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Wednesday, May 22, 2024

A development of almost €1 billion is being prepared in Limassol

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The project is located in Agia Phyla and includes a private school, a rehabilitation center and a business park

Αναπτυξη σχεδν €1 δισ. ε&tau ;οιμàζεται στη Λεμεσò

Phase A is expected to be completed in 2025 while Phase B which will be implemented gradually will be completed in 2039.

A major development is coming to Agia Phyla in Limassol, provided it receives the approval of the Environmental Authority. An Environmental Impact Assessment Study (EIA) has already been submitted and will be in public consultation until June 23. It is a project of the company ROFENO PROPERTIES LIMITED with a preliminary cost of 856 million euros.

The proposed Spatial Plan will cover an area of ​​land of 949,916 m2, with a total buildable area (building factor) of 350,785 m2 and will include the following main uses:

• Private School
• Medical Institution – European Branded Rehabilitation Center which will
support a series of Assisted Living Units
• Research and Innovation Center
• Business Park
• Sports Facilities – Organized Multi-Activity Sports Center, Single development).

For these developments, similar applications will be submitted to secure a planning permit and a building permit.

Ανàπτυξη σχεδν €1 δισ. ετοιμαζεται στη Λεμεσò

The schedules

The Implementation Phases are based on several parameters, the most important of which are the License Terms (unknown at this stage – as will be discussed with the authorities after the submission), as well as the speed of sales.
The Implementation Program of the Project is estimated to consist of the following 2 main
Phases.

Phase A

• 50% of the Business Park
• 50 % of School
• 50% R&D Research Facility (incl. Medical Center)
• 50% Sports Facilities
• Residential Phases 1-4

Phase B

• Extensions of other uses
• Residential Phases 5-8

Regarding the construction schedule, it is expected that Phase A will be completed in 2025 while Phase B which will be implemented gradually will be completed in 2039. As for the school, it will be constructed in two phases, with the first expected to be completed by September 2024.

As described in the MEEP, the development creates a mixed-use environment that will consist of world-class educational facilities, leading business park infrastructure aimed at creating a successful innovation environment, all integrated into a unified and integrated residential development surrounded by green parks and supporting social, recreational and spatial infrastructure.

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Source: www.kathimerini.com.cy

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