Larnaca’s Metropolis Mall should be in operation by end of 2020 or April 2021 the latest and will include brands available for the first time in Cyprus, according to general manager Demetris Thoma.
Thoma also said that the very tight construction timetable is feasible because works will be carried out at one level only and can simultaneously take place at two sides.
The owners secured the necessary licences last week with only some procedural issues regarding the road network still pending. Works are set to begin today.
South African development company Acsion Ltd is behind the 40,000 square metre shopping centre whose construction is in the hands of “Iacovou Brothers”.
Acsion Ltd was founded by Greek origin Kyriacos Anastasiades and the Metropolis Mall will be his first investment outside the African country.
Thoma made clear that no delay because of financial issues is anticipated since Acsion Group’s own funds and not a bank loan is behind the project.
The investment is viewed positively with expectations of double-digit returns and this also includes the difference in the exchange rate between the euro and the South African currency.
The general manager believes the location of the shopping centre – near the GSZ stadium – is probably its biggest advantage since it is in a residential area. This means that a significant number of visitors could go there by foot. “It is a positive aspect, a conclusion we have reached from similar developments in South Africa,” he said.
In addition, the construction of roundabouts will make entry and exit from the mall much easier, he added.