One of Cyprus’ largest residential projects is moving closer to construction, with a €180 million development planned for Dromolaxia – Meneou in the Larnaca district just minutes southwest of Larnaca International Airport.
The Ring Cyprus is being promoted by Aroundtown Property Holdings PLC, a company with Israeli interests. The project has received planning permission and is awaiting a building permit, Dromolaxia – Meneou mayor Kypros Andronikou told StockWatch.
The proposed development includes 770 luxury apartments and homes, ranging from studios to five-storey residential blocks with one, two and three-bedroom apartments.
Dispute over €500,000 contribution
To secure planning permission, the developer agreed to pay €500,000. However, the government requested that €250,000 go to the Cyprus Land Development Corporation (KOAG), with the remaining amount paid to Dromolaxia – Meneou municipality, citing the relevant regulation.
The arrangement has drawn strong criticism from Mr Andronikou. He argues that the full contribution should go to the municipality, which will be responsible for maintaining the parks and green spaces around the development.
“The formula was based on 20 years of maintenance for the green spaces and parks. What happens after that? Residents will be left with the bill, while the government says it supports the financial and administrative independence of municipalities,” he said.
Mr Andronikou said the municipality would raise the issue again during the building-permit process. It will seek specific facilities in public spaces, including a futsal pitch and a tennis court.
(Futsal is a scaled-down, smaller, less popular variant of football played between two teams of five players each on a court smaller than a football pitch.)
Parks, wellness facilities and 770 homes
The master plan also includes themed parks, children’s playgrounds, wellness centres, restaurants, sports and leisure facilities, and co-working and meeting spaces. Green areas are set to cover 16,000 square metres.
Aroundtown Property Holdings is promoting The Ring Cyprus in partnership with Cyprus-based Prosperity Group and Greece’s Astrea International Properties.
Translated and adapted from an article published by StockWatch
