NCH Capital Inc., with strategic partner Edge Development Group, which operates under the auspices of supernova Polish Real Estate and Hospitality Group, is proceeding with the implementation of the development in the coastal area on the community border of Pyla.
The investment is particularly important and symbolic because it is the definition of "foreign direct investment" and the result of the cooperation of a large institutional investor of American interests with a European organization specializing in the fields of real estate and tourism.
The strategic cooperation of the two partners concerns the adjacent coastal area of 33,000 sq.m. of the former Beau Rivage hotel, which will fundamentally change the image of the area of Pyla, in larnaca province.
The agreement of the strategic partnership of NCH Capital Inc and Edge Development Group is based on the basic principles of hosting and developing real estate of an upgraded tourist product taking into account the new data created due to the pandemic and sustainable development.The investment is expected to give glamour to the wider area of the city of Zenon, which for several decades has remained sterile new investments of this size and type. It creates more than 500 jobs during construction work and another 300 during the operation of the project that provides for mixed tourist and residential development that includes cottages, apartments and a 460-bed hotel complex."We are taking steady steps in the implementation of our investment plans, always taking into account the market data as they are created both by the pandemic and by factors concerning Cyprus and the real estate sector. Our investments are always based on basic rules of economic data in both the tourism and real estate sectors. We are pleased to work with Edge Developments Group, and we hope that the experience and knowledge of the two organizations will create a unique project and upgrade Larnaca as a tourist destination" points out Andreas Santi, CEO of NCH Capital Inc., Responsible for Greece, Cyprus and the Western Balkans."Edge Development Group is currently able to offer, among other things, diverse and innovative types of superior living and hospitality, and our partnership with NCH Capital Inc. creates all the conditions for a project of different specifications by changing the tourist product and map of Larnakos. We look forward to the cooperation of the authorities so that the process of licensing and implementing the project can proceed rapidly." says Andreas Heavyos, Ceo of Edge Development Group.Especially at this difficult time when the tourism sector has been hit by the pandemic, this investment sends a message of optimism, says the Deputy Minister of Tourism, Savvas Perdios."As Deputy Minister of Tourism we welcome the new investment coming to the Pyla area by NCH Capital Inc and Edge Development Group. This new investment in the field of tourism and land development since it concerns the creation of a mixed tourist village that includes a hotel unit, apartments and villas in the area of Pyla in Larnaca, an area that for many years now has not had a particularly high degree of development, is very important and significantly upgrades the tourist product not only of the region, Larnaca but also of Cyprus in general. It also comes at a difficult time when tourism has taken a big hit due to COVID and sends a message of optimism that there is light at the end of the tunnel. It is also particularly encouraging that the investment is implemented by a large institutional investor of American interests in cooperation with a Polish organization with special knowledge in the field of land development and hotel management. The benefits for both the local community and Cyprus in general are particularly great. The project is expected to cost more than €90m (€90m). and create a significant number of jobs both during its construction and operation".It is worth noting that the adjacent area of land for which its development was agreed between NCH Capital Inc and Edge Development Group, occupies space of 33 thousand sq.m. and is located despite the former Beau Rivage hotel. In its entirey, the project is in the process of completing the architectural design.