We are part of a consortium which is making plans for the development of Golf Bay. The project comprises a flagship 5* Hotel and Casino, an exclusive row of prestigious residences, a mix of detached properties and low rise apartments, and along the extended main road, there will be two clusters of commercial and retail premises.
The site is directly across the road from the new 18 hole Golf Course, and also has a large beach area. It is a unique location with tremendous investment potential.
|Golf Bay - Development Plan (Thumbnail)||Golf Bay - Ariel View (Thumbnail)|
|Korineum Golf Club House (Thumbnail)|
The site is on the main north coast road, which hugs the coastline between Kyrenia and Esentepe. It is beyond the boundaries of Catalkoy and the Acapulco resort. Driving from Catalkoy, it is located prior to the burgeoning coastal developments around Esentepe.
The site is bounded by the main coast road to the south, and has a beach area to the north. Directly across the main road is the new 18 hole Korineum Golf Club, which is the only golf course in North Cyprus. The site is therefore truly unique and there will never be another opportunity of this magnitude in North Cyprus.
The total land size is some 257 donums / 86 acres / 35 hectares. In addition, the beach area is leased from the TRNC government for an initial term of 49 years. The beach area is an additional 70 donums, and could accommodate a small marina.
It is planned to build -
1. A five star hotel and casino. This will have some 250 rooms and a selection of restaurants. Estimated land requirement is 50 donums. Casinos are extremely profitable in North Cyprus and attract clients from Southern Cyprus and the near east, including the Lebanon, Syria, Israel and the Gulf States. Anticipated profits are in the region of US$15m per annum.
2. An exclusive row of some 20 residences along the beach head. They will have a minimum built area of 300 sq metres, and several will replicate iconic buildings such as the White House and the Kremlin. Estimated land requirement is 30 donums. They will be fully maintained by the hotel, with facilities including meals, laundry and gardening services available.
3. Some 160 smaller properties ranging from 120 to 230 sq metres, which will include several blocks of low rise apartments. Two and three bedroom apartments will be available from 85 to 110 square metres. Selected properties may opt into a service agreement with the hotel. Estimated land requirement is 140 donums.
4. On the main road, there will be two clusters of commercial and retail accommodation. One will comprise a supermarket of some 1,500 sq metres, and a range of speciality shops. On the other cluster, there will be a petrol station and garage. Each cluster will have a number of restaurants and bars. Estimated land requirement is 38 donums.
5. The beach is on a long, renewable lease from the TRNC authorities, as is customary. At the western end of the beach it is possible to construct a marina for some 50 yachts, with chandlery facilities.
The land is currently owned by a company, and this company was formed with the express purpose of holding the land, pending development. Investors have an opportunity to purchase shares in this company, which could be redeemable. Alternatively, they may wish to hold debentures on fixed terms.
Specialist investors are also invited to participate in the project, and one can select from any of the four types of development indicated above.
At present, an embryonic consortium is in place. This comprises Wellington Estates Ltd, plus a major TRNC construction company, and a leading TRNC motor vehicle importer and dealer. Interested parties are invited to join this consortium, either as active participants or as investors.
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