Kishrey Teufa Group, the Shagrauy-Leibovitz company, and Adv. Amir Chen, senior partner at the law firm FBC, announced the establishment of a new entrepreneurial partnership that will focus on real estate and tourism projects on the island. The first stage: The purchase of a 2,000-square-meter plot on the front line to the sea and the newly developing port of Larnaca, where a 19-story luxury tower will be constructed.
The project, named LUMINA MARE, is expected to include 54 residential and tourist units, all with large balconies facing the sea, a commercial floor, a dedicated Lounge Club for residents, and a rooftop pool. The cost of the project is estimated at approximately €40 million, including the land acquisition, planning, permits, and execution. According to them, the project has received all necessary building permits and is expected to begin already this coming summer.
"Extensive Growth Potential in the Cypriot Market"
The new development company will have the following ownership structure: Shagrauy-Leibovitz Group – 50%, Kishrey Teufa – 40.1%, and Adv. Amir Chen – 9.9%. As part of its operations, the company will provide buyers with all necessary property management services throughout the asset’s lifecycle, with an emphasis on combining real estate and tourism value. Additionally, the new company has been granted the option to manage the HORIZON project – a large-scale luxury tower initiative by the Shagrauy-Leibovitz Group, which includes approximately 500 residential units in the area of the new Larnaca port, alongside a spa center, commercial areas, and dining establishments.
Yoram Motai, CEO of Kishrey Teufa, explains: “Kishrey Teufa is working to expand its real estate activity arm, especially in areas where it has a clear tourism advantage. The synergy between the knowledge and capabilities in real estate and tourism that the companies of the new group bring will provide potential buyers with a high-quality and professional solution – both from the real estate and tourism perspectives.”
The connection between the partners is intended to serve as a broad foundation for future activity in the Cypriot market, not limited to a single project. Ari Leibovitz, co-owner of the Shagrauy-Leibovitz Group, adds: “We are pleased with the strategic cooperation with an experienced and professional public company like Kishrey Teufa. Our extensive experience in development and construction, combined with Kishrey Teufa’s tourism and management capabilities, ensures true added value for apartment buyers. We believe this is a partnership that is expected to expand in the near future.”
Adv. Amir Chen, senior partner at FBC and head of the firm’s real estate department, notes: “My joining the initiative is a vote of confidence not only in the first project but also in the group's overall vision – to develop and market high-quality properties with a touristic character. I believe this is a strategic collaboration with significant growth potential in the Cypriot market.”