Property Development

SEMAST PROPERTY DEVELOPMENT

THE PROJECT

The Company, measuring the risk benefit analysis for rental property in Limassol and more specifically at Zakaki area, has taken the decision to proceed with the construction of a residential building. The land is very near to all the new developments in the area (Casino Resort, Lanitis Golf Resort, Limassol Mall, New Port etc) which will create an even higher demand to the existing, thus making sure that the apartments, not only will be fully occupied but the rental prices will be even higher for the years to come for a potential investor. The land area is 541m² with 100% density and 50% occupancy. All the licenses have been acquired and the construction has begun. As per plans, the building will consist of three floors with 3 apartments per floor. Each floor will consist of three apartments: One 1 Bedroom Apartment, One 2 Bedroom Apartment and one Studio, a total of 9 apartments. The project is estimated to complete in two years.

STEEL COURT 1

MARKET ANALYSIS

Cyprus, following the financial crisis of 2013, has developed into a destination of choice both for doing business and living, offering international investors and domestic businesses confidence to invest, grow and prosper. With 2017 marking a new era for Cyprus, with a host of opportunities and potential, The Government is intensifying its efforts of promoting the island abroad as an ideal investment destination in a variety of sectors, amongst them real estate. Currently there is a great scarcity in the island but especially in Limassol of rental property as a lot of companies from abroad have moved their head offices in Limassol and they request accommodation for them and their staff. Furthermore, the booming construction has brought medium income personnel that cannot or doesn’t want to buy property and they choose to rent instead. Such personnel will continue to come as the economy is continuing to improve with new Ventures. At the area of Zakaki the following are a few of the new Ventures which are expected:

  1. New Limassol Port (2 Km): In 2018, Limassol port’s management changed hands from the government to a private company. The port spans over 300,000 square meters of land while the terminal, with a total floor area of 8,205 square meters, is separated into three main sections. They are the cruise terminal, the oil and gas logistics zone and the domestic / transit trade area.
  2. Casino Resort(2.2 Km): The first Casino in Cyprus and the biggest Casino resort in Mediterranean, “City of Dreams” has already started construction and is expected to open its doors in 2021. During the construction period, it will employ 4.000 employees and when operated, it will employee at least 2.500. Further to the employees, it is expected to attract an additional 300.000 to 500.000 new tourist in Limassol. All these people will need a place to stay near.
  3. LF Limassol Greens Golf Resort(3.5 Km): Right next to the Casino, Lanitis Group has established licenses for a Golf resort to include the following:
    • Luxurious villas and apartment
    • A high quality 18-hole championship golf course designed by Cabell Robinson
    • A central core country club
    • Amenity parkland
    • Sports facilities
  4. My mall (2 Km): The only mall in Limassol which is expected to expand in the next years is located in Zakaki area as well.
  5. Fasouri Water Park (4 Km): Following an aggressive expansion program, Fasouri Watermania is presently the biggest Waterpark in Cyprus both in size (over 100.000m2) and number of attractions and facilities the park entertains more than 150,000 local and tourist visitors every year.

LOCATION

The project is located in a central yet private and quite residential area next to a public park at Karpathou Street, on the Western Limassol at a very close range from city center, the beach and the new developments.

    • City Historical Center (Limassol Castle) (4 Km)
    • Cyprus University of Technology (5 Km)
    • 1st Limassol Industrial area (2 Km)
    • Limassol Marina (4 Km)
    • Casino Resort (2.2 Km)
    • Limassol Port (2 Km)
    • Limassol Waterpark (4 Km)
    • My mall (2 Km)
    • Ministry of Agriculture: Cyprus agriculture payment organization (100m)
    • New Secondary School Zakaki (250m)
    • Miltonos Trade avenue (200 m)
    • Beach (Lady’s smile) (3 Km)

ARCHITECT PLANS