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25th February 2024
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HomeNewsKey projects underway in Larnaca, Nicosia

Key projects underway in Larnaca, Nicosia

The Cyprus real estate and construction sectors are moving past the demise of the scrapped Citizenship for Investment Programme, turning their attention to the capital and the once neglected coastal town of Larnaca, while Limassol, with its high-rises and cosmopolitan lifestyle is still seeing part of the action.

Larnaca is headed for a major make-over with the €1.2 billion redevelopment of its marina and port soon taking shape, as the consortium awarded the contract, Kition Ocean Holdings is set to launch works on April 1.

Development in the town does not end with the much-awaited port-marina, as a number of projects are sprouting across the district.

Larnaca town is attracting new investments with a number of upscale tourist projects destined on the Dhekelia coastal front, once taken up by fuel and gas storage tanks.

Among the projects ready for completion is the Radisson Beach Resort on the Dhekelia Road, where the Princess used to be.

The Radisson Hotel Group has signed a deal with Larnaca’s Quality Group and SunnySeeker Hotels to have six branded hotels in Cyprus after the first one, the Radisson Blu opened near the port in Larnaca.

Meanwhile, the largest property owner on the Dhekelia coastal front, Petrolina Holdings, is ready to explore project development such as holiday homes or a hotel.

Recently, CSE-listed Petrolina Holdings set up a subsidiary company, Petrolina Bayfront, acquiring three plots from ExxonMobil on the Larnaca-Dhekelia road.

After dismantling their fuel tanks, Petrolina acquired ExxonMobil’s properties through a €30 million deal, which they plan to incorporate in their bayfront property development.

The news was confirmed to the Financial Mirror by a Petrolina Holdings’ senior representative: “PHL estimates that its investment through Petrolina Bayfront Ltd will contribute significantly to its effort to diversify and pursue operations in property development”