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Hatton’s Cyprus property dream is over
By Nathan Morley
(archive article - Saturday, 30 May, 2009)
“Most high profile casualty of the Cyprus property crash”
DEREK HATTON’S Morpheus Investments Limited has filed for insolvency - owing creditors nearly £400,000
The company, which was heavily involved with a project to build an 18-hole golf course and over 500 private homes near Larnaca, blamed dire property sales in Cyprus for its demise.
“The problem was, sales have plummeted. But I'm confident about the actual area. Things will improve by this autumn,” Hatton told the Daily Mail.
In addition to residences - a clubhouse, a village square, spa and purpose built function rooms were also being touted as part of the luxury development by Hatton’s company.
It remains unclear whether the winding up of Morpheus, which acted as an agent for the project, will affect the construction of the developments – most of which are still in the building stage.
However, their website, which claims they are “the UK’s leading experts in providing quality Cyprus investment properties,” remains online advertising half a dozen plots on the east coast.
http://www.cyprus-mail.com/cyprus/hatton-s-cyprus-property-dream-over
By Nathan Morley
(archive article - Saturday, 30 May, 2009)
“Most high profile casualty of the Cyprus property crash”
DEREK HATTON’S Morpheus Investments Limited has filed for insolvency - owing creditors nearly £400,000
The company, which was heavily involved with a project to build an 18-hole golf course and over 500 private homes near Larnaca, blamed dire property sales in Cyprus for its demise.
“The problem was, sales have plummeted. But I'm confident about the actual area. Things will improve by this autumn,” Hatton told the Daily Mail.
In addition to residences - a clubhouse, a village square, spa and purpose built function rooms were also being touted as part of the luxury development by Hatton’s company.
It remains unclear whether the winding up of Morpheus, which acted as an agent for the project, will affect the construction of the developments – most of which are still in the building stage.
However, their website, which claims they are “the UK’s leading experts in providing quality Cyprus investment properties,” remains online advertising half a dozen plots on the east coast.
http://www.cyprus-mail.com/cyprus/hatton-s-cyprus-property-dream-over
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