Malta’s Richest and Lanitis Group Pursue Development of Limassol Greens with Luxury Golf Resort in Cyprus

A perfect spot near the Cypriot southern coast, almost three times the size of Buskett Gardens in Malta, is being transformed into a luxury golf resort known as Limassol Greens. This ambitious project is a collaboration between some of Malta’s wealthiest businessmen and one of Cyprus’s largest development companies.

Alec Mizzi, CEO of Alf Mizzi & Sons Ltd, leads the Maltese consortium of investors, which includes Mark Gasan, CEO of Gasan Group, Matthew Portelli, Managing Director at Virtu Holdings, and Kevin Valenzia, a former senior partner at PwC, now holding non-executive directorships in several Maltese companies.

The Cypriot side of the development is spearheaded by Lanitis Group, a prominent development company group in Cyprus. Lanitis Group’s subsidiaries include the official bottler and distributor of Coca-Cola in Cyprus and the developer of the Limassol Marina.

Together, these businessmen are developing an area nearly three times the size of Buskett into an 18-hole championship golf course and clubhouse, along with 500 villas, 250 apartments, and various retail and commercial facilities. The company secured a building permit for the site in July 2019, and construction began in 2021. Over time, the company has entered several additional agreements to develop further properties on the site.

The area is still under construction, with a recent video on YouTube showing extensive landscaping and development. The company also recently secured environmental approval for a new residential development within the site, having demonstrated sustainable water management plans and ensuring a safe distance from protected areas.

Despite these advancements, there have been ecological concerns. Sources in Cyprus reported that the project might compete with local farmers for the nearby water supply to keep the golf course operational year-round. One source explained that the area had been earmarked for such development for the past 10 to 15 years, but it only recently began to materialize.

Limassol, a hotspot for property investments by individuals seeking Cypriot golden passports, faces a housing shortage. Most new developments cater to the wealthy rather than locals or students. Currently, Lanitis Golf-Public Co Limited, the joint company behind the project, is operating at a loss. In 2023, it registered an overall loss of around $2.9, up from approximately $1.4 in 2022. This company is controlled by MCY Development Limited, which is equally owned by Lanitis Farm Limited and AMOL Enterprises Limited, the latter being split among the Maltese investors.

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