HomeNews MenuLatest News & UpdatesA 16-storey tower in Germasogeia

A 16-storey tower in Germasogeia

A 16-STOREY tower called “Mandarin Park” is on the cards for Limassol’s Germasogeia area, according to an Environmental Impact Assessment report which also shows that the development is divided into two parts.

The first part is a mixed development for commercial and office use and the second is a modern and luxurious residential tower. Part of existing premises at the location of Mandarin Park, namely the abandoned Maroza Hotel Apartments, will have to be demolished. The project’s owner is Mandarin Park Mediterranean LTD Company and the cost is estimated to be over €16 million.

The 16-storey tower will be 71.7 metres high and have 36 apartments, including an entire floor for its mechanical services, two floors consisting of a fitness centre, spa and swimming pool for private use by the occupants, as well as a roof garden.

The apartments will be studios, two bedroom, three bedroom and a penthouse, designed at the highest standard. The report notes that the integrated development is estimated to accommodate 67 people. The plan also includes a total of 98 underground parking spaces, of which six will be designated for people with disabilities while parking facility for bicycles will also be installed.

The proposed development falls under Limassol Town Planning and is located within the administrative boundaries of the Municipality of Germasogeia. It is on the corner of Vasileos Georgiou I Avenue and Ampelakion Street.  Three other towers – the Marr Tower, the I100 and the Icon – are within a very short distance.

Demolition and construction work is expected to start in 18 months to two years; completion should take at least three years.

© 2020 In-Cyprus.com

RELATED ARTICLES

1 COMMENT

Comments are closed.

Essential Due Diligence

While buying property in Cyprus holds many opportunities, it also comes with risks. Carrying out due diligence before signing a sale agreement is essential to safeguard your investment, avoid legal complications, and ensure peace of mind.

Top Stories

Property Transfer Fees

Transfer fees are charged by the Department of Lands and Surveys (DLS) when the full legal ownership of a property is transferred to the purchaser. (In some cases this process can take many years, causing angst & frustration for buyers.)

EUR - Euro Member Countries
GBP
1.1676
RUB
0.0103
CNY
0.1292
CHF
1.0580

Capital Gains Tax

Capital Gains Tax (CGT) is generally 20% on the taxable gain from selling immovable property - and it can also apply to certain disposals of shares in companies holding real estate on the island, subject to applicable exemptions and deductions.

Elsewhere in Cyprus Property News