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Archbishop faces competition in Yeroskipou project

23.06.2015

Archbishop Chrysostomos is facing serious competition in his plans to invest in a gigantic Yeroskipou project, worth hundreds of millions of euro.

According to Interior Minister Socrates Hasikos, there are three groups so far that have shown interest in the sea-side Gerokipia estate.

The project is adjacent to land owned by the church and the Archbishop submitted the first tender with his business partners.

The Archbishop spoke of an investment of €7 billion and his interest was long thought to be the only one.

However, there was no deal between church and state since there were two more bids in early May, which were submitted at the last minute and raised the alarm in the Archbishop’s camp.

Constantinou Bros Hotels Public Co Ltd came into the picture with two offers, one of their own and another one in partnership with a foreign bidder, while the identity of the third group has not been made public yet.

The project is under discussion and it could include university colleges, medical and wellness centres, hotels, a convention centre, a mall, theatre, cultural park, luxury apartments, and a marina.

The project is expected to open up thousands of new jobs, if it ever takes off the ground.

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