Chinese investors are planning to construct three 35-storey residential towers in the Karnagio area in Limassol. The mixed-use development will be situated on a land plot of 33,000 square meters where the old LOEL factory was located.
Preliminary plans have been presented to the Limassol Municipality, while further applications for necessary licenses will be submitted following the publication of the Limassol Town Centre Project Plan. The latter is expected to be approved by the Council of Ministers this year.
Should it be approved, this will be the second development in the Karnagio area. Leptos Group is building their own 3-tower project, Blu Marine, nearby.
The three-tower project comprises:
Residential spaces
Commercial spaces
Recreational and leisure spaces
A hotel
Little information on the project details is available at the moment, but the Chinese investors have informed the Limassol Municipality that they wish to include Limassol’s preserved industrial buildings in the area.
Additional sources report that an Indian buyer is interested in the SODAP factory which is also located in the Karnagio area. SODAP’s factory valuation has been estimated at €30 million.
Once developed, this investment project, in combination with the Limassol Centre Project Plan, will lead to a significant upgrade of the Karnagio area which is located between the Limassol Marina and the Limassol Port.
NavInvest Cyprus advises objectively on the technical, commercial and financial risks and returns of an investment in Cyprus, without bias or a hidden agenda. Please feel free to contact us for a confidential assessment of your investment advisory and consultancy needs in Cyprus.
Comments