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Jun-19-2008 08:59
INTERNATIONAL REAL ESTATE NEWS - JUNE 2008
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INTERNATIONAL REAL ESTATE NEWS UPDATE
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| TOP (481) :Europe (280) : North Cyprus (10)
291 Acres (1178 Donums) of Oceanfront Resort Development Land on North Cyprus
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| Property Group | Commercial | | Property Type | Hotel or Resort | | Price | GBP 10,500,000
For Sale |
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| Location | Balalan | | Nearest City | Golden Beach |
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| | For further details contact
John Wallace
143 Longview Drive
Chatham, 12037, NY
United States
Phone: +1-518-392-7062
Fax: +1-877-875-5704
http://www.worldrealtynews.com |
Listing has been viewed 334 times |
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REF: Horabin-Wood-1
The Oceanfront Land Development Project is as follows:-
LAND BASICS
The land in question is surrounded by forestry land, which will remain without any development permission; therefore the project land will not be affected by legal protection. The land project equates to 1,178 privately owned Donums, (please note 1 donum is a third of an acre) which will accommodate a golf course.
LOCATION ADVANTAGES
Golden Beach front, with clear and clean water, Balalan is sandwiched between the Bafra coastlines, an area which has been pinpointed as a prime tourist location, on the South facing side of the Karpaz Peninsula. The most forward thinking tourism plan in North Cyprus, the Bafra region is set already with its unique grand 5 star hotels and facilities. A further 20 minutes east is Golden Beach (listed in the top 10 of one of the most beautiful beaches in the world) and also five minutes drive away from David Lewis’s 200 million Karpaz Bay Resort project, comprising of two 5 star hotels and extravagant marina.
ACCESS POSITIVES
The new road currently running through Esentepe which links to Kaplica will shortly link to Balalan. The new road will achieve advanced growth for this investment, if this was in place now the land would not be available for purchase.
LAY-OUT FACILITY ATTRACTIONS
It is an exceptional investment as land on this scale does not appear on the market that often. This project could house 1,600 units, golf course, commercial units, shopping mall, and its own harbour: occupy bars, tavernas, restaurants and boutiques to achieve its own High Street. Available for a mix of exclusive and executive properties, there is a space for a marina, a five star Hotel, commercial retails projects, petrol station, car hire, sport and health facilities to include tennis courts and spa.
FINANCIAL POSITIVES
The purchase equates to 10.5 million sterling and in three/five year’s time will realistically be commanding in excess of 60 million sterling. For example if a buyer was secured for one hotel, this would achieve a 7 million return. The land boasts character with a wealth of foliage and definition. The proposed golf course is an ideal shape as it is tiered and has height. The project will become its own city in its own right. Infrastructure and electricity is already in place.
POLITICAL
I am sure you are aware of how the political sands have shifted in Northern Cyprus. Based on the positive progression towards the recognition of Northern Cyprus, there are a wealth of funds pouring into this island largely generated from the EU and this is working in conjunction with Turkey’s gradual accession to the EU. In short this is a strong combination in creating prosperity and security for all investments.
FREQUENTLY ASKED QUESTIONS:
What is the exact size of the land, in acres and donums?
Balalan Project equates to 1,178 donums. There are 178 donums privately owned lands and 1,000 donums government land which will be leased for 49 years to start with and extend to 95 years. The 178 donums will represent 230,000.00 sqm worth of construction and the 1,000 donums caters for the golf course and its facilties.
What planning permission has been granted and for what use/uses?
Licences and planning permission has already been granted. Please refer to planning permission documentation enclosed which represents a hotel with a mixture of residential plans. Balalan Project should include Hotels, bungalows, Golf Course with a Club House, Exclusive and Executive high end real estate properties, Health Facilities, Sports Facilities and Spa, Commercial and Retail Projects, Petrol Station, Car Hire, Shopping Mall. This project could also house its own harbour which could occupy bars, taverns, cafes and restaurants, open air clubs, boutiques to achieve its own High Street.
What facilities are in place for the proposed development and what are planned?
Electricity and water already in place. A 200 million pound marina, “Karpaz Bay Resort” project, comprising of two 5 star hotels and extravagant marina, (please refer to marina 2jpg) is being constructed by David Lewis (owner of the River Island chain of shops) 10 minutes away from the project. The Bafra region is located 10 minutes away from the project, which is the most forward thinking touristic plan in North Cyprus is set already with its unique grand 5 star hotels and facilities is 30 minute drive from Ercan Airport and 45 minutes to the Larnaca International Airport. A further 20 minutes east is Golden Beach (listed in the top 10 of one of the most beautiful beaches in the world)
Will the title deeds be under Turkish Cypriot authorities?
The title deed will be transferred to the buyer.
What are some other important points about proposed end value, potential of the land?
Golf course does not generate huge amounts of income but the real estate around it does. There should be around 20 Villas priced at a million. The new road currently running through Esentepe which links to Kaplica will shortly link to Balalan. The new road will achieve advanced growth for this investment, if this was in place now the land would not be available for purchase. Balalan Coast is the only coast at that region with its own private beach.
Is the Golf course passed in relation to planning?
An 18 hole international golf course can be built on 800 donums of land including golfing facilities e.g. a club house. We have already sought advice from a professional at the Antalya Belek National Golf Resort, who deems this land perfect for a top quality golf course. This land is more than adequate
What types of projects are allowed to be built and how high?
Any project is allowed in this area and the project can go up to four floors on residential. There are no restrictions of height for hotels as the government encourages tourism.
NOTE: This Resort Development property is listed by one of our International Real Estate Partners who specializes in exclusive properties on North Cyprus. This listing is a confidential listing and no additional information will be provided without the submission of verifiable proof of the buyer's ability the purchase a resort development property in this price range.
Attn Brokers: Although we usually co-broke all our listings, in this particular case, any commission you receive will have to be paid by your buyer. |
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