Major investment projects in Cyprus: new shopping malls, hotels and residential complexes

27.08.2024

 

This year, a significant number of investment projects have been implemented in Cyprus, which have received permits from the Environmental Protection Authority. These include the construction of commercial centers, hotels, hospitals, as well as residential and office buildings. These investments, together with the existing projects, confirm the dynamic development of the Cyprus economy and its status as an attractive investment destination. The influx of large foreign companies seeking to expand their operations on the island is proof of this.

 

The Mall of Limassol

One of the significant projects is the construction of the shopping and entertainment center “The Mall of Limassol , sold by Atterbury Europe in the municipality of Mesa Yeitonia . The total development area will be 31,181 sq.m. , of which 5,228 sq.m. will be allocated for the creation of public green areas and social facilities. The project includes several floors, a basement, a ground floor, a mezzanine, two above-ground floors and a roof. The center will include more than 50 stores, a hypermarket, a cinema, a children’s playground, an organized food court, as well as more than 1,000 parking spaces, etc.

 

Limassol Mall

Another major project is “ Limassol Mall ”, the construction of which will begin in the municipality of Agios Athanasios . The shopping center will include an underground and several above-ground levels with a total leasable area of 28,434 sq.m. The total covered area of the complex will be up to 76,392 sq.m. (including underground parking). The complex will house about 90 stores, restaurants, cafes, a five-screen cinema, a children’s playground, a food court and more than 1,200 parking spaces.

 

Hypermarket ” Alfamega ” in Paralimni

Alfamega hypermarket will be built in Paralimni , comprising a four-storey building with underground parking for 53 cars and above-ground parking for 53 cars. The project is located within the administrative boundaries of the Municipality of Paralimni on plots with a total area of 5,810 sq.m. The building will house various retail outlets, including meat and fish departments, a café and a restaurant, restaurant dining areas and utility rooms.

 

Restoration of the Berengaria Hotel

A landmark project will be the restoration of the historic Berengaria Hotel in Protaras by Limadino . The project includes not only the restoration of the hotel itself, but also the creation of a residential complex, the construction of new houses and multi-storey buildings. The project will also include green areas and public spaces. The estimated cost of construction is 40 million euros.

 

Tree Hotel

In the village of Pano Platres is planning to build and open the hotel ” Tree” Hotel “with 134 rooms. The complex will consist of a main building with an area of 4,816 sq.m. and 67 guest houses with a total area of 2,568.2 sq.m. , which will be scattered throughout the development area. The main building will house a reception area, a restaurant, a lounge bar, a spa , a yoga studio, an indoor pool, multifunctional areas and underground parking spaces. In addition, 67 separate houses will be built, which will harmoniously fit into the natural environment.

 

Hotel, snack bar and mini market in Kritou Terra

The existing stone building in the village of Kritou Terra will be converted into a small hotel with 6 rooms, a snack bar and a mini market . The project also includes the construction of a new two-story building, which will be connected to the main house via an air bridge. The lower part of the new building will house a mini market , and the upper level will house a snack bar.

 

Tourist complex in Kritou Terra

In Kritou Terra, DL THEA HOTELS LTD is planning to build a tourist complex with nine dormitories, designed for 30 guests. The project will be built in two blocks and will include indoor and outdoor spaces. The complex will include indoor and outdoor spaces for recreation and accommodation.

 

Limassol Greens Golf Resort

This organized residential development of the golf course under construction and other associated facilities is the property of Lanitis Golf Public Co Ltd in the village of Cherkez Tsiflik , Limassol district . As part of the Limassol project Greens Golf Resort is planned to build three six-storey buildings with residential apartments. The project will be implemented on plot “B”, which is part of the development of ” Limassol Greens Golf Resort » and has a total area of 25,394.7 sq.m. The complex will include 42 apartments with two and three bedrooms in each building, underground parking spaces, green areas and swimming pools. The complex is designed to accommodate 414 people. The height of each building will be about 22 meters, and its area will be about 8,021 sq.m. , including the basement. The height of the basement will be 3.0 and 3.3 meters.

 

Villas by the sea in Peyia

In the Coral Bay ( Peyia ) area, Barzelia is building 30 two-storey villas. Eleven of the villas will have private pools and five more will have underground spaces. The complex also includes two common areas with pools, a bar and a children’s playground. The project covers an area of 15,887 sq.m. The estimated cost of the project is 20 million euros, and its implementation period is estimated at 24 months after obtaining the necessary permits.

 

Metropolitan Private Hospital

the Metropolitan , will be built in Mesogi , Paphos , including dialysis units, intensive care units, operating theatres, diagnostic departments and laboratories. The Metropolitan Private Hospital will consist of a private hospital, two buildings and an office building. The project is valued at €35 million and will be completed within two years, once permits have been received.

 

Iasio Hospital

The construction of a private hospital ” Iasio ” is planned in Kato Polemidia , which will include 3 operating rooms, 12 patient rooms and other medical facilities. The built-up area of the project is 1950 sq.m. The construction will take about 18 months, and the budget of the project is €4 million.

 

Gynecology/obstetrics clinic with artificial insemination department

The construction of a new clinic is planned, including five floors with a maternity ward, operating rooms and artificial insemination laboratories. The project will be built in two blocks with a total area of 1,142 sq. m . On the first floor there is the main entrance with a recreation and reception area, a polyclinic, and a small cafeteria. The mezzanine contains all the rooms of the auxiliary personnel, storage rooms and medical equipment. On the second floor there are maternity wards with a preparation area, an obstetric and two delivery rooms, a neonatal department and a septic surgery. There are also operating rooms with changing rooms and a resuscitation and sterilization department. On the third and fourth floors there will be nine single rooms and an isolation ward. The artificial reproduction department is located on the fifth floor.

 

The Great Ocean Building

Multi-storey office complex “The Great Ocean Building ” will be built in the area of Tsiflikoudia , Limassol . The project belongs to the company Great Ocean Investments Ltd. The area of the plot proposed for development is 2,313 sq.m. The building will be 80.9 meters high and will include 21 above-ground floors and one underground level. The underground part will house technical and storage facilities, as well as 24 parking spaces. The building will have six floors for parking, office space on 12 floors, a cafe and a gym.

 

Global Office Building Tower

Project ” Global Tower ” in Germasogeia ( Limassol ) will include eight floors and one underground level with parking spaces. The building will house office and commercial premises, as well as a roof garden. The height of the building will be approximately 29 meters. The total development area (including indoor and outdoor areas) is 4,753 sq.m.

 

Office complex in Larnaca

Quince Company Properties is investing €3.5 million in an office building in Livadia ( Larnaca ). The 54.2-metre-tall building with a total floor area of 335 square metres will consist of 12 floors, with office space on floors 5–11. Construction is expected to be completed in 24 months, once permits are obtained.

 

Office building in Agios Athanasios

In the Agios area A 10-storey office building will be built on Athanasios , and next to it – a parking complex with an underground and four above-ground levels. The development area will be 6,000 sq.m.

 

Multifunctional complex in Kato Polemidia

Project of Iskario company Trading in Kato Polemidia involves the construction of a mixed-use development comprising office and residential premises. The two identical buildings will include underground parking, nine floors above ground with offices and apartments. The project is estimated to cost €36.6 million, and construction is set to begin in September 2025 and last 30 months.

 

Multi-storey buildings in Paphos

Prospecta Company Homes Services in Paphos will build four multi-storey buildings with 15 levels, including two underground floors for parking. The 60-metre-high complex will include shops, offices, a gym and rooftop swimming pools. A plot of 1,231.8 sq.m. will be provided for the implementation of the development for public green spaces. The total development area of the buildings will be 3,253 sq.m.

 

Multi-storey building in Larnaca

In Larnaca , LEGAFER INVESTMENTS LIMITED will build an 11-storey building “BEST WESTERN ZENON”. The multi-storey residential building with a total height of approximately 42.4 meters will consist of six floors of residential apartments, one technical floor, one floor of health services, three floors of parking spaces and a roof garden. The proposed complex will occupy an area of 787 sq.m. o. The site is currently used as a car park.

 

Luxury Villas in Peyia

Carducci Company Estate is implementing the construction of 19 villas in Peyia with private pools. The total construction area will be 11,015 sq.m. , the area of the residential units is 1,750 sq.m. , and the cost of the project is €4 million. The residential units will be built on a total of three levels. Each villa will have a swimming pool and a green area outside, and in the basement of each villa there will be a parking space.

 

Text based on materials from www.inbusinessnews.reporter.com.cy.com, photo by pixabay.com