Petrolina launches five companies for Land of Tomorrow project

Petrolina (Holdings) Public Limited announced on Tuesday that it has decided to commence operations for five separate special purpose companies established to develop individual phases of the ambitious Land of Tomorrow project.

The first special purpose company, Land of Tomorrow – Residential Towers Ltd, involves a 21 per cent participation by Petrolina (Holdings) Public Limited.

The second special purpose company, Land of Tomorrow – Ecovillage Ltd, features a 35 per cent participation by the holding company.

The third special purpose company, Land of Tomorrow – Resort Ltd, is fully owned with a 100 per cent participation by Petrolina (Holdings) Public Limited.

The fourth special purpose company, Land of Tomorrow – Boutique Ltd, is also wholly owned with a 100 per cent participation by the parent group.

The fifth special purpose company, Land of Tomorrow – Business Hub Ltd, includes a 10 per cent participation by Petrolina (Holdings) Public Limited.

The commencement of operations for these five entities remains subject to receiving the required regulatory approvals and licences.

The decision to relocate the group’s storage facilities to the Vasiliko area and the Former Refineries Area Scheme has contributed to efforts aimed at diversifying the group’s activities, particularly within the property exploitation and development sector on lands previously occupied by the facilities, the company explained.

Following the evaluation of various alternatives for property utilisation, the group commissioned the internationally renowned architectural practice Foster + Partners to design a master plan.

Described as a project that seeks to redefine modern coastal communities, Land of Tomorrow is being developed across an area until recently associated with industrial uses to create a comprehensive mixed-use urban environment.

This development places a strong emphasis on the coexistence of residential, working, leisure and public spaces, integrating features such as natural and ecological beaches, green areas, cultural infrastructure and entertainment facilities.

The Land of Tomorrow project will cover around 300,000 square metres with a implementation plan spanning various phases over a targeted period of 12 to 15 years.

The master plan for the entire project includes apartment complexes, retail and dining spaces, a five-star luxury hotel, a boutique hotel, a modern conference centre, offices and event spaces.

The first phase has been designed as part of a strategic partnership between Land of Tomorrow – Residential Towers Ltd, bbf: and Foster + Partners, with construction expected to begin in late 2026 or early 2027 and reach completion around 2028 to 2029.