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Larnaca project sold to Russian investors

The land on which the Kimon Phinikoudes project in Larnaca is to be built together with its designs has been sold by the Lefkaritis family to a group of Russian investors for an undisclosed sum.

larnaca projectTHE LEFKARITIS family has sold the Kimon Phinikoudes project in Larnaca, which has an estimated value of €10 million, to Russian investors for an undisclosed sum.

Meetings between the parties concluded last Friday (13th June) with an agreement being signed to purchase the 5,504sqm. plot of land on which the project is to be built plus its original plans.

The plans for the Larnaca beachfront project provide for the construction of a mixed development comprising shops, offices, residential apartments and a luxury boutique hotel.

The original construction cost of the 70 metre high 20 floor project had been estimated to be in the region of €100 million. But its final cost will be determined by its final design and the timeframe for its construction.

The Lefkaritis family has been in talks with prospective investors for several months. However, until this deal was concluded last Friday, it was unclear whether the Kimon Phinikoudes project would be sold in its entirety or whether strategic investors would participate in its implementation and use.

Readers' comments

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  • Even Bigger Sigh says:

    @Big Sigh. You might want to advertise in the Krim Weekly (that’s Krim as in Crimea and not as in criminal). Apparently, there are lots of Russians there in an expansionist mood who are constantly on the lookout for new investment opportunities in other countries.

  • Big sigh says:

    Hi there can anyone help me with list of investors to buy plots of land in Cyprus , we have a large 1/8 share of land with legal title deeds in the village of Ayios Thimathias, near the old airport but on southern side and accessible, we are looking to sell it to either Russian investors or anyone who’s interested in buying it to be honest we just want it one as we live in the UK so its of no use to us so its to be sold, so if anyone could help with interest or Russian or any investors I would be very grateful thank you.

  • @Adrian at 10:33 am – There much legislation and many regulations. The problems are that:

    1. Some people ignore them.
    2. The authorities appear unable or unwilling to enforce them (unless it suits their interests).

  • Deanna says:

    Getting like England; everything owned by foreigners and none by the indigenous population.

  • Chris Edge says:

    “comprising shops, offices, residential apartments and a luxury boutique hotel” … That seems a hell of a lot to fit onto a less-than-one-and-a-half-acre site. Are they building skyscrapers in Cyprus now? That should be good for a laugh.

  • Adrian says:

    Thanks Nigel. I am amazed that the system can be in such a mess with violations left, right and centre when there is such a lot of legislation or is it optional.

  • @Adrian at 10:02 am – The vendor has to provide receipts confirming that IPT and CGT has been paid to the Land Registry before the transfer of a property can take place. Please refer to page 45 of the Department of Lands and Surveys Citizens Charter.

  • Adrian says:

    I was just thinking! I wonder if the authorities did a search to make sure that all taxes and loans were paid before the property could be handed over or is it different rules for some people. It was just a thought!!

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.

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