15 April, 2020

Dream Developments in Limassol

Since foundation works began late last year, City of Dreams Mediterranean, the first integrated casino resort in Cyprus and the largest of its kind in Europe and the eastern Mediterranean region, is already taking shape. Indeed, this exciting project is driving further development in the immediate surroundings and beyond.

The people behind the casino resort

The contract was awarded to the Avax – Terna Joint Venture, which is committed to delivering the external structure of the main building within the coming nine months, thanks to state-of-the-art speedy construction methods. Work on the interiors is therefore scheduled to start next year, so the casino and hotel will be able to open its doors to the public by the end of 2021.

On 15 November 2019, the developers and operators of the casino resort – Melco and CNS – organized a press conference, which gave local officials and the media an opportunity to tour the site for a first impression of the scope and size of what is to come. The CEO of City of Dreams Mediterranean and its satellite facilities – Cyprus Casinos «C2» – Mr Craig Ballantyne reiterated what is already in the air: City of Dreams will redefine Cyprus tourism, making the island a unique leisure and entertainment destination in the wider region.

Mr Andy Choy, the CEO of Melco, explained that this pioneering project was designed to attract high-value visitors from around the world, and is expected to attract an additional 300.000 tourists every year, while expanding the tourist season. The benefits to the economy can hardly be overstated.

Even now, during the construction phase, the project has boosted the job market and local businesses. The professional project management team in charge has engaged a number of sub-contractors, to ensure the fastest possible completion of the project. In total, the construction period alone will create 4000 jobs.

What you can expect from the casino resort

Located in Limassol, in the area known as Zakaki, the casino resort comprises a 16-floor 5-star hotel with 500 rooms and suites, as well as a full-scale conference and exhibition center with a total area of 9.600sqm. The gaming area covers 7.500sqm and will include over 100 tables and 1.000 gaming machines. This will be a facility that adopts a Mediterranean style on the outside and meets the highest international standards inside. Once operational, it will offer permanent employment to some 2.400 people, making Melco one of the biggest employers in Cyprus. Staff will be offered professional training at the special casino academy, to prepare industry newcomers for the job ahead and the entertainment industry in general.

Sustainability as a priority

Aiming for long-term success, this vast project involves a huge investment which is not being taken lightly. As such, City of Dreams Mediterranean is designed to meet the highest sustainability standards. The main focus is on creating a resort that will blend with its surroundings and upgrade them; a destination that will appeal to visitors but also benefit local residents; a project that promises success from the day it opens and for years to come. In fact, Melco has already proceeded with the implementation of its sustainability and Corporate Social Responsibility (CSR) strategy, under the title of ‘Above & Beyond’, aiming for carbon neutrality and zero waste.

The dream lifestyle proposition

While construction work progresses daily, City of Dreams Mediterranean has triggered a wave of extraordinary residential and commercial development all around it. Citrine Estates, is a prime example. This residential development comprising sophisticated residences of different sizes is marked by understated elegance, which is captured in the appropriate tagline: ‘Invest in Luxury, Live in Nature’. Citrine Estates combines ultimate home comfort in green surroundings with immediate access to City of Dreams Mediterranean and membership privileges linked to the resort facilities.

Divided into three phases, with Phase II already under way, Citrine Estates properties include everything from blocks of 1- and 2-bedroom apartments, to 2- and 3-bedroom residences and exclusive 3- and 4-bedroom villas. Residents will not only benefit from the leisure facilities at the casino resort but also enjoy having My Mall – one of the most attractive shopping malls in Cyprus – within walking distance.

Apart from attracting buyers who recognize the unique lifestyle proposition that Citrine Estates offers, investors have recognized the great potential of this exceptional development and have noted that the opening of City of Dreams Mediterranean is expected to attract a steady flow of visitors all year round. This in turn adds value to nearby properties such as Citrine Estates, which many investors are eyeing as a source of rental income at the highest market rates. And while Limassol property prices and rental rates are climbing steadily and other ultra-lux residential properties are being sold at exorbitant prices, Citrine Estates is deliberately being offered at reasonable prices to ensure that investors get genuine value for money and a property that can ensure capital appreciation in the short as well as long term.

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Yiannos Trisokkas

Yiannos Trisokkas is the Director of Casamont Cyprus Ltd overseeing operations in Cyprus and Greece. He has also been the Managing Partner of Henley & Partners Cyprus Ltd since 2013, with Greece’s Golden Visa Program within his ambit. He serves as the Chairman of the Real Estate Committee and Member of the Management Board of Henley & Partners.