Shakalos offer for property in Lysos

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John of Ark
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Joined: 27 Oct 2010 09:07

Shakalos offer for property in Lysos

Post by John of Ark » 27 Oct 2010 12:31

Greetings to all on the forum

My name is John and i'm from South Africa, 1st generation of Cypriot descent.

We are fortunate in that we have inherited some properties in Lysos from my mother.

We have recently been approached by a representative for the Shakalos Group who wish to purchase on of our properties in the village - agriculturally zoned with no services measuring 27 425m2.
At first, they offered us a gross amount of 216 000 Euros, after some negotiations we were about to sign the deal on 330 000 Euros (less of course the CGT and an agents commission of 15 000 Euros).

The deal never transpired, because at the 11th hour, after the agent attempted to rush for signature, my uncle who is vacationaing there took the contract to a lawyer, who was uncomfortable with the fact that there is some wording in the contract that entitles the new purchaser to pay on transfer without an expiry - so the worry was that the title deeds could be tied up at the title deeds offices for any length of time until the purchaser decides to take transfer - in which time we would be without pocket and wouldn't be able to sell to anyone else, and it would require the courts to get involved etc.... We insisted on putting an expiry date for the transfer (end of January 2011) ... deal fell through..for the moment anyway

My questions:
- are we/were we being overreactive, considering above-mentioned?
- do the Shakalos Group conduct their business affairs ethically? (is there a history of credibility?)
- as this property is apparently close to a planned golf resort near Limni, does anyone on the forum know anything about this; is it going ahead? When? etc..
- does the price seem fair (12 Euro p/m2), considering that it is unserviced agricultural land, but also that it will be just a few minutes from the planned resort, and also the fact that the Shakalos Group are buying masses of land in that area

Without being greedy, bearing in mind the current economic times and the property stagnation, and that the monies from the potential sale would greatly assist our family at the moment, is it in our interest to hold on in view of what is transpiring in the area.

As we are not physically present to witness any of this, any advice would be most welcome and appreciated.

Regards
John



Nigel Howarth
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Re: Shakalos offer for property in Lysos

Post by Nigel Howarth » 27 Oct 2010 19:30

Hi John and welcome to the forum,

The Shacolas Group is a large organisation here with fingers in many pies including Retail, Distribution & Logistics, Automotive, Telecommunications, Real Estate, Infrastructure.

I suspect that they may be planning to build something in the area - or perhaps they are acting as agents for someone else. I know they are planning the Limni Golf Resort so this 'sniffing around' could be related. Do you know if they have approached anyone else in the area?

I have found something on the Internet "As an integral part to the “golf deal”, these developers and their banking partners, would be allowed to build luxurious resorts the size of small cities like the Limni Mines project, which shall offer over 1000 homes for sale"

As for land prices, Google - lysos land for sale cyprus - There is an agricultural plot 1673(m²) being advertised for €256,000. Whether they will get this much for the land is questionable, but at least it gives you some idea of what people are selling for.

Regards,


Nigel Howarth
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John of Ark
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Joined: 27 Oct 2010 09:07

Re: Shakalos offer for property in Lysos

Post by John of Ark » 28 Oct 2010 11:48

Hi Nigel

Thank you for your welcome and prompt response.

Not only have they approached others, but they have bought vast extracts of land in the immidiate area, one of 90 000m2 directly across from our property.
The example of the plot for sale you cited is probably located in heart of the village, as opposed to our said property which is on the outskirts, which is why, i think, is priced the way it is.

Do you perhaps know whether there is a spatial development framework for the Polis/Lysos/NW Cyprus area?

Talk is that the new road linking Lysos to Polis is back on track with government effort to create employment - can you confirm this? If so, when so?
If there are any related websites that could assist with above-mentioned, kindly let me know.

Thanking you in advance.
John



Nigel Howarth
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Re: Shakalos offer for property in Lysos

Post by Nigel Howarth » 28 Oct 2010 12:41

Hi John,

It sounds as if something is going to happen in the area!

The Paphos/Polis road is still being discussed and I have found a route for the road although I do not know how accurate it is:

Image

There probably is a plan somewhere for what is planned for the area. There is also a Lysos 'Emigrants' Association' - see http://www.lyssos.org.cy/english/emigrants.shtml - it maybe worthwhile making contact with them (unfortunately there is no email address).

Regards,


Nigel Howarth
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global_property
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Joined: 28 Oct 2010 13:29

Re: Shakalos offer for property in Lysos

Post by global_property » 31 Oct 2010 20:40

But i think your property deserve much more money as it has amazing location with very huge area.

(Advertising removed)



Pantheman
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Re: Shakalos offer for property in Lysos

Post by Pantheman » 23 Nov 2010 16:51

John of Ark wrote:Greetings to all on the forum

My name is John and i'm from South Africa, 1st generation of Cypriot descent.

We are fortunate in that we have inherited some properties in Lysos from my mother.

We have recently been approached by a representative for the Shakalos Group who wish to purchase on of our properties in the village - agriculturally zoned with no services measuring 27 425m2.
At first, they offered us a gross amount of 216 000 Euros, after some negotiations we were about to sign the deal on 330 000 Euros (less of course the CGT and an agents commission of 15 000 Euros).

The deal never transpired, because at the 11th hour, after the agent attempted to rush for signature, my uncle who is vacationaing there took the contract to a lawyer, who was uncomfortable with the fact that there is some wording in the contract that entitles the new purchaser to pay on transfer without an expiry - so the worry was that the title deeds could be tied up at the title deeds offices for any length of time until the purchaser decides to take transfer - in which time we would be without pocket and wouldn't be able to sell to anyone else, and it would require the courts to get involved etc.... We insisted on putting an expiry date for the transfer (end of January 2011) ... deal fell through..for the moment anyway

My questions:
- are we/were we being overreactive, considering above-mentioned?
- do the Shakalos Group conduct their business affairs ethically? (is there a history of credibility?)
- as this property is apparently close to a planned golf resort near Limni, does anyone on the forum know anything about this; is it going ahead? When? etc..
- does the price seem fair (12 Euro p/m2), considering that it is unserviced agricultural land, but also that it will be just a few minutes from the planned resort, and also the fact that the Shakalos Group are buying masses of land in that area

Without being greedy, bearing in mind the current economic times and the property stagnation, and that the monies from the potential sale would greatly assist our family at the moment, is it in our interest to hold on in view of what is transpiring in the area.

As we are not physically present to witness any of this, any advice would be most welcome and appreciated.

Regards
John
Hello John,

First of all, Shakolas is no 2 bit company, extremely rich and has many franchises within Cyprus and elsewhere.

What they were doing to you, is getting an 'option' from you to purchase your land. This is a popular way of tieing land up so no one else can get it until a. you are ready to buy it or b. you have another buyer to flip it.

If Mr Shakolas was after your land, you can bet your bottom dollar something is going to happen. Further, when these companys buy up masses of land, they can apply to the government to change zoning and to get relaxation in order to build things that you and I cannot. If they have enough land mass (and connections ;) ), anything is possible.

The value of your land has a number of variables and is not easy to place a value just by the number of metres quoted. The land plot Nigel mentioned, is probably a residential plot and not agricultural like yours. If you really wanted to get a value from which to work from, get a bona fide valuation done. Ontop of that add the fact that you know they want it or be a thorn in their sides, or, let them make the investment and hey presto! you land is worth a shed load more.

If you are in no hurry to sell, I would wait it out because you may regret selling it later, when you know you could have had 3 or 4 times more.

Whatever you decide good luck to you, but remember, shakolas is big business.

Regards

Pan


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1cyprusproperty
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Joined: 30 Mar 2011 12:18

Re: Shakalos offer for property in Lysos

Post by 1cyprusproperty » 31 Mar 2011 16:50

I personally would hold on to the land until the courses are complete as I am familiar with the project. The rough completion date will be middle to late 2012 possibly extending in to early 2013, due to the fact that they have forged ahead on the groundwork. There is no doubt they have pushed the boundaries a little further than some companies would have, but I cant say that they are devious neither. Anyone who owns decent land in the area may be surpised at what it will be worth within a year of the completion of both courses! My tip is hold on and wait, you will not be dissapointed as this project is without doubt the best in Cyprus but also world class as a golf development.

Should anyone wish to donate some land here to me then please let me know asap. Alternatively if you have land in the region close to the courses with title deeds i would be pleased to feature it on my website if you wish to sell (only with title deeds) For a summary of the course please visit the link below there is also a rough simulated video of the new courses.



Pantheman
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Re: Shakalos offer for property in Lysos

Post by Pantheman » 01 Apr 2011 16:42

1cyprusproperty wrote:I personally would hold on to the land until the courses are complete as I am familiar with the project. The rough completion date will be middle to late 2012 possibly extending in to early 2013, due to the fact that they have forged ahead on the groundwork. There is no doubt they have pushed the boundaries a little further than some companies would have, but I cant say that they are devious neither. Anyone who owns decent land in the area may be surpised at what it will be worth within a year of the completion of both courses! My tip is hold on and wait, you will not be dissapointed as this project is without doubt the best in Cyprus but also world class as a golf development.

Should anyone wish to donate some land here to me then please let me know asap. Alternatively if you have land in the region close to the courses with title deeds i would be pleased to feature it on my website if you wish to sell (only with title deeds) For a summary of the course please visit the link below there is also a rough simulated video of the new courses.
Please email me your link and tell me who you are. Obviously you are in property!!!

Cheers

Oh and btw, whats the name of this project thats going up??


For all your property needs, we offer Trust, Integrity, Honesty.
FSB Properties Ltd
Registered and Licensed Real Estate Company Co. Reg. No. 795, Lic. No. 250/E
Member of ETEK Registration No. A201999
https://fsbproperties.com

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