Columbia Group to develop €1bn resort after landmark acquisition

The Columbia Group is set to acquire the Secret Valley resort from Bank of Cyprus’ real estate management unit (REMU) in a deal valued at over €130 million, it emerged on Monday.

According to Economy Today, who first ran the story, the transaction, finalised after nearly four months of negotiations, is the largest ever recorded on the island, marking a new chapter for both the investor and the seller.

Secret Valley, formerly known as Venus Rock Golf Resort, lies between Limassol and Paphos, next to Aphrodite Hills, and spans approximately five million square metres of prime coastal land.

Its beachfront extends 850 metres and offers direct access from both Paphos International Airport, just ten minutes away, and Larnaca Airport, roughly an hour’s drive.

The property had come under the Bank of Cyprus’ ownership following the loan restructuring of Aristo Developers and has since remained the flagship asset in REMU’s portfolio.

With this sale, REMU will achieve its largest disposal since its formation, offloading a property of significant value while freeing up capital and resources.

At the same time, it proves the capacity of the Cypriot market to absorb large-scale real estate transactions, something that was not considered feasible until recently.

The main characters of the agreement are, on the one hand, the Columbia Group, an international Cypriot group with activities in shipping, tourism and real estate, and on the other hand, the Bank of Cyprus through REMU.

Citing its own sources, Economy Today said that Columbia Group chairperson Heinrich Schoeller personally selected Secret Valley for acquisition, “recognising its strategic importance”.

Columbia already maintains a strong presence in the island’s hospitality sector, owning and operating the Columbia Resort in Pissouri.

This new investment is seen as a natural continuation of the group’s development strategy, supported by existing expertise, infrastructure and operational capacity.

The development plan for Secret Valley includes a luxury five-star hotel and beach club, around 3,000 high-specification residences, both villas and apartments, all designed to ensure privacy, sea views, and green space.

A second 18-hole golf course is planned, adding to the existing one and aiming to position the area as a premier destination for golf tourism.

Moreover, a small marina for leisure boats is also envisaged, enhancing the resort’s coastal offering.

To support the project’s infrastructure, a desalination plant is already under development by the Water Development Department, ensuring water supply self-sufficiency.

In addition, commercial and leisure facilities are planned, including a shopping centre, restaurants and retail areas, effectively creating a complete and self-contained resort community.

Finally, the report mentioned that the group “intends to fully utilise the existing development permits”, with the total value of the investment expected to exceed one billion euros.