ACCORDING to a report in today’s StockWatch, construction work on two of the eleven golf courses planned for Cyprus should start by the end of the year as the owners of the two projects should have secured the necessary approvals by then.
Urban Planning Department Manger, Christodoulos Ktorides told StockWatch that two of the eleven golf course applications are taking precedence over the others and that their owners are entering the final stage; the hearing and the safeguard of the license. The two projects are those at Tersefanou in Larnaca and Limni in Polis Chrysochous.
Mr. Ktorides said that the remaining applications are on track but it largely depends on the businessmen themselves to promote their applications and to comply with the Committee’s remarks.
“There are several issues that can be only solved by the businessmen, such as the desalination stations with renewable sources of energy, the access to the courses, the offsetting measures and other issues that must be arranged so that they secure the final license”, he stressed.
The two businessmen that are just one step away from the start of the construction works spoke to StockWatch with enthusiasm and expressed their readiness to start works on the same day they secure the license.
Chairman and major shareholder of MED Golf, Dimis Karapatakis stated that works will commence right after the safeguard of the license; the hearing is scheduled for 27th November.
Executive Chairman of Cyprus Limni Resorts & Golf courses, Nicos Shacolas, who will build two golf courses in Limni told StockWatch that works will start immediately as soon as the master plan is approved. “Despite the economic crisis, the Company has secured the financing of the projects”, he noted.
With the safeguard of the urban planning and the housing license, the businessmen will submit 30% (€1.5m) of the €5 million that the total license costs, while the remaining sum will be paid gradually. The license will be valid for four years and in the meanwhile the businessmen are obliged to start the construction works otherwise the validation will expire.