InsiderEconomyStrovolos Municipality purchases property from REMU

Strovolos Municipality purchases property from REMU

The Municipality of Strovolos has purchased a property of 1,085 sq.m. directly opposite the Strovolos Town Hall from Remu Company of the Bank of Cyprus. The property, for which Remu had set an indicative sales price of €1,290,000, was sold for €1 million and was covered entirely by a special fund of the Strovolos Municipality.

Speaking to Phileleftheros, Strovolos mayor Andreas Papacharalambous, confirmed the deal and said that the aim is to turn this property into a parking lot to serve the residents and visitors of Strovolos Municipality.

“There are several shops in the area and there is also the Municipal Theater across the street, and this is why we thought it was appropriate to proceed with the purchase of this particular property,” he explained.

The property has a building factor of 160% and a coverage of 50%, which allows for the construction of a building with a maximum height of 24 meters.

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