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REAL ESTATE

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Quality Group and Foriseland Invest in Olympia Sports Resort

Quality Group and Foriseland Invest in Olympia Sports Resort

Quality Group, the Cyprus real estate group, is planning to create a sports resort at Alaminos in the Larnaca District, in cooperation with the Chinese company Foriseland, a multinational group active in the field of tourism development, construction and the creation of shopping centres. Construction work on the Olympia Sports Resort in Larnaca is due to begin later this year, despite the fact that, according to InBusinessNews sources, the full cost has not yet been determined.

Contribution to sports tourism

The Olympia Sports Resort will include a five-star hotel with river and sea views, modern sports facilities, which will be able to accommodate 5-6 Olympic sports, including football, tennis and basketball. Other large venues will host indoor sports such as rhythmic gymnastics, karate, and indoor cycling. According to sources, the project will include 3-4 high-quality stadiums to meet specific needs.

The Olympia Sports Resort will also be equipped with a medical centre and a spa centre. In addition, it will include shops, restaurants, bars and cafes, entertainment facilities, a wedding chapel and a large banqueting hall.

In addition to attracting sports tourism, the goal is to offer sporting activities throughout the year. Despite strong demand from foreign football teams for training facilities in the winter season, it has been noted that Cyprus does not have the necessary infrastructure to host them. The Olympia Sports Resort aims to fill this gap.

Great importance will also be given to the residential development of the project, as it will include private villas which can be rented or sold as permanent residences.

Vote of confidence from China

China has shown particular interest in the Cyprus real estate market since the Government launched its Citizenship Through Investment scheme, enabling buyers invest in real estate to secure a Cypriot passport.

In March 2017, Quality Group became a member of the China Real Estate Chamber of Commerce (CRECC). It is the first European company to become a member of the Association, in which so far only Chinese and American companies have previously been involved.

In April, Quality Group and Sunnyseeker Hotels announced the launch of a strategic partnership, active in the land development and tourism sectors. The new company, Sunnyseeker Hospitality Ltd (SSH), will deal with the broader tourism sector and its development, as well as the promotion of tourism products and services in Cyprus, especially in Larnaca.

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