Vasiliko, Cyprus. Petrolina (Holdings) Public Limited announced on Tuesday its decision to commence operations for five special purpose companies established to develop separate phases of the Land of Tomorrow project.
The start of operations for the five entities is subject to the necessary regulatory approvals and licences.
Company structure
Land of Tomorrow – Residential Towers Ltd will have a 21 per cent participation by Petrolina (Holdings) Public Limited.
Land of Tomorrow – Ecovillage Ltd will include a 35 per cent participation by the holding company.
Land of Tomorrow – Resort Ltd and Land of Tomorrow – Boutique Ltd will each be wholly owned by Petrolina (Holdings) Public Limited, with 100 per cent participation.
Land of Tomorrow – Business Hub Ltd will include a 10 per cent participation by Petrolina (Holdings) Public Limited.
Project development
The group said its decision to relocate storage facilities to the Vasiliko area, together with the Former Refineries Area Scheme, has supported efforts to diversify its activities, particularly in property exploitation and development on land previously occupied by the facilities.
Following an assessment of property-use alternatives, the group appointed architectural practice Foster + Partners to prepare a master plan.
Land of Tomorrow is planned as a mixed-use urban development on an area formerly associated with industrial uses, with the project intended to create a modern coastal community.