In the development of three luxury residential towers and an office tower in Limassol and Nicosia in Cyprus is progressing during this period Prodea Investmentsthrough its tourism “arm”, the company MHV (Mediterranean Hospitality Venture). These are investments that are estimated to be around 150 million euros, as they provide for the creation of residential projects with a total area of approximately 35,000 sq.m., as well as office space of approximately 15,000 sq.m.
Two towers are already being built in Nicosia, one for residential use and one for office use, with a surface area that is expected to be around 15,000 sq.m. and 10,000 sq.m., respectively. This is the completion of the complex The Landmark Nicosia (the former Hilton of Nicosia), which was acquired a few years ago for 55 million euros. Alongside the development projects, which are expected to be completed within 2026, the renovation and upgrading of the hotel is also in full swing. The total amount of investment in The Landmark Nicosia is estimated to be between 90 and 100 million euros.
Accordingly, in Limassol, MHV is focusing on the expansion of the luxury residential complex Parklane, which was acquired two years ago for an amount estimated to be close to €140 million. Parklane is spread over 100 acres of beachfront land and consists of 222 luxurious rooms and 52 suites, as well as 18 luxury villas. The resort also has five restaurants, two bars, 11 meeting rooms, a mini-football field, three tennis courts, as well as a gym, the world-class Kalloni Spa, totaling 3,000 m2, and a children’s area also 3,000 m2.
During this period, the sales of the residences are completed and MHV is planning the development of two new residential towers, with a total area of 15,000-20,000 sq.m., while there is also the possibility that hotel use will be added to one of the two, in addition to the residences. Also, the formation of a small commercial “pole” (according to the standards of Nammos in Mykonos), where luxury brands will be hosted, is also progressing. Today, 4-5 such stores operate and it is estimated that another 10 or so will be added (depending on demand and available space).
Meanwhile, as announced, MHV proceeded to fully divest from the tourism complex Aphrodite Hills (hotel and some residences) located in Paphos. The buyer was the WRA Consultants company, owned by the Nicolaidis family from Cyprus, which operates in the tourism industry. In particular, the remaining 50% that had remained in the possession of MHV was sold, after the earlier transfer of 50% of Aphrodite Hills to the same family. The sale of 100% of the specific complex is part of MHV’s strategy to focus on high-end luxury developments and properties, which can also be addressed to the respective public. The specific property was not of this category, so it was decided to sell it.
