction projects.

Commenting on the appointment of GCC, Stephanie Fairhurst, Managing Director of InvestinCyprus.com Developers said,

“ The appointment of GCC as our main contractor shows our commitment to delivering a top quality resort by employing only the very best professionals for this outstanding project. GCC has a strong reputation for excellence and professionalism and we are delighted to be working together.”

Phase 1 of the build of The Grove Spa Resort was completed at Christmas before the purchase of an additional plot of land to add further facilities to the scheme. The revised plans have now been approved by the authorities and Phase 2 of the construction begins this week.

InvestinCyprus.com Developers Director Dominic Farrell says:

“We couldn’t refuse the opportunity to purchase an additional plot of land adjacent to the scheme and buyers have been extremely pleased with the extra value the enhanced facilities have provided.”

Mr Farrell continues, “Testament to the appeal of The Grove Spa Resort is that, even in the present climate, we still have strong interest from buyers and continue to make sales, despite having sold 80% of the scheme before we started construction.”

The Grove Spa Resort, Cyprus is due for completion in 2010.

Notes for Editors:

The Grove Spa Resort in Mazotos, Cyprus is a 5 star mixed-use scheme due for completion in 2010.
In addition to 128 residential units, there is a restaurant, supermarket, on-site rental and resale office, concierge service, health spa, gymnasium, dance studio, hydrotherapy pool, 3 outdoor pools, tennis court, sports TV room, children’s play area and secure underground parking and storage units.

There has been worldwide interest in this project with buyers from UK, Ireland, Cyprus, Hong Kong, Poland, Malaysia, Dubai, Bahrain, Sweden, Italy, India, South Africa, Singapore and Azerbaijan.

For further information and interviews please contact Dominic Farrell on +44 (0) 151 244 5432

14 New Golf Courses For Cyprus: It's Official

The Cyprus government has finally approved the creation of 14 new golf courses, which will bring the total number on the island to 17. The decision was finalised at a cabinet meeting last Thursday (5th February 2009).

Government Spokesman Stefanos Stefanou said the actual decision had been taken by the previous government.

“It was taken for the purpose of strengthening the tourism product in Cyprus and boosting economic activity,” he said.

Dominic Farrell, director of InvestinCyprus.com Developers, the company behind the much acclaimed Grove Spa Resort in Mazotos says:

“This is excellent news for homebuyers and investors alike and will provide a substantial boost to rental demand, re-sales and economic activity in general. Additionally, seasonality will be reduced in areas surrounding courses as the winter months in Cyprus are ideal for playing golf. Combined with the increase in low cost flights from airlines such as easyJet, we will see a sharp increase in visitors to the island. Owners of high quality properties with all-year-round facilities will benefit most.”

For an article by Jet-to-Let Magazine on the benefits of investing near golf courses click here

"Putt" Your Trust In Cyprus

Cyprus has long been an island that has offered Britons everything they like to get from a holiday destination - sandy beaches, blue seas, a long and hot summertime, friendly locals who can speak English and of course, plentiful golf courses.

And it seems that the former British colony may soon have more of the latter to offer, with the news that plans to build 14 new golf courses have been proposed. The effect such development will have on tourists is clear as it is unlikely that any keen golfer will not enjoy being tested by a fresh set of holes, but how could such a move impact upon the decisions of property developers?

According to Paul Collins, the property editor at BuyAssociation.co.uk, an increase in golfing opportunities should provide a boost to the property market in the area. "Whenever leisure facilities like golf courses go in, it does tend to give a bit of fresh impetus to the property market. There have always been golf courses in Cyprus and it has always been a popular reason for people going over there," he said. Mr Collins added that some of the courses on offer are "of a very high standard".

Furthermore, it is not just property developments in the locality of the proposed golf courses that will see the positive effect of their arrival, Mr Collins noted. He stated that due to the size of the island, it is probable that the new leisure facilities will profit the entire community.

"The whole island will probably benefit from this. It's not a massive island and it is quite easy to get around, so there are plenty of places that can benefit from this. People don't necessarily want to live right next door to the attractions," he commented.

And if this news is not enough to tempt overseas property buyers to investigate the options in Cyprus, hard data from Statistical Office of the European Communities might do the trick. It released figures last year that suggest population growth in Cyprus will be the strongest over the next half a century, compared to the other 25 countries in the European Union. It said that the number of people living on the island will swell by 66 per cent, growing to 1.12 million by 2035 and to 1.32 million in 2060. This is despite the fact that the overall population of the EU will gradually decline over the same period by 2.1 per cent.

Overseas property investors who 'putt' their trust in Cyprus now, may well find they land on a small patch of green surrounded by the rough.

Source: Assetz News

Dominic Farrell

Cyprus Inflation Falls to 1.1 Per Cent

NICOSIA, Feb 5 (Reuters) - Cyprus's consumer price inflation eased to 1.1 percent year on year in January from 2.1 percent in December, the statistics department said on Thursday.

On a monthly basis, the consumer price index (CPI) decreased by 2.34 percent to 107.76 units. The fall was primarily due to decreases in the prices of clothing and footwear, and a reduction in the cost of fuel and electricity bills.

Source: Reuters

Dominic Farrell

Bank of Cyprus Profits Increase by 4% in 2008

Bank of Cyprus Group profit after tax for 2008 increased by 4% to EUR506 mln compared to EUR485 mln in 2007, beating analyst expectations ranging from EUR 460 to 506 mln, but short of its target of EUR 540 mln. The results, which correspond to a very satisfactory return on equity (25%) include gains of about EUR90 mln which primarily represent profit from transactions for hedging foreign exchange risk.

The Group’s total loans for 2008 reached EUR 25.1 bln, recording an increase of 29% compared to 2007. The Group’s total loans in Cyprus and Greece recorded annual increases of 25% and 22% respectively.

The Group’s total deposits reached EUR 27.9 bln compared to EUR 25.2 bln in 2007, recording an increase of 11%. The Group’s total deposits in Cyprus and Greece recorded annual increases of 1% and 19% respectively.

The strong liquidity of the Group, with a loans to deposits ratio of 90%, and its minimal reliance on wholesale funding (13%) provide a strong competitive advantage for the Group, particularly under the current adverse conditions prevailing in global money markets.

Despite the dynamic expansion of the Group’s operations the quality of the loan portfolio continued to improve, with the non performing loans ratio decreasing to 3.7% compared to 3.8% at 31 December 2007.
The provision charge was contained at 0.4% (2007: 0.3%) of total loans, reflecting both the good quality of the loan portfolio of the Group and the very satisfactory level of accumulated provisions which include an accumulated collective provision amounting to 1% of total loans.

The Group’s capital adequacy ratio as per Basel II requirements is estimated at 11.3% and the tier 1 ratio at 7.3%.

Uniastrum Bank

On 31 October 2008 Bank of Cyprus completed the acquisition of an 80% interest in Uniastrum Bank in Russia. Uniastrum Bank is accounted for as a subsidiary from the date of acquisition.

Uniastrum’s net profit for the year 2008 reached EUR 16 mln (RUB602 mln) and its contribution to the total profits of the Group for 2008 amounted to EUR 5 mln, as only the last two months of its 2008 profits were consolidated. At the end of the year Uniastrum’s loans reached EUR 875 mln (RUB 36,1 bln), recording an annual increase of 2%. At the end of 2008, Uniastrum’s capital adequacy ratio stood at 17% in accordance with the rules of the Central Bank of Russia, which can support the immediate expansion of the loan portfolio.

Particularly encouraging is the development of Uniastrum’s liquidity, with its deposits reaching EUR 890 mln (RUB 36.8bln), at 31 December 2008, recording a decrease of 4% from 31 December 2007. Compared to 31 October 2008, deposits recorded an increase of 9%, highlighting the increasing confidence of Uniastrum’s customers since its acquisition by Bank of Cyprus. Uniastrum’s loan to deposits ratio stands at 98%.

2009 forecast

Bank of Cyprus forecast that 2009 net profit will range between EUR 300 mln to EUR 400 mln, with the Group having made an adjustment for higher provisions. The Group expects a positive contribution from all the new markets where it operates with the profit of Uniastrum Bank for the year 2009 expected to reach about EUR25 mln.

Source: Financial Mirror

Dominic Farrell