In an exclusive editorial, Economy Today reports that a landmark transaction that reshapes the Cypriot real estate landscape, Columbia Group has finalised the acquisition of the iconic Secret Valley, formerly known as Venus Rock Golf Resort, for a record-breaking sum in excess of €130 million. This represents the largest property sale ever recorded on the island.
The seller is REMU, the Real Estate Management Unit of the Bank of Cyprus, for whom Secret Valley represented the crown jewel of its asset portfolio. According to sources from Economy Today, the deal follows nearly four months of negotiations and marks a historic milestone in the Cypriot property market.
The players behind the deal
On one side is Columbia Group, a Cyprus-based international conglomerate with operations spanning shipping, tourism, and real estate. On the other, the Bank of Cyprus via REMU, which has been actively restructuring its portfolio.
Heinrich Schoeller, Chairman of Columbia Group, reportedly handpicked Secret Valley for its strategic potential. Columbia already boasts a significant presence in Cyprus’ hospitality sector, owning and operating the luxurious Columbia Beach Resort in Pissouri, considered one of the top seaside resorts on the island.
With this acquisition, Columbia Group is set to substantially expand its footprint in tourism real estate, taking on a project poised to redefine the country’s luxury property market.
Strategic move by bank of Cyprus
For REMU, the transaction achieves a dual objective: shedding a high-value asset to unlock capital and proving that the market is capable of absorbing premium properties—something that seemed highly unlikely just a few years ago.
Secret Valley came under the Bank’s ownership following the debt restructuring of Aristo Developers and has since been REMU’s most prized holding.
A Mediterranean gem: 5 million square metres of potential
Spanning roughly 5 million square metres of verdant land and boasting 850 metres of pristine coastline, Secret Valley is strategically located between Limassol and Paphos, adjacent to the renowned Aphrodite Hills Resort. Its elevated positioning offers uninterrupted sea views and excellent access—just 10 minutes from Paphos International Airport and around an hour from Larnaca.
The site is already known for its 18-hole Secret Valley Golf Course, but its true potential lies in the fully approved development rights it holds. Plans for the site include:
- A 5-star luxury resort with beach club, capitalising on the rare coastal frontage.
- Around 3,000 high-end residences – villas and apartments designed for privacy, ocean views, and ample green space.
- A second international-standard 18-hole golf course, making the area a premier destination for golf enthusiasts.
- A small-scale marina to accommodate leisure yachts, further enhancing the site’s resort appeal.
- Support infrastructure, including a desalination plant already given the green light by the Water Development Department to ensure sustainable water supply.
- Commercial and entertainment facilities, such as a shopping centre, restaurants, and boutiques, creating a self-contained coastal community.
If realised, the development could become one of Europe’s largest luxury seaside residential complexes.
Awakening a “sleeping giant”
Secret Valley has long been regarded as one of the most privileged pieces of land in the Mediterranean, waiting for the right investor to bring its vision to life. Columbia Group’s proven expertise, particularly with the success of the Columbia Resort, makes them a natural fit to undertake such a transformative project.
REMU’s strategy
The deal is fully aligned with the Bank of Cyprus’ ongoing strategy to significantly reduce its real estate holdings. Secret Valley was the largest asset in REMU’s portfolio, and this transaction marks REMU’s most significant sale since its inception. It reflects the Bank’s broader goal of reallocating capital towards its core banking operations.
Multi-million development on the horizon
Sources close to Columbia Group indicate that the full potential of Secret Valley will be maximised, with the total value of the upcoming development expected to exceed €1 billion. Drawing on its deep operational knowledge and existing infrastructure, the Group is well-positioned to deliver a flagship project that could transform Cyprus’ international appeal as a destination for luxury living and leisure.
(Translated from the Greek article in Economy Today)
