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In a transaction valued at €132 million, Columbia Group has acquired the Venus Rock Resort, also known as Secret Valley, from the Bank of Cyprus — the largest single property deal in the island’s history. This milestone marks a turning point for Cyprus’ property market and signals the launch of an ambitious transformation of Secret Valley into a world-class luxury tourism destination.
A Record-Breaking Sale and a Strategic Vision Finalised on 30 June 2025 after four months of negotiations, the acquisition was made through the Bank’s real estate management division, REMU. For the Bank of Cyprus, this is the biggest single asset disposal in its history — offloading a long-held, capital-intensive property and freeing up resources for its core banking operations.
Industry analysts say the deal also demonstrates the market’s capacity to absorb projects of this magnitude, something that was deemed impossible just a few years ago. For Columbia Group, this is far more than an investment — it is a strategic commitment to expand its footprint in Cyprus’ premium tourism and high-end property sectors.
Anna Sofroniou, Director of REMU, emphasised that Columbia brought more than capital to the table: “They have a vision to create a lasting legacy — a development that will deliver long-term benefits for Cyprus.”
Columbia’s track record supports this ambition. The Group already operates the award-winning five-star Columbia Beach Resort in Pissouri, and plans to bring that same level of excellence to Secret Valley, positioning it among Europe’s leading resort destinations.
Transforming Secret Valley Stretching across some 5 million m², with 850 metres of beachfront, Secret Valley is one of the largest coastal land holdings in Cyprus and the Eastern Mediterranean. Ideally located between Limassol and Paphos and just minutes from Paphos International Airport, the site already features an 18-hole golf course and has approved permits for various development phases.
Columbia Group’s masterplan is to turn this vast estate into a modern, multi-faceted resort, with key elements including:
- A five-star hotel and beach club with panoramic sea views and top-tier guest services.
- Around 3,000 premium residences — villas and apartments offering privacy, sea views and lush green surroundings.
- A second 18-hole golf course to cement the area’s status as a premier golfing destination.
- A boutique marina to attract yachting enthusiasts.
- A vibrant commercial and leisure district with shops, restaurants, sports and entertainment facilities.
- Essential infrastructure such as a desalination plant, ensuring water self-sufficiency.
The total investment is expected to exceed €1 billion, with an additional €1.5 billion projected from related projects and contractors. The development is set to create a significant number of jobs and stimulate the local economy.
According to Columbia’s Executive Chairman Heinrich Schoeller, the aim is not simply to build at scale, but to create “a flagship example of sustainable development — preserving Cyprus’ character while meeting world-class standards of quality and environmental responsibility.” The project will weave Cypriot culture and nature into every aspect, appealing to affluent tourists and discerning property buyers while delivering enduring value for the island’s economy and community.
A Market-Shaping Transaction The Venus Rock sale is a clear sign of maturity in the Cypriot property market. Just days before this deal, the Bank of Cyprus sold another major asset — the Neapolis Smart Eco City — to international investor Exness, bringing the combined value of the two transactions to over €200 million in a single month.
For REMU, this is the volume it would typically take a year to achieve, and the sales have cut the Bank’s property portfolio to €445 million, down from €836 million a year earlier. This rapid reduction of non-core assets supports its strategic focus on core banking services.
For Paphos, the transformation of Secret Valley promises an influx of investment and new employment, with knock-on benefits across construction, retail and tourism. The expansion of high-end resort offerings will also strengthen Cyprus’ positioning as a premium destination. Importantly, the project is led by a Cypriot group with international experience, ensuring both the economic gains and the expertise remain anchored in the country.
About Columbia Group Headquartered in Limassol, Columbia Group is one of Cyprus’ largest and most diversified business groups, with a history spanning over four decades. Founded by German-born entrepreneur Heinrich Schoeller in 1978 with Columbia Shipmanagement, the Group has grown into a powerhouse across multiple sectors:
- Maritime and Fleet Management – Columbia Shipmanagement is a global leader, managing over 300 vessels worldwide with operations in more than 25 countries.
- Hospitality – The flagship Columbia Beach Resort in Pissouri is among Cyprus’ most recognised luxury hotels.
- Restaurants and Entertainment – Columbia Restaurants operates more than 15 dining concepts, from fine dining to casual eateries, including international brands and original concepts.
- Real Estate and Development – Through Columbia Development and Schoeller Holdings, the Group focuses on high-end residential and resort projects with an emphasis on sustainability.
The Group’s strategy is one of balanced diversification and cautious expansion, choosing projects with long-term potential and integrating local culture with international standards. Initiatives such as the Columbia Hotel Academy in Pissouri underscore its commitment to excellence and raising service standards in Cyprus.
Looking ahead, the development of Venus Rock is set to be the Group’s largest investment project to date — a cornerstone in its mission to combine hospitality, real estate, and innovation to enhance Cyprus’ profile on the world stage.
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