Chinese investors acquired a plot of land of 32,271 squaremeters. in the Tsiflikudiya area in Limassol north of Limassol Marina worth €30 million with the Bank of Cyprus. Specific property was transferred duringthe restructuring of loans to Laiko Group. Four adjacent land plots with atotal area of 32,271 sq. m. are involved in the transaction, wheremulti-purpose construction is planned. Most of the property (31,171 sq. M) islocated in the residential area, and a smaller part (11,100 sq. M) is in thecommercial area.
This rectangular piece of land starts from FranklinRoosevelt Avenue (next to the Lidl supermarket) and extends almost to the seain the Carnaggio area. The initial selling price was 33 million euros.
The project will include three multi-story towers - 35floors - of commercial and entertainment buildings. Due to the fact thatdevelopment in the eastern part of the Karnaggio region has reached its limit,investment activity now seems to be aimed at the one that has passed to Chineseinvestors and not only. Construction work has already been announced for theLimassol Blu Marine project, which will also include three multi-story towers.In addition, the area between Limassol Marina and the New Port also has severalother industrial sites located in first-class territory.
The revised plan of the city center of the city, which iscurrently being developed by the municipal council, will play a decisive rolein the development of this area, since it includes the Karnaggio area throughwhich the city will be associated with new construction in western Limassol.