In a series of "Meet the Team" blog postings, we intend to introduce you to the professional team behind the InvestInCyprus.com Developers' 5 star scheme, The Grove Spa Resort in Mazotos.
We have assembled the best possible professional advisers who are the leaders in their field. As all buyers know the developers, Dominic Farrell and Stephanie Fairhurst, you will not necessarily meet the team during the construction. So here we are:
First up is the Architect and Civil Engineer seen here on site. Further information about these two key professionals will be posted tomorrow.
Friday, January 30, 2009
The Grove Spa Resort, Cyprus - Meet The Team
TheMoveChannel Investigates Disneyland In Larnaca
Disneyland of the Mediterranean (in Larnaca)
Last week, it was announced that Russian investors have applied for planning permission to build a brand new Disney resort in Cyprus, which would be the largest ever single investment made on the island -
TheMoveChannel investigates what this would mean for the tourism and property markets in the country...
Who would have thought that Mickey and Minnie would ever make an appearance in Cyprus?
Following the Russian based Boema Group's announcement that it wishes to develop the leased state land near the UN buffer zone around the Larnaca - Famagusta border, this could become a reality.
The conglomerate had originally chosen Serbia as the ideal location for some Disney magic but Cyprus was eventually decided upon after its political stability, EU membership and year round sunshine were highlighted.
The state owned land lies between Turkish and Cypriot lines and the Russian Government are hoping that building the resort there will help to merge the Turkish and Cypriot communities.
"This £754 million project will be the largest investment in our country to be made with foreign investment capital," said Cypriot Minister of Finance, Mr. Charilaos Stavrakis.
The park is seeking to gain the reputation of being the ‘EuroDisney of the Mediterranean' and the rides in the theme park will be inspired by Greek mythology and Cypriot history, such as a daily performance of the naval Battle of Salamis.
A reconstruction of the ancient Kourion Amphitheatre, the Penatadaktylos mountain range and the Baths of Aphrodite will also be wowing visitors. If the park does go ahead, its gates are due to open in 2012, when Cyprus will receive the six-month presidency of the European Union.
What does it mean for tourism and investors?
Anything Disney related is bound to create a lot of hype and a project of this scale on an island like Cyprus cannot fail to have a large impact on both the tourism and investment sectors.
The island's economy relies heavily on tourism and the Cypriot Government thus takes the job of boosting visitor numbers very seriously. Millions of pounds have already been ploughed into improving infrastructure and transport to make access easier and make the island more appealing to overseas visitors.
Larnaca International Airport has been upgraded and future developments of the marina and port are also in the pipeline.
The Government has also recently announced plans to increase the number of golf courses on the island from three to fourteen in an effort to boost numbers.
It is estimated that the new Disney resort will create 3,000 new jobs and become an extremely valuable tourist attraction, drawing attention from holidaymakers and investors who had not previously considered Cyprus.
The resort also aims to attract more than half million tourists per year with high buying power from Russia and other countries of the former Eastern block.
If you own a property in the area or are considering investing in one, the capital growth for the future looks strong and the massively increased tourist numbers should have a positive effect on rental income.
Source: TheMoveChannel
Dominic Farrell
Last week, it was announced that Russian investors have applied for planning permission to build a brand new Disney resort in Cyprus, which would be the largest ever single investment made on the island -
TheMoveChannel investigates what this would mean for the tourism and property markets in the country...
Who would have thought that Mickey and Minnie would ever make an appearance in Cyprus?
Following the Russian based Boema Group's announcement that it wishes to develop the leased state land near the UN buffer zone around the Larnaca - Famagusta border, this could become a reality.
The conglomerate had originally chosen Serbia as the ideal location for some Disney magic but Cyprus was eventually decided upon after its political stability, EU membership and year round sunshine were highlighted.
The state owned land lies between Turkish and Cypriot lines and the Russian Government are hoping that building the resort there will help to merge the Turkish and Cypriot communities.
"This £754 million project will be the largest investment in our country to be made with foreign investment capital," said Cypriot Minister of Finance, Mr. Charilaos Stavrakis.
The park is seeking to gain the reputation of being the ‘EuroDisney of the Mediterranean' and the rides in the theme park will be inspired by Greek mythology and Cypriot history, such as a daily performance of the naval Battle of Salamis.
A reconstruction of the ancient Kourion Amphitheatre, the Penatadaktylos mountain range and the Baths of Aphrodite will also be wowing visitors. If the park does go ahead, its gates are due to open in 2012, when Cyprus will receive the six-month presidency of the European Union.
What does it mean for tourism and investors?
Anything Disney related is bound to create a lot of hype and a project of this scale on an island like Cyprus cannot fail to have a large impact on both the tourism and investment sectors.
The island's economy relies heavily on tourism and the Cypriot Government thus takes the job of boosting visitor numbers very seriously. Millions of pounds have already been ploughed into improving infrastructure and transport to make access easier and make the island more appealing to overseas visitors.
Larnaca International Airport has been upgraded and future developments of the marina and port are also in the pipeline.
The Government has also recently announced plans to increase the number of golf courses on the island from three to fourteen in an effort to boost numbers.
It is estimated that the new Disney resort will create 3,000 new jobs and become an extremely valuable tourist attraction, drawing attention from holidaymakers and investors who had not previously considered Cyprus.
The resort also aims to attract more than half million tourists per year with high buying power from Russia and other countries of the former Eastern block.
If you own a property in the area or are considering investing in one, the capital growth for the future looks strong and the massively increased tourist numbers should have a positive effect on rental income.
Source: TheMoveChannel
Dominic Farrell
Thursday, January 29, 2009
Cyprus Reunification Would Genrate Euro 9 Billion In Investment Expenditure
NICOSIA (AFP)--A reunited Cyprus would cost EUR9 billion, with international donors having to plug a EUR1-billion shortfall to fund a settlement, according to a study released Thursday.
In the independent report published by the local branch of the International Peace Research Institute in Oslo, three Cyprus-based economists focus on the investment needed to implement any peace deal.
"If you look at it rationally, there are ways of financing a solution without the country going bust," said Fiona Mullen co-author of "Reconstructing a Reunited Cyprus."
"Cyprus has lots of sources of finance. It's in the euro zone and has a stable economy. Even in the current global environment, there are plenty of sources to finance a solution," she added.
The report calculates that Cyprus could also receive an additional EUR600 million euros in non-refundable grants from Brussels if re-defined as two statistical regions.
This amount is not included in the estimated total borrowing requirement of EUR9 billion.
Public and private investment is put at around EUR7.2 billion for new housing, renovation and infrastructure projects in moves to unify the road, electricity and communication networks.
The report includes a rough estimate on property compensation based on paying back interest on bonds, although much will depend on any final settlement.
Most of the refinancing would come from Greek, Turkish and Cyprus banks as well as the European Investment Bank, but the shortfall would depend on the "willingness of the international community," the report says.
Source: Dow Jones Newswires
Dominic Farrell
Wednesday, January 28, 2009
Closer Ties between Cyprus And City Of London
IAN LUDER, Lord Mayor of the City of London yesterday described his visit to Cyprus as “as a tremendous success.”
During his three-day stay on the island, Luder will be meeting with leading local businessmen, financiers and regulators, in a bid to strengthen economic ties between the City and Cyprus.
The UK is Cyprus’ main trading partner and until not so long ago the island’s main source of tourists.
Luder is accompanied by a high-powered delegation, including people from Lloyd’s, the Chartered Standard Bank, Maritime London, HSBC (Maritime Division) and Partnerships UK, specialising in partnerships between the public and private sectors.
The Lord Mayor is the head of the City of London, one of the world’s leading international finance centres. As head of the City of London Corporation, which provides business and local government services to the City, the Lord Mayor of London's principal role is ambassador for all UK-based financial and professional services.
“We are very pleased with how the visit has gone,” Luder told the Cyprus Mail yesterday after a busy day of meetings with the President, the Finance Minister, top Cypriot bankers, chartered accountants and the head of the stock exchange, among others.
Luder said he had a “very productive” discussion with the Cyprus Stock Exchange where they explored the possibility of bolstering links between the CSE and the London bourse.
One such idea is the dual listing of Cypriot companies on the CSE and the LSE, a move that is felt will boost both the liquidity and outlook of Cypriot entrepreneurs.
Cypriot companies, which are generally small and have restricted liquidity, stood to benefit both in terms of greater liquidity and capital if they also traded on the LSE, Luder said.
They could be listed either on the main LSE market or on alternative markets.
“We are acting as facilitators…to forge closer links between the two countries’ business communities,” added Luder.
A hot item on Luder’s agenda was seeing “how we can deal with the economic crisis together” following concerns that Britons may stop visits to the island or stop buying homes here due to the falling sterling.
“In particular, we talked about the tourist industry. As you know, consumer demand has been weakened by the exchange rate movements. Now Cyprus may have to look at its pricing, as well as how it markets itself abroad,” Luder said.
Other issues discussed include public and private finance of infrastructure projects, regulatory issues, and education and training.
The Lord Mayor will be in Limassol today for contacts with the merchant marine and legal communities.
“We have extended an invitation to Finance Minister Charilaos Stavrakis to visit London. Naturally, business contacts between the City and Cyprus will continue in the interim,” he said.
During his three-day stay on the island, Luder will be meeting with leading local businessmen, financiers and regulators, in a bid to strengthen economic ties between the City and Cyprus.
The UK is Cyprus’ main trading partner and until not so long ago the island’s main source of tourists.
Luder is accompanied by a high-powered delegation, including people from Lloyd’s, the Chartered Standard Bank, Maritime London, HSBC (Maritime Division) and Partnerships UK, specialising in partnerships between the public and private sectors.
The Lord Mayor is the head of the City of London, one of the world’s leading international finance centres. As head of the City of London Corporation, which provides business and local government services to the City, the Lord Mayor of London's principal role is ambassador for all UK-based financial and professional services.
“We are very pleased with how the visit has gone,” Luder told the Cyprus Mail yesterday after a busy day of meetings with the President, the Finance Minister, top Cypriot bankers, chartered accountants and the head of the stock exchange, among others.
Luder said he had a “very productive” discussion with the Cyprus Stock Exchange where they explored the possibility of bolstering links between the CSE and the London bourse.
One such idea is the dual listing of Cypriot companies on the CSE and the LSE, a move that is felt will boost both the liquidity and outlook of Cypriot entrepreneurs.
Cypriot companies, which are generally small and have restricted liquidity, stood to benefit both in terms of greater liquidity and capital if they also traded on the LSE, Luder said.
They could be listed either on the main LSE market or on alternative markets.
“We are acting as facilitators…to forge closer links between the two countries’ business communities,” added Luder.
A hot item on Luder’s agenda was seeing “how we can deal with the economic crisis together” following concerns that Britons may stop visits to the island or stop buying homes here due to the falling sterling.
“In particular, we talked about the tourist industry. As you know, consumer demand has been weakened by the exchange rate movements. Now Cyprus may have to look at its pricing, as well as how it markets itself abroad,” Luder said.
Other issues discussed include public and private finance of infrastructure projects, regulatory issues, and education and training.
The Lord Mayor will be in Limassol today for contacts with the merchant marine and legal communities.
“We have extended an invitation to Finance Minister Charilaos Stavrakis to visit London. Naturally, business contacts between the City and Cyprus will continue in the interim,” he said.
Tuesday, January 27, 2009
The Grove Spa Resort, Cyprus, Construction Update
We are progressing well with The Grove Spa Resort, Cyprus construction.
Phase 1, which was the excavation of the land and preparation of the basement and foundation, is completed. The addition to the scheme of a further plot of land (that we purchased before Christmas in order to considerably enhance the development) has been approved by the planning authorities and is now being excavated for the basement and foundations.
The extra space the land has provided will allows us to make significant improvements and a lot of buyers are really delighted with the extra facilities we are adding.
Details of the additional plot at The Grove Spa Resort can be found in the previous blog.
Phase 2 begins very shortly and I will post progress on this in due course.
In the meantime the interior architect has been finalising the interior look of the Spa and reception facilities. Watch this space for more news on this soon.
UAE And Cyprus Explore Trade
The UAE-Cyprus Business Forum explored strategies aimed at enhancing bilateral trade, investment and tourism between the two countries.
The event was organised by the Sharjah Chamber of Commerce and Industry (SCCI) in coordination with the Cyprus Chamber of Commerce and Industry, the Cyprus Ministry of Trade, Industry and Tourism, and the Cyprus Trade Center in Dubai.
Delegates discussed the business and investment opportunities opened up by Cyprus’ liberal business and trade environments. The country allows foreign investors to acquire an equity share of up to 100 per cent in any domestic enterprise, does not require a minimum level of capital investment, and offers tax incentives that support maximum profit, said an official spokesman.
The forum also examined ways to further take advantage of Cyrpus’ strategic geographic location, which is close to vital shipping and air routes linking Europe with Middle and Far East countries.
“Cyprus serves as an important link between Europe and the Middle East. Its position at the crossroads of three continents in effect makes it Europe’s south-easternmost trading post. The significant gains the country has made in domestic economic and regulatory infrastructure, banking, and international finance in particular make it an essential part of the UAE’s foreign trade agenda,” said chairman, SCCI, Ahmad Mohammad Al Midfaa.
Cyprus, the third largest island in the Mediterranean Sea, lies at the intersection of the European, African and Asian continents.
It became an official member of the European Union (EU) in 2004, which significantly enhanced its economic and investment prospects. Its increasing role as a major regional and international commercial and business partner and the emergence of local economic growth areas such as telecommunications and tourism mirror the UAE’s own development as a business and travel hub of the Middle East.
The UAE has been highly supportive of initiatives to boost its bilateral relations with Cyprus and between the Gulf and the EU in general.
“Our countries have been able to overcome the challenges posed by today’s difficult economic conditions due to our diversification into lucrative industries, our wise management of our resources, and our good relations with our trade partners. Through this Forum, we hope to further strengthen our ties and together strive to attain our shared goal of sustained prosperity and peace,” said commercial and industrial officer, Cyprus Ministry of Commerce Industry and Tourism Charalambos Orphanides.
The Sharjah Chamber of Commerce and Industry has been hosting several meetings with its regional partners in support of the domestic business community and for the development of its members. –
TradeArabia News Service
Monday, January 26, 2009
Cyprus to receive up to 300 million euro from European Investment Bank
The European Investment Bank (EIB) will finance Cyprus with up to 300 million euro for infrastructure projects, the use of renewable sources and for supporting small and medium-sized enterprises, through Cypriot commercial banks, thus boosting the island’s economy and social coherence.
This was stated Thursday by EIB Vice-chairman Ploutarhos Sakelaris after a meeting he held in Nicosia with Finance Minister Charilaos Stavrakis.
In statements to the press after the meeting, Sakelaris expressed the EIB’s confidence in the Cypriot economy and the measures taken by the government, adding that the economy of Cyprus ''will continue to develop” despite the world economic crisis.
He said that in 2009, Cyprus would receive double financing compared to the amount it received in the past ten years.
''Our cooperation with the Cypriot authorities is very good, but through effort we could increase our activities in Cyprus and double it this year and next year. With effort and the proper development projects the financing for Cyprus could reach 200 to 300 million euro”, he said.
During the meeting, the Cypriot Minister and the EIB delegation, headed by Sakelaris, discussed ways of cooperation to the benefit of the Cypriot economy.
According to EIB data, during the last 12 years, Cyprus received EIB financing reaching 1.5 billion euro, half of which was granted after Cyprus’ EU accession in 2004.
Sakelaris expressed the view that during the first semester of 2009 contracts would be signed with the Cypriot commercial banks for granting loans to the Cypriot small and medium sized enterprises.
In his statements, the Cypriot Minister of Finance said that the main areas of cooperation with the EIB are “the financing of great government projects, projects of the local authorities, the semi-governmental organizations, under attractive conditions”.
He expressed the view that “the most important is the financing of small and medium –sized enterprises with competitive interest rates through the Cypriot banks”.
The Minister said that Friday a meeting would be held with representatives of the Cypriot banks to discuss in detail “how this liquidity could be granted” and expressed the conviction that very soon there would be positive results.
''This possible cooperation is in line with our development policy, the great public projects, the support towards the small and medium-sized enterprises and the enhancement of the liquidity in the market”, he said, adding, “this contributes to our ambitious goals to achieve an even higher growth rate”
Source: Financial Mirror
Dominic Farrell
Subscribe to:
Posts (Atom)