The Petrolina Group, whose Group holding company is Petrolina (Holdings) Public Limited (PHL), in the context of continuously informing the investing public, has announced the decision to commence operations of five separate special purpose companies, which have been established with the aim of each developing a corresponding phase of the Land of Tomorrow project.
According to the announcement, the five special purpose vehicles are:
- Land of Tomorrow - Residential Towers Ltd, with a 21% PHL participation.
- Land of Tomorrow - Ecovillage Ltd, with a 35% participation from PHL.
- Land of Tomorrow - Resort Ltd, with 100% PHL participation.
- Land of Tomorrow - Boutique Ltd, with 100% PHL participation.
- Land of Tomorrow - Business Hub Ltd, with PHL 10% participation
The commencement of operations of the above companies is subject to obtaining the required regulatory approvals and/or licenses.
Land of Tomorrow
According to the same announcement, the decision to relocate the Group's storage facilities to the Vassilikos area and the Former Refineries Area Plan contributed to efforts to diversify the Group's activities and more specifically, in the field of use and development of the properties previously occupied by the facilities.
After examining various alternative solutions for the development of the properties, it was decided to assign the design of a masterplan to the internationally renowned architectural firm Foster + Partners.
The Land of Tomorrow is a project that aims to redefine the way modern coastal communities are designed and operated.
In an area that until recently was associated with industrial uses, an integrated urban environment of mixed uses is now being developed, with an emphasis on the coexistence of housing, work, recreation and public space. With an emphasis on sustainability, it includes natural and ecologically identified beaches, green spaces, cultural infrastructure and recreational facilities.
More specifically, the Land of Tomorrow will have an area of around 300,000 sq m and an implementation plan in various phases over a target period of 12-15 years.
The master plan for the entire project includes apartment complexes, retail spaces, dining, a five-star luxury hotel, a boutique hotel, a modern conference center, offices and event spaces.
The first phase has been designed as part of a strategic partnership between Land of Tomorrow - Residential Towers Ltd with bbf: and Foster + Partners and is expected to begin construction in late 2026/early 2027 and be completed around 2028-2029.
(Source: InBusinessNews)
