Issue link: https://maltatoday.uberflip.com/i/1523932
3 maltatoday | SUNDAY • 14 JULY 2024 NEWS Central Business Centre, Level 2, Tarxien Road, Gudja, GDJ 1907 www.aims.org.mt info.aims@aims.org.mt 23174400 developed by Malta's wealthiest businessmen partner at PwC but now holds non-executive directorships in several Maltese companies. Meanwhile, the Cypriot side of the development is being led by Lanitis Group, one of the largest development company groups in Cyprus. One of its subsidiaries is the official bottler and distribu- tor of Coca Cola in Cyprus, and another was responsible for de- veloping the Limassol Marina. Together, the businessmen are developing an area almost three times the size of Buskett into an 18-hole championship golf course and clubhouse, with 500 villas and 250 apartments, as well as retail and commercial facilities. A building permit for the site was obtained by the company in July 2019, and in 2021 construc- tion began on the golf project. Over the years, the company entered into several additional agreements to develop further properties on the site. Right now, the area is still un- der construction. The company uploaded a short construction update video on YouTube a cou- ple of weeks ago showing metres and metres of brown fields being dug up and landscaped to pave way for the new development. The company only recently se- cured environmental approval for a new residential develop- ment within the site. It received approval because it was consid- ered to be a safe distance away from protected areas, and the company provided plans for sus- tainable water management. However, there had been some reservations on the project due to ecological concerns. Sources on the island told MaltaToday that the project will be compet- ing with local farmers for the nearby water supply to ensure that the golf course is in use throughout the entire year. "The area has been earmarked for such a development for the past 10 to 15 years," one source explained, "but it was only re- cently that the project actually came into fruition." They said Limassol is home to lots of property that is pur- chased by people looking to get their hands on a Cypriot golden passport. This while Limassol suffers from a housing shortage, with most new developments catering for the rich and wealthy rather than for locals or stu- dents. Right now, the joint company – Lanitis Golf Public Co Lim- ited – is operating at a loss. In 2023 it registered an overall loss of €2.7 million, up from the €1.3 million loss registered in 2022. This company is controlled by MCY Development Limited, which is in turn equally owned by Lanitis Farm Limited and AMOL Enterprises Limited. The latter is split between the Maltese investors.