A new "Las Vegas" in Cyprus
Thursday, January 29, 2009
Sixteen five-star hotels, a shopping center and marinas are amongst the projects to be completed by 2010 in Cyprus may result in turning the Magosa-Karpaz desert resembling Las Vegas.
There is practically no sector that remains unaffected by the global economic crisis. The construction sector, which had gained acceleration prior to the crisis, is especially experiencing a decrease in activity. Even, TOKI, the government's official construction company has put certain investments on the shelf for now. However, despite all of the current negative conditions there are certain investments that are still ongoing at full speed. In the Magosa-Karpaz region in Cyprus, investments including the development of hotels and a shopping center are amongst the projects that are still continuing on despite the worldwide crisis.
CONCEPT HOTELS ARE BEING BUILT
With the collaboration of the Northern Cyprus government and the private sector, a version of Las Vegas is being established in the region. The project is being referred to as a new 'Las Vegas' due to the fact that 16 five-star concept hotels are being built in Northern Cyprus. The projects include hotels that will resemble Italy's coliseum, Babel's Gardens, Artemis' temple and Noah's Ark. Within the scope of the project a 52,000 guest capacity will be available, when all of the new hotels are completed. The Karpaz Bay Resort will also include a marina with a 350-yacht capacity, which is anticipated to be completed in two years.
THE BIGGEST SHOPPING CENTER IN CYPRUS
In addition to the variety of tourism investments, the Big Old Bazaar is a shopping Center project which is aimed to resemble the Grand Bazaar. The Big Old Bazaar will encompass a 45 thousand meter square region, 18,000 of which will be enclosed. Forty-percent of the project's 850 units and 360 stores have already been sold. Giant brands such as Adidas, Nike, and Koton as well as all of Cyrus's national banks and certain Turkish national banks have already secured their spots in the center. Stores, with an 18-meter squared capacity are being sold at starting prices of 19,900Pounds Sterling. The price of the biggest store in the center, at 45 squared meters is priced at 67,000 Pounds Sterling. Store prices are anticipated to double when the project is completed.
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Posted by Co-op Travel 11:30 AM
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