16.11.2022
The Limassol Shopping Center is gearing up for a dynamic and multifaceted expansion and renovation following the sale of a portion of the share capital of My Mall to two major international real estate and shopping mall investment firms.
The expansion of My Mall Limassol, which is one of the main gates, which new investors have noticed, will accommodate more shops, restaurants and entertainment venues of Cypriot and international importance.
The major renovation of the shopping center includes, among other things, the expansion of the commercial part, residential development, as well as a complete reconstruction of the interior and exterior spaces.
Recall that in April 2022, before the notice of the merger regarding the acquisition of My Mall Limassol by Dorsel (BAZ) Ltd and Ari Real-Estate (Arena) Investments through Limassol Mall Ltd, it was in the Committee for the Protection of Competition, the transaction was completed in June .
New shops and apartments
At this stage, the designs for the entire extension are in the architectural design phase, with construction scheduled to start in the second half of 2023 and be completed within 18 months from the start date.
In a statement, Andreas Hatzimitsis, CEO and co-owner of My Mall Limassol, noted that the expansion of retail space is estimated at 6,000 sq.m. At the same time, he stressed that a residential complex with a total area of 8000 m2 will be built, which will include about 150-160 apartments, which are expected to satisfy the housing needs of the residents of the area.
Repairs inside and out
“We are at the stage of studying the right to transfer the building factor from the preserved building. At the same time, the investment group is in contact with an architectural firm abroad with the aim of renovating the building that houses the shopping center as an indoor and outdoor space,” said Mr. Hatsimitsis.
The total cost of the reconstruction and expansion of My Mall Limassol is estimated at around 30 million euros, while based on existing schedules, Limassol Mall will be able to welcome its new visitors around the end of 2024 or during the first months of 2025.
