20 April 2021
In the space of a few years, Marfields Group has developed landmark projects in Nicosia and Limassol. What more can you tell us?
Marfields will continue to invest in the Cyprus real estate market and to look for segments that are supported by demand. We will always be seeking the best possible locations and tying them in with the best design and specifications.
How did the agreement with Marriot International for the Ritz-Carlton Residences, Limassol come about? Were branded residences a product that your clients were looking for?
Engaging with one of the top worldwide hospitality and residences brands encouraged and pushed us to create the best residence project we could. I am always looking for innovation and taking things a step further with our developments, so connecting with the Ritz-Carlton brand, and its legacy of over a hundred years, seemed e the right thing to do to ensure the very best services and quality build for our residents. Clients who invested with Marfields before the re-branding were highly satisfied and, yes, we are experiencing requests from potential buyers who are now specifically looking for global top branded residences. The shift to a lifestyle investment – an investment in your family, time and conveniences – is what this development is about. We are turning a corner in Cyprus and elevating our clients’ accommodation and experiences. There was a gap in the market, which we believe needed and deserved to be filled.
What does the agreement include? How do the perceive the Cyprus market?
We have signed various agreements with Marriot, which ensure our standards comply with the Ritz-Carlton ethos and regulations. We have secured a minimum 30-year management contract with the Ritz-Carlton international team. The Cyprus market relies on natural growth as well as foreign investment, relocations and, until recently, it also relied on the Cyprus Investment Programme (Citizenship by Investment). The market is fragile and suffers from short business cycles. I believe that the termination of the CIP will lead authentic purchasers – those who will want to live, work and play here – to us.
How many people are working on this project and when doi you expect to complete it?
We are on target for the third quarter of 2022. We currently have over 160 employees on site and that number will soon exceed 300. We are very lucky as Marfields also owns Marfields Construction. Our expert team of international and local skilled labourers have been involved in some of the biggest hotel and residential products in Europe and the Middle East and the quality of this project is something we are all very proud of.
An owner of a Ritz-Carlton Residence in Limassol will be able to enjoy an extraordinary life on the Mediterranean seafront, surrounded by tranquil landscaped gardens, outdoor pools, a large spa and everything one could possibly desire as part of a privileged lifestyle. The 33-floor iconic tower consists of 182 residences including 1-, 2- and 3-bedroom residences. The open-plan layout of each residence and the spacious private terraces give a feeling of living on the sea in a private super-yacht, with endless panoramic views of the scenic Limassol coast and the Mediterranean. The residences have inspirational interiors and the project features an unparalleled range of amenities. From the spacious lobby to the landscaped gardens all around, from the exquisite dining area to the pools overlooking the sea, every inch of The Ritz-Carlton Residences, Limassol has been designed to offer a sense of total leisure, privacy, exclusivity and the most comfortable lifestyle you can imagine.
You built a high-rise development on the Limassol seafront (Olympic Residences) before anyone else. It might be said that you were ahead of your time. Would you agree?
With all our projects, we are looking to optimize the use of the buildable space. For the Olympic Residences, by working closely with the planning authorities, we were able to gain more sea views by building two 19-floor buildings while, at the same time, reducing the coverage, which allowing the neighbours to maintain an open view of the sea. It may not have been a case of being ahead of our time; we simply used common sense and succeeded in creating a win-win situation for all involved.
What other developments can we expect from Marfieds in the near future?
After creating new standards in the high-end residential market, we are now looking to develop a mid-tier residential project. Utilizing our experience, we will work to create a real community/neighbourhood with common amenities at a very attractive price. We also believe strongly in the commercial market and are looking to create a landmark project for local businesses as well as for coming new businesses.