Limni bay golf resort project cancelled

Limni bay golf resort project cancelled

Real Estate Friday, 12 February, 2021

Earlier this month, the company Limni Resorts and Golf Courses, part of the Shacolas Group, announced that it does not intend to proceed with the controversial Limni Bay project.

In a statement to the Cyprus Stock exchange, the company said:

“The Public Company Cyprus Limni Resorts and Golfcourses Plc, wishes to inform the investing public the following:

In view of the disposal of the property in the area of Limni, Polis Chrysochous, an area that covered the licenses issued for the creation of two golf courses and other developments, our Company does not intend to proceed with the development of the ‘Limni Bay’ project.

The Company is assessing the possibility of utilizing and developing remaining immovable property belonging to the Company, part of which is located in Limni, as well as in the areas of Kinoussa and Lysos, with a total area of approximately 300,000 sq.m.”

Implementation efforts by the company date back to 2008, but the project faced many obstacles from environmental groups and organisations. In 2014 the European Commission launched an infringement case against Cyprus, following a complaint filed in light of the sea turtle nesting beaches of Chrysochous bay.

Limni bay is considered a major nesting site for the Mediterranean Loggerhead sea turtle (Caretta caretta), which is an endangered species, along with the Green Turtle (Chelonia mydas) which nests in the Lara/Toxeftra area of the Akamas Peninsula.

Major sources of concern were the cumulative effects of lighting impact and human disturbance on the turtles, which were inevitable if the development went ahead.

The now abandoned Limni Bay resort project foresaw the construction of two 18-hole golf courses designed by Jack Nicklaus and Gary Place, two clubhouses, a 160-room luxury hotel, 800 villas and other housing units, leisure facilities, bicycle routes and a historical and cultural heritage museum.

Christos Nikolaou

Author: Christos Nikolaou

BEng Mechanical Engineering, MSc Real Estate, ETEK Property Valuer, Register and Licensed Real Estate Agent.

Christos Nikolaou is the founder and Managing Director of Property Canvas, he holds a license as an Estate Agent from the Association of Real Estate Agents of Cyprus and he is a registered Property Valuer in the Technical and Scientific Chamber of Cyprus (ETEK). He is the author of our “Limni bay golf resort project cancelled” and is a certified advance negotiator.


Looking to buy property in Paphos, Cyprus?

Speak with our professionals Check our properties for sale

THIS WEBSITE IS USING COOKIES
We use cookies to ensure that we give you the best experience on our website. If you continue using the site, we'll assume that you are happy to receive all cookies on this website and you have read our Cookies Policy.