- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Larnaca project sold to Russian investors

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.