CORPORATE STRATEGY AND OUTLOOK
FINANCING OF THE BUSINESS DEVELOPMENT PLAN
The main purpose of listing on the Cyprus Stock Exchange is to facilitate the Company’s capital raising needs (equity and/or debt) in order to finance its business development plan. This commercial development plan focuses on the construction of the Total Tower commercial and residential building in Limassol, Cyprus.
The successful implementation of this value-driven business plan should significantly improve shareholder value.
The total construction cost of the project is estimated by the Company at €32,627,461.
The successful implementation of the Company’s business development plan is based on the assumption that the Company will be able to raise this amount of new capital.
In addition, being a company listed on a recognized EU stock exchange should improve investor transparency and share liquidity.
The Company has developed a capital raising plan which includes exposure tours to investors in Cyprus and abroad, contacts with institutional investors interested in private equity investments and contacts with major promoters and contractors.
The company has not yet started development activities on its land. The project has a planning permit dated 20/9/2017.
The company has studied different development scenarios (as presented in the business plan) but no other action or new business plan has been prepared.
THE LOCAL REAL ESTATE MARKET
The economic and political situation in Cyprus has started to improve with significant signs of recovery. The increase in real estate sales over the past two years is evident, especially in real estate in the city of Limassol.
The main reason for this increased sales growth is the motive of non-EU foreign citizens to obtain Cypriot citizenship, and therefore EU citizenship, in order to be able to reside, work, travel and own and manage a business in one of the EU states. without limits. The island’s attractive tax system as well as its high standard of living, favorable climate, security and high quality of education and medical care are fundamental to the
the residence attractiveness of the country.
The advantages of Cyprus as a tourist center are well known. The island’s location is a crossroads of three continents, within walking distance of tourist markets in Europe, the Middle East and Africa. The magnificent beaches, the mild climate, the natural beauties, the rich archaeological and cultural heritage and the hospitality of the inhabitants, are internationally recognized assets.
The province of Limassol, in particular, is considered the most developed tourist area of the island, with a cosmopolitan character. It includes state hotels, small tourist units and apartments, nightclubs, recreation centers, shops and more.
The tourist development of Limassol was mainly on the eastern side of the city and is distinguished by its pleasant environment, its excellent accessibility to airports, ports, other cities and the countryside.
LAND OWNERSHIP ENVISAGED
From a purely local point of view, the prospects and the potential for immediate development of a property in Limassol are very satisfactory.
In general, the prospects of the property under consideration are considered to be very good and its marketability is considered to be relatively high.
The property under study is located facing the sea between Marina Limassol and the heart of the Germasogeia tourist area in an environment conducive to the development of high-end and high-level offices and residential. It certainly has elements of uniqueness, both in terms of size and position and in terms of comfort and services offered.
It is a fact that in recent times there has been a lot of interest from high-income foreigners to acquire apartments and apartments on the coast.
An advantage for the considered real estate is the fact that there is not a large number of vacant land on the coastal area of the city of Limassol, which gives it a rare value. In addition, its size allows it to take advantage of the incentives set for a build factor and additional floors.
A downside to the property is that its development relies primarily on foreign investors, which makes the success of the project vulnerable to external factors. The fact that the project cannot be carried out in phases is an additional disadvantage because it obliges the entrepreneur to carry out several sales of the property off plan.
PG ECONOMIDES HOLDINGS LTD
PGECONOMIDES PROPERTIES PLC
The ultimate beneficial owner (UBO) of PG Economides Properties PLC is Mr. Petros Economides.
Mr. Petros Economides has over 45 years of experience providing professional services both in Cyprus and overseas. Mr. Economide’s long business experience and know-how has thus far been a catalyst in the development of the project and is expected to continue to play a key role in the development and commercial operation of the project.
Mr. Petros Economides is the founder and promoter of Total Serve Group, a group with over 45 years of experience in providing professional services in Cyprus and abroad.
Totalserve (www.totalserve.eu) is a well-known and award-winning global service provider established in 1972 specializing in the areas of international tax planning, corporations, trusts and fiduciary services. PG Economides & Co (www.pgeconomides.eu) is a renowned accounting and auditing firm which began operations in the early 1970s in London’s West End and has since grown exponentially in size and reputation .
There is no shareholding relationship between PG Economides Properties PLC and any company of the Total Serve group, except for the sharing of a common Ultimate Beneficial Owner (UBO), Mr. Petros Economides.
COMMERCIAL AND RESIDENTIAL BUILDING TOUR TOTAL – BUSINESS PLAN
Designed by award-winning London-based international architects Scott Brownrigg, the Total Tower is undeniably one of the most elegant commercial buildings in Cyprus.
Total Tower is expected to be one of the tallest buildings in Cyprus (height over 100m), located in Limassol, on the south coast of the island. Limassol is a cosmopolitan city combining modern lifestyle, history and culture. It is the commercial and financial center of Cyprus with a large number of local and international businesses surrounded by another network of hotels, restaurants and other places of entertainment and leisure.
The current planning permit offers:
- 14 office floors;
- 2 shops on the ground floor;
- 2 mezzanines
- 274 parking spaces, 143 of which will be available to the public
- Commercial building 6,500 m².
- 6 full-floor apartments
- Residential building 1,362 m².
- Approved construction coefficient 4,097 m².
- The construction coefficient will increase with an additional 3,766 m².
- Total building area 7,863 m².
PG Economides Properties PLC (the “Developers”) has so far acquired the relevant land on the Limassol waterfront, completed the architectural designs and received the planning permission for the development of the commercial and residential buildings of the Total Tower .
Total Tower will be over 100m high and, due to its prime waterfront location, guarantees stunning views of the Mediterranean Sea.
The faceted glass and crystalline geometry of the tower maximizes its transparency from the exterior and the view of the sea from the office floors.
The two Sky Gardens located on floors 7 and 17 offer an uninterrupted 360° view of the city of Limassol.
A KEY LOCATION
Located on a plot of 2,628 m² in the heart of Limassol, in a booming business and commercial district, the Total Tower offers avant-garde professional premises reflecting know-how and reputation. The Mediterranean Sea is only a few textual steps away.
The Total Tower is located on the coastal 28th of October Avenue, the most popular beachfront street in Limassol, surrounded by modern office buildings classifying the area as a top class business center, offering facilities and state-of-the-art services. It is located about 100 meters northeast of “Crowne Plaza Hotel” and about 50 meters east of Debenhams department store. This part of Limassol, located in the middle of the east and west sides of Limassol, bordered by the intersection of Griva Digeni and the coastal road 28th October Street, from the Crowne Plaza hotel to the old port and the new marina, is considered an upcoming business center.
Total Tower is very close to the highway for easy access to all towns in Cyprus and the city center with direct access to banking and other business services. Limassol has become an ideal place of business, mainly because of the many advantages it offers to companies wishing to expand their activities. As a member state of the European Union, Cyprus provides world-class services and excellent infrastructure that help facilitate the growth of international businesses.
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