Major landmark deal to develop 130,000sqm area around Limassol casino
The real estate industry in Cyprus is set to receive a major boost, following recent news that Israeli business tycoon Gilad Shabtai is investing in over 130,000sqm of land for development around the area of the City of Dreams Mediterranean integrated casino resort in Limassol. The majority of the specific land was acquired from “Cyprus Fasouri Plantation Holdings Ltd” member of CNS Shacolas Group.
Strategically located in the emerging Zakaki area, the expansive land for development comprises the area immediately surrounding the casino. Already attracting international attention as home to Europe’s biggest Integrated Casino Resort, the destination is set to be significantly elevated by this key real estate investment, with the subsequent development predicted to add substantial value to the already promising area.
Plans are currently still in the initial phase, however proposals include the development of exclusive real estate opportunities, as well as seven-star facilities providing bespoke services for owners and investors. Blueprints for exquisite, upscale homes and premium residential apartments are already underway. And high-end facilities such as exceptional leisure and wellness offerings, and spaces for business, dining and entertaining, will further enhance the luxury lifestyle offering. Plans are also in place for additional investment into the further expansion and development of the area in the future.
Gilad Shabtai
Perhaps best known for the sale of his majority shares in telecoms start-up Viber – acquired for $900 million in 2014 – Shabtai runs successful businesses across a wide range of industries, from real estate to technology. With offices in over 15 countries, Shabtai has particularly strong ties to Cyprus, where he began investing in real estate 25 years ago. Known today for his keen eye for advantageous real estate opportunities, Shabtai has a reputation for delivering premium quality projects. And he has big plans for further future investment in Cyprus, fuelled by a belief in the vast growth potential of the destination.
Commenting on his plans for development on the island, Shabtai said: “I believe Cyprus holds a wealth of potential for high-end real estate development, and this lucrative project will catalyse further growth and expansion. We have a long-term investment plan in place, which will undoubtedly be mutually beneficial for both the economy and the people, as well as for the investors.”
