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New development for Phinikoudes

Larnaca municipality sold off the land formerly housing the town hall for €5 million to 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.

According to a statement, Larnaca Mayor Andreas Louroutjiatis said: “This is a very important investment that will give Larnaca a new lease of life at a critical period for the Cypriot economy.”

“The potential of this particular investment proves that Larnaca has the capability of attracting serious and reliable foreign investments that contribute towards creating a positive business climate for financial development and creating new jobs,” he added.

Lanomex, a Russian company, said they would also rejuvenate some public areas surrounding the development at a cost of €1.2 million and has received planning and building permits, the Cyprus News Agency reported.

The agreement follows a Cabinet approval.

Cyprus Mail

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About Sophia Söderholm 2666 Articles
At the age of ten Sophia moved from Sweden in 1998 and has since lived in several locations around the world including Spain, and has been residing in North Cyprus for four years now. Her educational background is in marketing, hotel management and real estate, and she now works as a real estate agent and is editor in chief for New Cyprus Magazine. If you any questions for Sophia, please write to: sophia@newcyprusmagazine.com.