Insider Business Tsiflikoudia area deal of €30m with Chinese investors

Tsiflikoudia area deal of €30m with Chinese investors

Property in Tsiflikoudia area of ​​Limassol is now in the hands of Chinese investors following a €30 million deal with Bank of Cyprus’ REMU (Real Estate Management Unit). The specific property was taken over by REMU during the restructuring of Laiko Group’s loans and is actually LOEL’s former facilities there.

The transaction involves four adjoining pieces of land totaling 32,271 sq. metres. Most of the property (31,171 sq. metres) falls within a residential zone area while a smaller portion (1,100 sq. metres) is within a commercial zone area. This rectangular piece of land starts from Franklin Roosevelt Avenue (near Lidl supermarket) and stretches almost as far as the sea in Karnagio area.

Most of LOEL’s operations are now carried out at its new industrial facilities in Agios Silas area. REMU had initially set a €33m sale price for the property taken over by the Chinese who seem to have plans for a huge multiple-use development there. It will include three multi-storey towers – 35 floors – of commercial and leisure development. The sold property was registered under the vehicle-company set up by REMU called Nasebia Properties.

With development in the eastern side of the Karnagio area having reached its limits, investment activity now seems to be directed towards the one taken over by the  Chinese investors and not only. Leptos Group has already announced the launch of construction work for the Limassol Blu Marine project which is to also include three multi-storey towers. In addition, a big piece of land in that area is now available for sale by Lanitis Brothers.

The area between Limassol’s marina and the new port also has several other industrial sites sitting on prime location land that may soon change hands if and when investment interest continues. The revised city centre town plan which is currently being drawn up by the Municipal Council will play a crucial role in the development of this area. as it includes the Karnagio area through which the city will be linked to the new development in western Limassol.

 

Read more:

 

https://in-cyprus.com/prime-location-properties-up-for-sale/

 

 

 

 

 

 

 

 

 

 

Top Stories

Twice as many tests in Cyprus than UK per 100k population, 10x that of Holland – report

According to data from the latest report by the Health Ministry's Epidemiological Surveillance Unit, as of June 2, Cyprus has performed 13,734 tests per...

No new Covid-19 cases in Cyprus on Thursday

No new coronavirus cases were reported in Cyprus on Thursday after 1996 tests, in what Health Ministry experts described as "a brilliant result" at...

EU considers broadening scrutiny of foreign investments

The European Union's executive has proposed broadening scrutiny of foreign investments in the bloc, according to a public draft document, part of efforts to...

Wedding industry pleads for rethink on gathering restrictions

The government's decision yesterday to entirely lift the ban on gatherings on September 1 has taken the wedding industry by surprise, with a group...

Fiscal Council urges caution with public funds

    The government should be cautious in channeling public funds until there is clarity concerning the development of the crisis caused by the coronavirus outbreak, ...

Taste

Poulles (Υoung kolokassi)

Either you thrash the coriander seeds in a mortar, without making them into dust, or you gradually crush them in a blender. Remove the edges...

Pork cooked in wine

Crush the coriander seeds in a pestle and mortar or pulse-blend in a blender, taking care not to over-grind. Put the meat in bowl (not...

Lefkaritikos tavas – O ‘protinos’

Wash and dry the meat and rice separately. In a ‘tava’ (oven proof deep clay pot) first put a layer of five-six pieces of meat...

Local cuisine: An introduction

Rich in fresh ingredients and tasty herbs, offers the very best of Mediterranean culinary delights. Head out to a tavern and feast on a...