A new grand development in the Nicosia suburb of Engomi is on its way following a recent agreement between the Real Estate Management Unit of Bank of Cyprus and a foreign investor. It will probably be a residential one, Phileleftheros reports.
The deal is at the estimated value of €4,430,000 and near Hilton Hotel, Engomi area, with the new owner likely to go ahead with a luxury residential development.
The property is located on the corner of Agamemnonos and Achaeon streets with a facade totalling 172 metres and an overall area of 3,280 sq.m. It is just 50 metres west of the Hilton Hotel with easy access to Griva Dhigenis Avenue.
The property falls under two town planning zones, specifically, in the commercial zone E3 (1509sqm) with a maximum building density of 160% and a land cover rate of 50% on 6 floors and 24/20,4 meters height.
Also, in the residential area of K6 (1771sqm) with a maximum 90% building density coefficient and 50% land cover coefficient on 2 floors and 10/8.30 meters height.
This specific area in Engomi has attracted a number of developments as well as infrastructure buildings such as that of the Cyprus Football Organisation, Land Registry of Nicosia and Engomi’s Town Hall.
The area has also recorded strong growth in recent years, mainly due to development in commercial use of real estate such as universities along with their campuses, supermarkets, cafes and hotels.
In addition, another major development is on the cards near where the headquarters Michael’s Automotives Ltd are today. This provides for three eight-storey residential buildings with shops underneath mainly to offer student accommodation.
The proposed development, called Orion, will include a total of 450 apartments and 15 shops/stores. And on an adjacent plot of property the plan is for the construction of two high-rise complexes providing for a total of 86 apartments.
There is plenty of real estate available in the area, both from REMU and other sources, and the feeling is that more and more development will take place as the two universities there expand.
By Evagoras Procopiou