Insider Business New grand development in Engomi on the way

New grand development in Engomi on the way

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

 

Read more:

https://in-cyprus.com/orion-two-new-towers-next-to-hilton-park/

 

 

 

Top Stories

‘Sailors do not need to die,’ warns captain of coronavirus-hit U.S. aircraft carrier

The captain of the U.S. aircraft carrier Theodore Roosevelt, in a blunt letter, has called on Navy leadership for stronger measures to save the...

Seven fined €150 to €450 for breaking Covid-19 decree

Famagusta district court on Tuesday handed down fines of between €150 and €450 to seven individuals for violating decrees to contain the spread of...

CBC calls for swift credit to “avoid credit crunch” due to Covid-19

The Central Bank of Cyprus in a circular issued on Tuesday called on Cypriot banks to provide swift credit to companies, self-employed persons and...

First batch of China-donated supplies arrives in Cyprus

Ambassador of China to Cyprus Huang Xingyuan has announced the arrival of the first batch of China-donated medical supplies to Cyprus. Huang Xingyuan said in...

Cyprus embassy in Madrid in contact with 30 Cypriots living in Spain

The Embassy of Cyprus in Madrid is in contact with around 30 Cypriots in Spain, mainly students as well as their families in Cyprus,...

Taste

Village olive pie

Mix the yeast with the lukewarm water and put it aside for about 12-15 minutes to settle.  Sift the flour with the salt into...

Skordalia (Garlic paste)

Rinse the potatoes and place, unpeeled, in a saucepan. Cover with water, add salt and allow to simmer for 20-30 minutes until soft. Drain,...

Village salad

A must-have with every meal is a village salad. You will find it in every tavern or greek restaurant you visit in Cyprus. Make...

Courgettes with eggs

Heat the oil in a frying pan and fry the courgettes at a medium heat until they soften. Add salt and add the eggs....