InsiderBusinessPrime location land for sale at the price of €28.2 million

Prime location land for sale at the price of €28.2 million

Bank of Cyprus’ Real Estate Management Unit has put up for sale the second most expensive property in its portfolio following restructuring of a non-performing loan with a well-known business group.

It is 732,767 square metres of land at Agia Phyla area in coastal Limassol and REMU sells it for €28.2 million.

Specifically, it is 250 metres east of the Limassol-Platres main road and 350 metres south-easterly of private Heritage School within Ca4 zone which has great development potential.

The plot is divided into two other land complexes with the first one consisting of six blocks with a total area of ​​682,264 sqm and the second with a total area of ​​50,503 sqm.

In addition, the property is within walking distance to water, electricity and telecommunication services while its building factor is 10% with the possibility of constructing two floors of a total height of seven meters.

It has property titles but VAT is not included in the price and the bidding procedure’s deadline is December 16, 2019.

The area is ideal for major developments such as a university, college, private hospital and/or medical centre, theme park and sports venue. And even for tourism development but under conditions.

Based on Bank of Cyprus’ results for the second half of 2019, REMU sold 1,284 total properties worth €1.02 billion from January 2016 to the second half of 2019 while the total number of properties owned by the unit during the six-month period under review amounted to 3,254 with an overall value of €1.5 billion.

The most expensive house is €9.7m and is also located in the Limassol area – in the village of Pyrgos with a total area of ​​1,095 sq.m.

Another property for sale is a luxury house worth €5.13m in Strovolos area, as well as various other plots of land all around Cyprus.

By George Pyrishis

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