Limassol municipality and the Land Development Corporation (KOAG) reached an official agreement on Thursday regarding the establishment of the largest housing project ever undertaken in Cyprus, worth €100 million.
Cypriots who own land in non-military areas inside the British Bases will be able to sell or develop their properties, following a milestone agreement between Cyprus and the UK.
A 71.7 metre tall, 16-storey tower called 'Mandarin Park' comprising a mixed development of commercial and residential properties is to be built in the Germasogia area of Limassol.
Heavy rain has accelerated the land slippage on a doomed development in Tala, which consists of four apartments, two villas and eight townhouses; the developer has provided alternative properties.
With Limassol's seafront peppered with luxury towers and new developments, there is almost no room for new projects, so investors are heading outwards while eyeing the area between the new marina and the old port.
Property developers consider that the construction of high rise developments is at risk as a new law requires comprehensive environmental studies to be submitted, which will lead to long delays.
Contract for the construction of the Limassol 'Icon' has been signed between the Imperio Group of Companies and Iacovou Brothers and is expected to be delivered by December 2020.
Locals fear for the future of Coral Bay if developer's plans to build next to the blue-flagged area go ahead following a Government decision to allow a 2005 appeal by Leptos developers.
The competition process to develop Larnaca marina and port have been delayed yet again – this time by extensions to the tender document placing a ceiling on the annual tonnage that can be handled by the port.
Following last week's news that applications had been received for ten high-rise developments in Paphos, a 500 strong 'Movement to Save Paphos' group says there is no need for such construction in the District.
