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€40m residential project in Limassol

A 40 million Euro residential construction and development project is planned on the coastline of a prime area in Limassol by Russian businesswoman and philanthropist Yelena Baturinam.

Yelena Baturinam plans €40m residential project in Limassol

Businesswoman and philanthropist Yelena Baturinam

BUSINESSWOMAN and philanthropist Yelena Baturinam, described as Russia’s richest woman, has announced the launching of a new €40 million construction and development project in Europe according to a report by Adrian Bishop in OPP.Today.

In November, a land plot on the coastline in a prime area of Limassol was acquired for constructing high-end residential properties.

The next stage of the as yet unnamed development will be holding a tender for the architectural design of the future development.

Earlier this year another of Yelena Baturina’s development projects was launched in New York.

Her US company acquired 1500 square metres of commercial buildings in central Brooklyn, next to the Barclay’s Centre. The initial investment amounted to US$10 million.

The company is considering applying for permission to transfer the land to a category suitable for residential construction so that a large-scale development project can be built.

Yelena Baturina moved her business headquarters to Europe in 2011, after selling her main Russian asset, the construction company Inteco.

Since that time, she has been involved in various successful commercial endeavours. At present her assets include a network of hotels (Ireland, Austria, the Czech Republic and Russia), a membrane construction enterprise (Germany), a renewable energy project (Greece and Italy), and investments in number of real estate investment funds focused on residential and commercial construction and development in the UK and US.

Readers' comments

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  • Steve ryan says:

    Lets assume there is actually a “prime” area in Limassol on the coastline,which is for sale.
    Let’s stretch that a little bit further.
    Let’s look for an area that could potentially be worth 40m.
    Come on. Please ??!!!
    Really !???
    (Ps. Does it come with the title deeds ??)

  • Steve ryan says:

    Does anybody out there really believe this rubbish? Excuse my scepticism but it’s total crap.

  • coss says:

    The plebs may lose a bit of coastline, which they’ll lose anyway due to global warming. But they’ll gain a few dozen multi-millionnaires living and spending in Limassol, which can’t be bad for the economy.

  • Deanna says:

    “In November, a land plot on the coastline in a prime area of Limassol was acquired for constructing high-end residential properties”… more prime coastline which will be unavailable for us plebs to enjoy…

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.


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