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Monday 18th January 2021
Home Investor Centre Delinquent developers ultimatum

Delinquent developers ultimatum

BANK of Cyprus is giving a final chance to major developers with outstanding non-performing loans to start repaying their debts before the lender resorts to liquidations of collateralised assets, an official said.

For this purpose, the lender is organising a roadshow, where developers, including several with outstanding non-performing loans totalling a ten-figure number, will present their projects to investors from the Middle East and Europe, the Bank of Cyprus official said on condition of anonymity.

“This is their last chance,” he said adding that the bank is determined to clean up its loan portfolio.

The event is scheduled for Monday February 9, at the Four Seasons hotel in Limassol and is organised in cooperation with the Cyprus Investment Promotion Agency.

The developers have been invited to give a 15 minute presentation on their respective projects as listed below:

  • Shacolas Group (Limni Bay & Shacolas Emporium Park)
  • M.M. Makronisos Marina Ltd (Makronisos Marina)
  • Tofarco Group (Lord Byron Towers)
  • A.I. Poyadjis & Stylianou (Santa Roza Tower)
  • Leptos Estates (Neapolis Smart EcoCity & Blue Marine)
  • Aristo Developers Ltd & Dolphin Capital Investors (Venus Rock & Eagle Pine)
  • Universal Life (Vasa Golf Resort)
  • Church of Cyprus (Macedonitissa Estates: The Project)
  • Pafilia Property Developers (Pafilia Tower & Limassol Landmark)
  • Athienitis Contractors & Developers (Nicosia City Mall)
  • Condiarto Investments Ltd Group of Companies (St. Elisabeth Golf Resort)
  • S.Z. Eliades Leisure Ltd (Elea Estate)
  • Zavos Group (Pavilion Business Centre)
  • Cypeir Ltd (Del Mar)


  1. This is BoC doing what banks should be doing: looking after their Depositors and Shareholders interests by seeking repayment or appropriate reductions in their exposures, – even if it has taken the bank all this time to start addressing their major NPL exposures.

    These corporate borrowers, their directors/shareholders now know this is their opportunity to co-operate before the bank gets stuck in to ‘liquidating collateralised assets’,: foreclosures, liquidations, repossessions, even so called ‘fire-sales’ if borrowers won’t co-operate. And assessing any supporting personal guarantees (and the likely value of guarantors personal assets) should asset sales fail to clear the corporate indebtedness.

    Blimey it seems to take forever in this country to ‘do the obvious’, it’s all been too cosy for too long, now at last some stark realities are beginning to be addressed. The results will almost certainly see a further slide in property values, both corporate developments and business and personally owned properties but the sooner these matters are addressed the sooner RoC can start to recover – not least to start repairing its economy, restoring faith in those who would, under the right conditions, right values still be interested in investing here as opposed to the myriad of similar ‘propositions’ elsewhere.

    Not that many years ago people/organisations were rating Cyprus as one the very best places to retire to, buy property in. The Sunday Times even had it No.1 in the world less than 10 years ago! Now, if it features anywhere at all, it will be way, way down most ‘Best Places’ lists. It’s taking so long to even start tackling the deep-rooted underlying problems, and it will take many more years, many more repair, recover, re-orientate initiatives before Cyprus can rebuild its reputation as not only a great place to live but also to invest, do business, make honest, decent livings.

  2. Dear Nigel
    Thank you for the weekly digest and this particular information. This will upgrade the island for sure. Our developer DND absconded after remortgaging the development at tremithousa – some 14 years later and x £££’s we hope for our deeds It would have been nice to see a little justice for the owner Stephen Kaye who had good intentions initially but…. Best wishes

  3. These Guys are now perchance finding out that the CEO of the Bank of Cyprus, Mr John Hourican has guts & he means business and is not prepared to put up with any further nonsense from these entities.

    So there are interesting days ahead for these people and their associates, when they face the moment of truth? RB.

  4. @Jason: I take exception to your assertion that CPN is somehow publishing misinformation. CPN is only reiterating what has already been published in the public domain by Business Mail.

    As you apparently have an issue with Business Mail, since they are the source of the alleged misinformation, it is they with whom you should take the matter up.

    Personally I shall be delighted to see members of the so-called ‘big thirty’ getting their comeuppance not a moment too soon.

  5. Once again, you are not well informed.

    1. Macronisos Marina (MM) has no outstanding loan. Hence, how can it even be npl if it does not exist???

    2. MM was invited to participate to this event as a BoC client, but decided not to, after the recent deal with investor Naguib Sawiris.

    For once, get your facts right and stop misinforming the readers!

  6. What chance does anybody stand if the Church of Cyprus have a non performing loan. Some timely intervention from above is required to sort this lot out. I remember a few years ago when the Church got taken to court over one of their developments. The church built some properties and allowed the buyers to move in without a final completion certificate for the site. This contravenes the CAP 22 law set out by the district office. The case got dropped if I remember right.

    • @Steve on 2015/02/08 at 10:07 am – The case you refer to dates back to 2007 when the Interior Ministry instigated proceedings against the Ayios Pavlos Church in Paphos – the residents of the Kitrikes Village development in Armou were also taken to court.

      The applicant for a planning permit was Bishop Chrysostomos, who was granted permission in 1999. A building permit was granted in 2002 well after the properties were completed which was also illegal.

      I’m pleased to say that a few years later the buyers received their deeds.

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