New golf resort for Polis Chrysochous.

Discussion in 'Cyprus Property' started by Cornholio, Apr 15, 2012.

  1. Cornholio

    Cornholio New Member

    Licence for Polis golf project expected by June
    Published on January 17, 2012

    THE FIRST phase of a proposed world class golf resort in Polis Chrysochous in Paphos will get underway this year according to the local mayor.

    “I believe that the licence to commence the project will be granted by June at the latest,” Angelos Georghiou said yesterday, adding that he had a meeting with company representatives on Friday.

    The Shakolas group, the largest private commercial group in Cyprus, owns a plot of about three million square metres in Limni, the site of the now defunct copper mines, in Polis Chrysochous. Here they will undertake the project, which according to Georghiou will be one of the largest to date in Cyprus.

    “It will include two 18 hole golf courses, a 160 room five star hotel and luxury residences amongst other facilities,” he said. The proposed project, costing millions, also includes a sea front area.

    The Shakolas group first announced their intention to develop the Limni Golf Resort project in 2007.

    “This is a very important project which will help the economy of Polis and surrounding villages, creating many jobs and will encourage many tourists to visit the area,” noted Georghiou.

    The mayor said he was unsure of the total cost of the plans, adding that it would run into the millions and that it would be completed in stages.

    The two signature championship standard courses are being designed by renowned Gary Player Design and Nicklaus Design which will be the centrepiece of the new development.

    Licence for Polis golf project expected by June - Cyprus Mail
     
  2. Lysos

    Lysos New Member

    Originally, this project was due to OPEN this year, not just get started.

    Nothing is moving on site & given the economic situation I don't see it happening. It depends on selling properties & a successful hotel. The property market is dead in the water & tourism is in steady decline. Cyprus still hasn't come to terms with the fact that it is overpriced across the board. Golfers head for Turkey, particularly Belek, with nearly 20 top class courses within 10 minutes of each other and you can stay in a 5 star all inclusive hotel, with golf, for the price of just a round in Cyprus.

    When Greece pulls out of the Euro Cyprus won't be far behind, which could be just the reality check the island needs.

    On 'Hardtalk' on BBC World yesterday, the former Finance Minister, & now chairman of the Cyprus Popular Bank admitted the country is a busted flush. If they can't raise another €1.5 billion in the next few weeks the banking sector will collapse.
     
  3. Wivre

    Wivre New Member

    It looks like they have started to clean up the seaside area in front of the Limni mines.

    I visited the Limni area just two weeks ago.
    The seafront known as the "Limni Rampa" area is completely cleaned of bushes and rubbish over a large area. The ground has been leveled and just before we left trucks and bulldozers were busy putting sand over the whole area.
    By the looks of it they are preparing some kind of boulevard.
     
  4. Cornholio

    Cornholio New Member

    Update............

    First stone laid for Limni development project
    By Poly Pantelides
    Published on February 10, 2013

    PRESIDENT Demetris Christofias yesterday laid the foundation stone for a huge development work, including golf courses, at Limni, near Polis Chrysochous in Paphos, and while it is seen to be a huge boost to the economy, environmental groups say works will endanger the turtle population.

    The Shacolas Group, the biggest private commercial group in Cyprus, plans to develop about three million square metres in Limni, the site of the now defunct copper mines. There are plans for two 18-hole golf courses, a five star hotel, a wellness centre, luxury residences, a historical museum and an information centre on the turtles, cycle paths, and a helipad, among others.

    Christofias said yesterday that buying the site of the disused mines in 1983 showed “entrepreneurial foresight,” which will now rejuvenate the area and attract high quality visitors.

    “Works such as the one here in Limni are crucially important for the island under these harsh financial circumstances. We hope that such development works give the Cyprus economy a push,” Christofias said.

    The man behind the project, Nicos Shacolas, said he was very touched to be developing a beautiful area with the support of local stakeholders. He said he would put together a small “viable” airline to serve Paphos, and nurture the development.

    But despite statements that the natural environment was being protected, the Green party warned yesterday that the works would impact the breeding sites of the loggerhead turtle.Thousands of turtles come to breed in the area, with many laying their nests across a 13km long coastline stretch in the Polis-Yialia region, part of the EU’s NATURA 2000 protection network.

    Non-governmental organisation Terra Cypria raised concerns with the European Commission in a 2011 report, warning that the width of the protected coastal area was not enough to protect the turtles. The width was on average 100 metres instead of 500 metres as was originally proposed, the conservation group said. Terra Cypria said the turtles could not be protected because the protected site was too small, measures to protect the environment were inadequate, and because of plans to build golf courses and luxury villas.

    A range of issues arise from major development works of that size as human activity inevitably impinges on the environment, said environment commissioner Charalambos Theopemptou. Golf courses require huge quantities of water, the use of herbicides which raises worries over groundwater pollution, and building luxury residences is an added burden on the environment, Theopemptou said.

    But stakeholders, including the local authorities, have hailed growth. Polis Chrysochous mayor, Angelos Georgiou, said yesterday that the Limni project would create hundreds of job positions, attract businesses and revitalise tourism, adding that the natural environment would be protected.

    A 2005 law regulating the impact from development in environmentally or historically important sites allows private entities undertaking a proposed work to also undertake the required study on the environmental impact. This lets private companies choose who will conduct the study; however the law does not specify punishment procedures in case a study is faulty.

    First stone laid for Limni development project - Cyprus Mail
     
  5. David C

    David C New Member

    I believe that the government is due to announce the final planning consent either this week or next although do not quote me directly on this as I heard it from a little bird.

    Investors should be cautious in this region, particularly in relation to build density on the land surrounding the course itself and in some cases the overinflated values of the said land. Prices have been rising at an incredible rate over the last year and a half in anticipation of the course.
     
  6. Lysos

    Lysos New Member

    I'm intrigued to know the source for "prices rising at an incredible rate". It may well be that local landowners have raised their asking prices (typical Cypriot reaction to falling demand) but property prices certainly haven't risen; just the opposite. New build flats in Argaka were on offer at half the original asking price recently.
     
  7. David C

    David C New Member

    Limni reality

    Dear Lysos,

    Your assessment that the Limni courses are perhaps slightly misguided are quite correct! Especially, for some of the points you have made and others you may not be aware of.

    There was a last ditch attempt to push them through (very recently) as I stated in my previous post. However, it was not to be, despite the governments intention to advance the courses. The project is a "serious mess" for a multitude of reasons.

    The incredible price rises I was referring to were the plots of land surrounding the construction site and further afield. These were on the few remaining plots that were not already purchased by a large private concern.

    As the building density on some the plots has increased prices have gone mad. I have sent interested parties to view plots including one of 100 - 000 square metres and have impeccable advice on the area from several sources.

    My advice is not to invest or buy here at all... unless potential buyers just like the area.

    Even if the course was given the go ahead today the prices of property and land surrounding the course would be ridiculous....

    :shakehands:
     
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