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Jun 26, 2020

Interview with Mr. Pantelis Leptos, Vice President of the Leptos Group of Companies

Below is an interview with Mr. Pantelis Leptos, Vice President of Leptos Group of Companies. The interview, conducted by Kathimerini news website, was posted on the 04th of December 2019. It is now translated in English and posted on our blog as a permanent record. You can read the original interview here or download the pdf, in the Greek language.

Mr. Leptos, can you give us a few details about your investments, your vision, and your plans for Limassol?

After having developed several property projects and infrastructure throughout Paphos region, Leptos Group of companies is now dynamically entering the region and city of Limassol.

The company’s current projects in Limassol will create up to 1,000 jobs during their construction, as well as more than 200 permanent jobs after their completion, without considering the market growth that will consequently occur.

The company’s vision for landmark projects in Limassol city, is fully in line with the authorities’ vision to set Limassol as a city of key importance in the region for business as well as tourism and entertainment sectors. A city that will be a pole of attraction for entrepreneurs and high-income tourists.

You were one of the first who believed in the vision of the local authorities, you dared to invest in the city centre towards West Limassol in the so-called “Carnagio” area and today you seem to be justified. Tell us a few more words.

In 2008, Leptos Group, seeing the global trend for gentrification of city centres, such as in London, Moscow, Barcelona, ​​etc., predicted that sooner or later the same would happen in Cyprus.

At the same time, we found out the intention of the local Limassol authorities to revitalize the city centre after TEPAK had just become operational, the development of the Limassol Marina was progressing as well as the redevelopment of the multi-functional marine park in Molos and the Castle Square and initial planning of the Coastal Road (Aktaia Odos) was taking place.

After taking all this data into account and considering the continuous upgrade of the city as an international business centre with increasing residential and commercial needs, envisioning the Limassol of 2025, we invested in the region.

Today, large international corporations have invested and have financial interests, in the central and west Limassol, establishing the region as the principal “locomotive” pulling the Cypriot economy.

Some examples of such companies are MELKO from Hong Kong in the Casino Resort, with the largest investment ever made in Cyprus as well as investors in the Port of Limassol from Dubai and Germany. The hydrocarbon mining companies from America, Europe, Israel, and Qatar which operate from the Limassol port. Let us not forget that the region is now an international business hub for shipping, IT, Fintech companies and more, that have their offices in Cyprus.

Tells us a few words about your latest investment in Limassol, Limassol Blu Marine.

Limassol Blu Marine is located on the sea, in the heart of the city of Limassol. To the east of the project and just 330 meters from Blu Marine, one can reach Limassol Marina within five minutes on foot as well as the Old Port, the Castle, and the multi-functional seaside park where you will find dozens of options for restaurants, cafes, international companies’ offices, shops, etc. In the west of the project, through the Coastal Road (Aktaia Odos) that will be constructed and which will be an extension of the existing multi-functional park all the way to the Port, one will be able to reach the Limassol Cruise Terminal within a 2 minute drive and the new Casino and Golf Resorts as well as My Mall within 5 minutes.

development cyprus limassol

The plethora of multi-billion Euro investments within a small area by the sea, from the centre to the west of Limassol, by the public as well as the private sector, sets the foundation for what we call Europe’s New Riviera, since:

  1. It is creating exactly what is missing from Cyprus, entertainment (high-end restaurants, marinas, casinos, golf course, international brands stores, offices) that meets the needs and experiences of high-income customers.
  2. A unique coastal neighbourhood is being formed, a new city within the city, as Mr. Nikolaidis characteristically says, with new infrastructure, uniform organized development, emphasis on green spaces and plenty of open recreation areas.
  3. At least 300,000+ new tourists are expected from the casino development alone and consequently a rapid growth of population and jobs, about 20,000 and 14,000 respectively, based on the study of the Plan for Sustainable Urban Mobility for the city.

To talk a little about the project now, Blu Marine, consists of 4 buildings, 33, 29 and 5 floors (residential development) plus 8 floors of offices.

limassol blu marine

The architectural and mechanical design of the project has been created by the world-renowned English offices Benoy and Burrohapold Engineering respectively in collaboration with local partners such as the architectural offices of Ioakim and Loizias and Armeftis & Associates. In addition, the project team consists of staff with international experience in similar projects in regard to design and construction as well as luxury residential complexes management.

All the residential buildings have been set in parallel with the coastline so that all the 1,2,3 and 4 bedroom, as well as the Duplex apartments, offer unobstructed sea views and take advantage of the Mediterranean sun throughout the day by having a southern orientation.

Taking into consideration the upcoming developments in the area that will create housing needs for staff of high level international companies and high-income tourists since there are no other hotels in the area, we gave special emphasis on services and facilities that even surpass those of five-star hotels. The project has a spacious wellness area of 1150 sqm, open green spaces, 50-meter outdoor pool with unobstructed sea views, 25-meter indoor pool, 24-hour reception services, 200 sqm gym, restaurant, bistro, and playgrounds.

Due to its location and design, Blu Marine is currently the best investment since it can serve both the residential and the upcoming tourist needs of the area.

It is also worth mentioning that one of the great advantages of the project is that the whole area will present a homogeneity and uniformity with only new buildings and modern infrastructure that you do not find in other areas.

The pre-sales for the project have started four months ago and the offices have already been sold as well as a large part of the first tower since the prices are the most competitive on the market for projects of similar range. Construction work is expected to begin within the next month and is expected to be completed in 3 years for the first phase.

The other 3 projects of the Group in Limassol include: The ultra-luxurious Limassol Del Mar that has been sold, Limassol Park, a short distance from the golf and casino resorts where we are building 128 apartments in 8 buildings with large gardens, 2 swimming pools, gym, wellness areas, restaurants and reception services and 2 more projects of about 300 houses in the ​​Souni / Zanatzia area.

Let us know in a few words about “Leptos” Group as well as your future plans.

Leptos Group is a large, leading group that has been at the forefront of land and property development in Cyprus and Greece for 60 years. Above all, it is a Group whose strategy has two axes: First, to create projects each of which has “its own heart” and blends with the surrounding environment. Secondly, to lead the way through its projects, constantly opening new horizons in the field of land development.

Over the past 60 years, the Group has created more than 350 development projects, hotels and shopping malls. The network of offices and its representatives has expanded to 75 countries around the world. Leptos Group currently employs over 1500 people.

The philosophy of Michalakis Leptos, founder and Executive Chairman of the Group, is summed up in creating projects with sophistication, quality and excellence in design whilst remaining conscious of the environment they share.

A prime example of pioneering construction concept, with international radiation, is the multi-award-winning project “Kamares” in Paphos. Its completion has created the largest residential – holiday project in Cyprus with over 1200 mansions.

The development of Mega Projects is a strategic choice for Leptos Group and a confirmation of its pioneering vision. The first and most ambitious, is located in the Paphos region and covers an area of 111 hectares. It is the “Neapolis” (meaning “New City”) project, which will thereby create a new town within the city of Paphos. Among others, it will include the development of an up-to-date hospital, private university and student campus, innovation centre, shopping mall, cultural centre, residences, and park areas. The “Neapolis” project creates thousands of new jobs, stimulates the region’s economy, and is considered to be the most ambitious construction challenge that has been taken on in the Mediterranean region.

Additionally, the Group is active in the fields of hotels and tourism through Calypso Hotels & Resorts, university education through the University of Neapolis and health through the Iasis Hospital. The Group’s lasting principle is that business creation is closely linked to social contribution. Thus, the Leptos Group, in the context of its corporate social responsibility, actively participates and supports sports, culture and aspects of society that are in need.

The Group’s leading position is based on solid foundations: the vision of its founder, the passion and professionalism of its people, the international sales network, the large land reserves within development zones, its vast and long experience on multiple projects in various sectors and the comprehensive provision of support services.

However, the main strength of Leptos Group is its overall perception of the broad business sector in which it operates. The constant search for new potential. The continuous redefinition of the term “land development” in conjunction with a deep-rooted concern for the environment.

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