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Reference: MACS009

ID: MV0090

Distressed Residential Tower With Hotel Facilities 50 Meters To The Sea-Front

Cyprus

Acquire an unfinished, landmark 24 storey building comprised of 65 luxury apartments.

Reference: MACS009

ID: MV0090

Register Interest

Location

50 meters to the sea-front.

Business Description

Construction of the Tower began in 2018 and to date has been completed by ~ 30%. Elevator shaft at the level of 18 floors, external metal structures - 8 floors. 

As of 04/06/2020 of 65 apartments in Tower:
  • 12 apartments sold (net covered area - 1277 m2) in the amount of EUR 10.5 million
  • The above apartments were sold at the initial stage of construction of the Tower.
Available for sale apartments today - 53 (net covered area - 8035m2), of which:
  • 1 bedroom - 8
  • 2 bedroom - 14
  • 3 bedroom - 29
  • Penthouses - 2

The ground floor will consist of spa (steam room, sauna, relaxation room, changing rooms), cafeteria, reception, lobby, service room and plant room. The mezzanine will consist of a recreational area with bar as well as sanitary areas whereas the first floor will consist of gym, pilates room, sanitary areas for men and women, kitchen and dining areas for the staff, two storage units and a workshop. The apartments are divided into 6 types, some will offer sea view whereas other will offer mountain view.

Externally, there is a large swimming pool, kid’s swimming pool, tennis court, large landscaped gardens and parking spaces. The complex will posses a 24h concierge service and security guards. On the basement level, there will be a 74 parking spaces.

Financial Summary

To date, 20.5 million euros have already been invested in the project, of which 13 million personal funds of the owner of the company. and 10.5 million from the sale of 12 apartments. Currently, Company has an escrow account of 2.8 million euros from the apartments sold, which will be “unblocked” during the construction of the Tower.


Investment Rationale

Based on actual sales, taking into account the current situation and stage of construction of Tower, today it is possible to sell 53 apartments for a total of 54 million euros.

Upon completion of the construction of Tower, the real value of these 53 apartments will increase to 65-68 million euros.

The project is a registered company. No additional VAT to pay in case of company purchase

Transaction Information

Cost is 16 Million including following:

  1. Existing unfinished Tower
  2. 9,000 meter sq land
  3. 2.8 million in the Company Bank account

To complete the project to turn-key product, Investor will need further 25 million which could be acquired from off-plan sale of remaining 53 apartments

To enquire, you will need to complete our Investor Verification Process and sign a Buyer Consent Form.