The Columbia Group is poised to acquire the Secret Valley resort from the real estate management unit of the Bank of Cyprus (REMU) in a deal exceeding €130 million, as revealed on Monday.
Economy Today, which first reported the story, noted that the transaction, concluded after nearly four months of negotiations, marks the largest acquisition ever recorded in Cyprus, signaling a new phase for both the buyer and the seller.
Secret Valley, previously known as Venus Rock Golf Resort, is located between Limassol and Paphos, adjacent to Aphrodite Hills, covering about five million square meters of prime coastal land.
The resort features an 850-meter beachfront and is conveniently accessible from both Paphos International Airport, just ten minutes away, and Larnaca Airport, approximately an hour's drive.
The Bank of Cyprus acquired the property following the loan restructuring of Aristo Developers, and it has remained a key asset in REMU’s portfolio.
With this sale, REMU will achieve its largest property disposal since its inception, allowing it to unload a valuable asset while freeing up capital and resources.
Additionally, this transaction demonstrates the Cypriot market's capability to accommodate large-scale real estate deals, which was previously deemed unfeasible.
The agreement involves two main parties: the Columbia Group, an international Cypriot entity involved in shipping, tourism, and real estate, and the Bank of Cyprus through REMU.
According to sources cited by Economy Today, Columbia Group Chairman Heinrich Schoeller specifically chose Secret Valley for acquisition due to its strategic importance.
This new investment aligns seamlessly with the group’s development strategy, backed by its existing expertise, infrastructure, and operational capabilities.
The development plans for Secret Valley include a luxury five-star hotel and beach club, and approximately 3,000 high-end residences featuring villas and apartments designed to prioritize privacy, sea views, and green spaces.
Additionally, a second 18-hole golf course is planned, enhancing the existing course and aiming to position the area as a premier golf tourism destination.
A small marina for leisure boats is also part of the vision, enriching the resort's coastal amenities.
To support the infrastructure of the project, the Water Development Department is already working on a desalination plant to ensure a self-sufficient water supply.
Furthermore, commercial and leisure facilities are on the drawing board, including a shopping center, restaurants, and retail spaces, creating a comprehensive and self-contained resort community.
Finally, the report indicated that the group "plans to fully utilize the existing development permits,” with total investment expected to surpass one billion euros.
Image rights: Secret Valley Golf Resort