A LEBANESE investor who has purchased land worth €3.5m in Larnaca on Tuesday announced plans to invest a further €15m to build luxury apartments on the site.
Yussef Kanaan, who represents investors from Lebanon, said within the week he expects to submit the architectural plans to get a building permit.
“We think Cyprus is a very good place for investment, especially the city of Larnaca. We want to start construction by June,” Kanaan told state broadcaster CyBC. He added that they will hire local contractors for the job.
He also said that the close proximity of Larnaca to Lebanon, twenty minutes by plane, makes the town an attractive destination for Lebanese people.
Larnaca deputy mayor Petros Christodoulou welcomed the move and said that investments in the tourism sector are among the priorities of the town.
Last year, the Larnaca municipality sold off the land formerly housing the town hall for €5 million to Russian Lanomex Development Ltd which plans to construct a luxury five-star hotel, a shopping complex, apartments, offices and recreational and leisure developments in the Phinikoudes area.