Petrolina announced on Tuesday the launch of operations for five special-purpose companies established to develop separate phases of the Land of Tomorrow project, according to a filing with the Cyprus Stock Exchange.
The companies are:
- Land of Tomorrow – Residential Towers Ltd (PHL stake: 21%)
- Land of Tomorrow – Ecovillage Ltd (PHL stake: 35%)
- Land of Tomorrow – Resort Ltd (PHL stake: 100%)
- Land of Tomorrow – Boutique Ltd (PHL stake: 100%)
- Land of Tomorrow – Business Hub Ltd (PHL stake: 10%)
According to the announcement, the commencement of operations remains subject to the necessary regulatory approvals and permits.
Diversifying beyond fuel storage
Petrolina said the relocation of its fuel storage facilities to Vasiliko and planning for the former refinery area have supported the group's strategy to diversify its business activities, particularly in property development.
Following an assessment of various development options, the group commissioned internationally renowned architecture firm Foster + Partners to prepare a master plan for the site.
The project, branded Land of Tomorrow, aims to redefine the concept of a contemporary coastal community.
Mixed-use development
The development will transform a former industrial site into a large-scale mixed-use urban destination, combining residential, commercial, leisure and public spaces.
Designed with sustainability in mind, the project will include:
- Residential developments
- Retail and dining areas
- A five-star luxury hotel
- A boutique hotel
- A conference centre
- Office space
- Event venues
- Green areas and public open spaces
- Cultural and entertainment facilities
- Ecologically focused beach areas
Long-term development plan
The master plan covers approximately 300,000 square metres and is expected to be developed in phases over a period of 12 to 15 years.
The first phase is being developed through a strategic partnership between Land of Tomorrow – Residential Towers Ltd, bbf: and Foster + Partners.
Construction is expected to begin in late 2026 or early 2027, with completion targeted for 2028-2029.
