— PGA to manage golf facilities, develop academy —
The MedGolf Group, a joint-venture partnership between Hassapis Land Developers, Demes Karapatakis’ DJK Corporation and Sakyrco has secured the green light to develop the Larnaca Golf Resort and Country Club at an initial cost of EUR 60 mln.
The Cypriot consortium has secured and acquired an area of 1.5 mln sq. metres in the Tersefanou area, next to Larnaca airport, where it will build and develop an 18-hole golf course, clubhouse, village square, purpose-built function rooms, spa facilities and more than 500 private properties.
“Medgolf will change the landscape of Larnaca and is the first of many other grand projects in which our group is involved,” MedGolf chairman and visionary entrepreneur, Demes Karapatakis told the Financial Mirror.
Massive injection
Floros Voniatis, Managing Director of MedGolf, told the Financial Mirror that it will take 24 to 30 months to complete the initial phase of the project at a cost of EUR 60 mln, which includes the necessary infrastructure works such as building roads, bridges and other works.
The 18-hole golf course, costing about EUR 8-10 mln will take 24-30 months to be completed since the grass that will be planted needs at least 18 months to grow.
The desalination plant, which will supply the water for the project will cost EUR 6 mln and will also be completed within 24-30 months.
“The second phase, involving 300 villas and 250 luxury single unit apartments will take 4-5 years to complete,” said Voniatis, adding that the MedGolf Group has decided to concentrate on the infrastructure investment in order to help revitalise the local economy in Larnaca.
PGA Management and Academy
MedGolf has signed an exclusive contract with the Professional Golfers Association (PGA) which will manage the golfing facilities and develop an on-site PGA National Golf Academy.
The agreement with the PGA is exclusive and is the only one allowed in Cyprus. By signing the agreement, the golf course will be able to host major international events including the Ryder Cup games in the future and this is expected to be a major selling point for the resort.
Strong partners
The Karapatakis family is best known for the development of the K-Cineplex multicomplex cinemas, now numbering five island-wide, but since its inception in 1992, the DJK Group has held an outstanding track record in shipping, leisure and entertainment industries.
“Along with our diversification into construction and development, the DJK Group stands as one of the largest and most successful, privately owned multi-faceted corporations in Cyprus,” Karapatakis said.
G Hassapis Land Developers, established in 1987 has earned a reputation as a group that designs and builds attractive, comfortable and high quality homes in Cyprus.
