April 29, 2010

Cyprus welcomes $150m Qatari Diar deal

Developers have welcomed Qatari Diar’s decision to invest millions of dollars in a mixed-use project in Cyprus.

The $150 million government joint venture with Qatar’s property investment fund is the latest scheme to cash in on the growing Middle East tourism market – following moves by several Cypriot developers targeting buyers from the region.

“This investment is obviously good news,” said Simos Similides, sales director of Pafilia. “Cyprus is becoming a hub for financial, services and property investment, providing a bridge between Europe and the Middle East.”

“A large number of investment and pension funds are showing interest in investing in Cyprus and direct flights from the Middle East to Cyprus are increasing, with new agreements being signed and existing services being expanded.”

Qatari Diar’s CEO, Mohmmed bin Ali Hedfa, said Cyprus had not been as hard-hit by the recession as other countries. "We believe in the economy of Cyprus," he said.

The project in Nicosia will include apartments, offices, a shopping mall and five-star hotel and the first phase will take 30 months to complete.

Source: OPP

April 1, 2010

Monthly Progress Meeting 9th March 2010

The long run of wet weather has finally broken and spring has arrived with consistent sunshine and daily temperatures in the low 20s but warming up fast. However, sandstorms in Egypt caused murky conditions and reduced visibility across the island. There’s never a dull moment with Cyprus weather in the spring.

Main entrance of the reception building
Main entrance of the reception building

Now the basement has dried out and the forecast is fair, work began on laying out the electrical installations on the floor of the Spa building. Claire Chrysostomou, the interior architect, supervised the work personally, ensuring close attention to detail. Installations also continued in the ground floor gym, the first floor dance studio and in the roof-top café bar.

Claire & Christos check the plans for the electrical installations at the Spa
Claire & Christos check the plans for the electrical installations at the Spa
Laying the electrical cables
Laying the electrical cables

Floor layout in the Spa
Floor layout in the Spa
Electromechanical installations in the dance studio
Electromechanical installations in the dance studio

The beginnings of the cold plunge pool
The beginnings of the cold plunge pool
Inside the gym space
Inside the gym space

The LED lighting above the feature ceiling has been installed in the apartments providing a subtle level of mood lighting. Having checked all the electrical switches in the sample apartments we have changed many of these for either ergonomic or aesthetic reasons and those changes will now be rolled out across the rest of the development. We have also installed key card controllers which makes managing energy bills much easier for clients renting out apartments on short-term lets.

Mood lighting in the living room
Mood lighting in the living room
Key card energy controller
Key card energy controller

The bathrooms in the sample apartments are now all but completed

Bathroom in C-block in beige tiles
Bathroom in C-block in beige tiles
Bathroom in Townhouse in light grey tiles
Bathroom in Townhouse in light grey tiles
En-Suite Shower Room in Townhouse
En-Suite Shower Room in Townhouse

En-Suite Shower Room in Townhouse
En-Suite Shower Room in Townhouse

Delivery of the residential units is still on track but the Spa building is currently showing an over-run due to the bad weather. But we remain confident of catching up this time for a November opening. Most of the work on the site is now internal. All joinery work (kitchens, internal doors and wardrobes) is progressing well with 1 block being finished every 2 weeks. Then follows the installation of the granite worktops, splash-backs and additional tiling. Fitting of the windows also continues with 1 block per week being handed over from the aluminium supplier.

B-block kitchen in Ash
B-block kitchen in Ash
Kitchen in White
Kitchen in White
Kitchen sink
Kitchen sink
D-block under stairs wardrobes in White
D-block under stairs wardrobes in White
A & B Blocks from the western side
A & B Blocks from the western side
Children’s pool between Blocks E & D with supermarket in background
Children’s pool between Blocks E & D with supermarket in background
Main pool between Blocks B & G
Main pool between Blocks B & G
Blocks D, C, E & F
Blocks D, C, E & F
Temporary access to H Block
Temporary access to H Block

Externally, the site boundary walls at the back of C and D-blocks have been completed and work on the outdoor pools will begin shortly.

Pouring concrete for the boundary walls
Pouring concrete for the boundary walls
Giorgos & Lellos pouring concrete
Giorgos & Lellos pouring concrete

Sewage treatment plants

As the village of Mazotos is not yet connected to the sewage mains, we are constructing two sewage treatment plants on site which will function until we are connected to the mains, currently scheduled for 5 years time.

Sewage Works 1
Sewage Works 2
Sewage Works 3
Sewage Works 4

Most of you know Jemma Watchman from the Liverpool office and she visited the site to fully familiarise herself with each client’s apartment ahead of the handover process that will begin on construction completion from August. Dominic was also on site and again remarked on the speed and quality of the delivery from GCC.

Jemma orientates herself onsite
Jemma orientates herself onsite
Jemma orientates herself onsite
Dominic and Nicos Zachariou enjoy the somewhat misty view from A block
Dominic and Nicos Zachariou enjoy the somewhat misty view from A block
Constantinos Constanti (the architect) and Tatiana Zachariou (the clerk of works)
Constantinos Constanti (the architect) and Tatiana Zachariou (the clerk of works)

Work will cease on site for a week from 31st March to 7th April to celebrate Greek Orthodox Easter which is slightly extended this year with an extra bank holiday on 1st April. The next site meeting will be 4th May.

We wish all our clients, consultants, contractors and suppliers a very Happy Easter!