A CYPRIOT STALWART BUILT ON A CLIENT-FIRST APPROACH TO CONSTRUCTION
The Complete Constructor Cyfield Group is Cyprus’s most vertically integrated construction company, its enormous pool of machine and human assets enabling it to execute all project types with the client front and centre Writer: Tom Wadlow | Project Manager: Ryan Gray
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yprus is bouncing back after a turbulent post-economic crash period. The country’s economy is growing at around four percent a year, almost twice the EU average, a trend driven in no small part by a vibrant property market which expanded by six percent in 2018. Indeed, it is estimated that some €8 billion of large-scale construction projects are seeking investors from all around the world. For companies such as Cyfield Group, the present day represents a time of tremendous opportunity. “The economy is now booming again with an increase in the level of construction and industry in all the cities,” comments George Chrysochos, the firm’s CEO.
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CYFIELD GROUP “Our group, having foreseen the change that would ensue following the crisis, designed and produced a new generation of real estate creating completely new projects satisfying current and future needs of more sophisticated investors. “These new projects are modern high-rise buildings, villas and luxury apartments in prime locations offering great views, latest technology, high grade specification and are environmentally friendly. Because of this increase many foreign investors have come back to the island, investing in properties as well as other sectors in the economy – and this momentum is expected to continue for a number of years.” George Chrysochos is a second-generation CEO of his family’s business, inspired to continue the hard work of his parents having been brought up with the firm ever since it
was founded in 1990. Today, Cyfield Group is also completing projects in nearby Greece and in Egypt, its expertise spanning the full spectrum of works, from all kinds of infrastructure and residential to commercial and office builds.
FULLY INTEGRATED, CLIENTDRIVEN The fact it is able to deliver a full spectrum of construction projects owes itself to a fully integrated structure with enormous in-house resources and expertise, what Chrysochos believes stands it apart from others in the field. “The excellent reputation that Cyfield Group enjoys in the market derives from the innovation of its designs, the quality of its construction, the reliability in the delivery of the projects and the transfer of title deeds, as well as its strong financial base,” the CEO adds.
CYFIELD GROUP Established in 1990, Cyfield Group specialises in land development, construction and energy projects, designing, building and marketing quality properties in prime locations across Cyprus, Greece and Egypt. Its contracting division undertakes large schemes such as motorways, dams, bridges, sewerage systems and environmental developments, the company recently branching out into the energy sector with Cyprus’s first private electricity plant. Cyfield employs approximately 600 people, its main client being the Cypriot government, for whom it has become a reliable partner over its near 30-year existence. “Despite the group’s size, it remains a family business, taking a personal interest in each project,” explains Chrysochos. “When dealing with clients, whether they are private individuals, companies or local and government authorities, our approach is always marked by a personal touch in terms of communication and cooperation with each one.” MISSION: To evolve as a leading and pioneering organisation in the southeast Mediterranean. VISION: To build valuable, respectful and long-lasting relationships with our clients, collaborators, personnel and in the community in which we develop, live and work.
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Elval Colour Elval Colour is a leading European coated aluminium and composite panel manufacturer that produces and sells a full range of building envelope products of superior quality using the latest technology. A customer-centric approach accompanies the production and product delivery. More than 98 percent of sales are exported to a total of 70 countries. Elval Colour manufactures and trades a wide range of products and applications, such as etalbond® FR and etalbond® A2 aluminium composite panels for façade, etalbond® and etalbond® d3 d2 d1 for corporate ID, signage and digital printing, Ydoral® and orofe® aluminium coils, sheets and stripes for rain gutters and roofing and Agraphon®, Arypon® special coating systems. In Elval Colour, we are very proud of our fruitful cooperation with globally recognised general building contractor Cyfield Group in a leading project in Cyprus, the 360 Nicosia. Specifically, we offer value added services by assisting in appropriate product specification and selection to best suit the needs of the project, application and design. The 360 Nicosia, the tallest building in Cyprus is dressed with etalbond®A2, the non-combustible aluminium composite panel that allows the freedom of design, combined with superior technological attributes. etalbond®A2 aluminum composite panel, because of its mineral filled core, is rated A2 for incombustibility, s1 for lowest possible smoke emission and d0 for no droplets when the panel is exposed to fire, according to the strictest European Norm EN13501-1. etalbond®A2 can also be utilised successfully wherever fire protection is necessary such as in high-rise buildings, buildings with high visitation/occupancy and buildings of high sensitivity. Elval Colour focuses on research and development as this enables it to improve its products’ technological and quality properties at all times.
The most advanced aluminium composite panel, with non-combustible core for your building façade etalbond® A2 has been tested according to EN 13501-1 and has received a classification of A2 s1 d0 as a panel. It holds many national certifications as part of a façade system and it is ideal for high rise and high sensitivity buildings. etalbond® A2 is designed to be low weight, rigid and perfectly flat, available in many different highly durable colours.
www.elval-colour.com 3rd Km Inofyta Peripheral Rd., 32011, Saint Thomas, Viotia, Greece, tel: +30 22620 53564, fax: +30 22620 53581 • email: firstname.lastname@example.org | follow us:
CYFIELD GROUP “We are vertically integrated which gives us an advantage in terms of cost, quality and turnaround times. This allows us to execute on time, on budget and to the highest standards in a client-first way.” Central to this capability is an unrivalled fleet of machinery, the largest of any operator in Cyprus. From milling machines, excavators and quarry machines to earthworks dumpers and pre-cast concrete equipment, Cyfield can draw on a formidable arsenal of assets collectively worth tens of millions of euros. The last two years alone have seen the company invest €10 million, with another €7 million set to be spent by the early part of 2020. Its busy workshop ensures such equipment is kept in running order, a vital component of the Cyfield setup which keeps downtime to a minimum, further evidence of its client-centric approach to doing business. This relies on skilled engineers,
which prompts Chrysochos to outline the importance of finding and developing skills across the entire organisation. “Because the company and the industry are so busy, it is becoming increasingly difficult to find skilled and experienced personnel – buildings, engineers and other technical people,” the CEO adds. “We have had to find talent from other countries, which can present a challenge as they do not always stay here for the long term. “Once employees are with us, however, we do our best to make sure they stay. We run training programmes and have courses in all sorts of topics, form construction methodologies and machinery controls to contract law. “As a construction company, we have to be very agile and be ready for spikes in demand – for example, two years ago high-rise projects were not happening in Cyprus, and now they are popping up like mushrooms. This means we must develop and build up
“WE ARE VERTICALLY INTEGRATED WHICH GIVES US AN ADVANTAGE IN TERMS OF COST, QUALITY AND TURNAROUND TIMES”
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CYFIELD GROUP the necessary skills quickly, whether it be high-rise or energy, which is our next big focus.” While its people and equipment enable Cyfield to operate as a fully integrated enterprise, Chrysochos also acknowledges the importance of a reliable partner and supplier network. “We are rooted in the construction industry in Cyprus and therefore have deep ties with our partners,” he continues. “While we are vertically integrated and manage a lot in house, we still rely on others to succeed. From banks and insurance companies to subcontractors and equipment suppliers, it is vital to work with the right partners in order to deliver projects successfully. We value skills, quality and loyalty above price.”
BUILDING FOR CYPRUS This approach to business has resulted in 30 years of designing and executing landmark projects across Cyprus. The most iconic of these, according to Chrysochos, is set for completion in late 2019 and located in the capital city, Nicosia, on its most prestigious street. Simply named 360 due to its unmatched views, it is a residential development surrounded by the old town and commercial business district standing at 34 storeys high, the landscape visible for miles in all directions. It is the tallest building in Nicosia. “360 offers a new standard of living and creates a completely new lifestyle,” says Chrysochos. “Some characteristics of the building include smart technology, top quality materials, 24-hour concierge service, security and maintenance, and a whole spa floor with swimming pool, gym and residents club. “Our presence in Nicosia is strong with a large range of villas and urban apartments, all with high quality materials and designs and energy efficiency. Being the capital, and financial and educational centre of Cyprus, the city offers the best and ideal location for 8 | EME Outlook issue 33
investment and the rental needs are expressed by local demand.” Over in Limassol on the south coast, Cyfield has embarked on an altogether different project – the construction of the Limassol Arena, a 15,000-seater football stadium. A project very much in the spotlight thanks to the country’s love of the sport, it is a government-backed scheme costing €33 million euros, due for handover during 2022. “It may be smaller than some of the mega stadiums in Europe, but for Cyprus this is a significant stadium,” Chrysochos says. “It will be fully covered and meet UEFA category four standards, meaning it can host important matches. There will also be a big VIP focus, with around 800 VIP seats set aside.” Nearby is another exciting development and a key strategic shift for Cyfield in the form of the Power Energy Cyprus (PEC) gas power plant in Mari-Vassilikos. The PEC station is expected to be fully operational by March 2022 and will have a capacity of 260 MW. Now fully underway, several key milestones have already been hit, including earthworks and preparation, dykes for diesel tanks with capacity of 8,000 tonnes, and perimeter fencing. As the EPC contractor on the project, Cyfield has also invited three OEMs (General Electric, Siemens and Ansaldo Energia) to tender for the power island equipment procurement and detail engineering. The plant will operate with a new combined cycle technology, with two or three natural gas turbines and one steam turbine. “Power plants are the most complex and sophisticated construction projects,” the CEO explains. “So, we have decided, as ambassadors of development and innovation, to change the economic map on our island, and to become the first private company to produce and market electricity to consumers in Cyprus, through our new efficient power plant.”
SMSP Hometech Ltd SMSP Hometech LTD was founded in 2008 and is an authorised representative agent of Fassa Bortolo S.r.l., one of the leading producer companies of building materials in Europe. Meeting each customer’s individual needs and providing them with a plethora of solutions through a vast range of products is the company’s primary goal and philosophy. We greatly appreciate Cyfield Group’s ongoing trust in our services and are proud to have supplied the products used for the construction of many of their buildings, including 360 Nicosia. We would also like to extend our gratitude towards Fassa Bortolo S.r.l., whose name and products we distribute.
QUALITY BUILDING MATERIALS System for Laying Floor and Wall Coverings
Fassatherm® External Thermal Insulation Composite System
FROM LEADERS TO LEADERS SMSP HOMETECH LTD Mavrommati 56, Lymbia , Cyprus- Tel: +357 99881372 / +357 99681372 Email: email@example.com / Website: www.smsphometech.com
Y.T.M. STAVRIDES LTD is an innovative, full-service electrical contracting company, servicing both in the commercial and the industrial sector of Cyprus for more than two decades. SERVICES 71, Larnacos Avenue, Center Court Building, 1st Floor, Office 101, Cy-2101, Aglantzia, Nicosia, Cyprus www.ytmstavrides.com
• Electrical Installation • Structure Cabling • Building Automation
• Security Systems • Energy Monitoring & Systems • Maintenance Service
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ACTIVITY ABROAD As well as serving its home market in Cyprus, Cyfield Group is active in Egypt and Greece, establishing itself as a reliable operator in both countries.
EGYPT: A big breakthrough came in 2014 when the Egyptian government awarded the company the construction of the Ras Al Ghareb Motorway, a 92-kilometre multi-lane road from al Minya (on the River Nile) towards the Red Sea which was part of a national project to upgrade the country’s infrastructure. Despite facing challenges, Cyfield delivered the project successfully and has since won tenders for a road project in
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Marsa Alam – the construction of a 22-kilometre dual carriage way – including earthworks, pavement layers, health and safety and environmental aspects – on the Red Sea. “Through these successful ventures we have made many friends in Egypt who have also invested in our projects in Cyprus and Greece,” Chrysochos adds. GREECE: Here, loyalty has been rewarded after a painful few years for the country’s building industry. Chrysochos explains: “The past eight years have been extremely challenging with pretty much zero construction activity going on, both in the public and private space. This caused many companies to leave Greece, but we
decided to stay as we had some smaller projects we were doing in order to stay afloat. The last one to two years have seen the industry rise again, mostly in the area of buildings, and at the moment we are constructing around 10 residential developments – the fact we stayed when times were tough has given us an advantage in that we are established in the country.”
Strong on its foundations TELEPHONE: 00357 22570153 FAX 00357 22570156 E-MAIL: firstname.lastname@example.org
The station’s performance will be much higher than the existing one, leading to a significant reduction in the cost of electricity and supplying as much as one third of Cyprus’s electricity needs. “In addition to lowering costs, it will also have multiple benefits for the environment,” Chrysochos continues. “Station emissions will meet European 2020 targets, limiting NOx and SOx emissions below 50 parts per million. “The expected carbon dioxide emissions are estimated to be 50 percent lower than the average current emissions of electricity production in our country. This again has a monetary impact, as the country will save on the hefty fines and tariffs it is paying for CO2 allowances.” PEC will also create new employment positions for 300 people during construction and operation. In the area of renewable energy, Cyfield has also been an active
participant, the company engaged in photovoltaic power plant projects since 2015.
LOOKING AHEAD Expanding capabilities in the area of energy generation is a key priority for Cyfield as Chrysochos and his leadership team gear up for the future. Although plans are afoot to grow its presence in Greece and Egypt, its core focus will remain on Cyprus, the home market representing a sustainable and safe path forwards, especially given the country’s economic revival in recent years. Indeed, the company is ready to deliver on any construction challenge, from high-rise to highway, the CEO full of confidence as he concludes the conversation by reinforcing Cyfield’s commitments to clients and outlining the bright prospects that lie ahead for his country. “No matter what we do and where
we invest, we will never deviate from our core values and stay true to serving our society and the environment we work in, with the utmost respect to our people and all our stakeholders. “Cyprus is one of the safest countries in the world. It is also famous for its hospitality and beauty. It is a European country with a friendly Mediterranean outlook where all visitors are treated with kindness and respect. Its robust and growing economy provides investors with sustainable returns. “Investing in Cyprus has never been easier or safer.”
CYFIELD GROUP Tel: +357-22427230 email@example.com www.cyfieldgroup.com
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CYFIELD GROUP CYFIELD GROUP Cyfield Tower,132 Limassol Avenue, 2015 NICOSIA CYPRUS Tel: +357-22427230 firstname.lastname@example.org www.cyfieldgroup.com PRODUCED BY EME OUTLOOK MAGAZINE
Cyfield Group business brochure - EME Outlook - Issue 33