Proposals are invited from interested strategic investors for the leasing of government land for a period of 50 years. They should include the development of real estate, construction and engineering work and property renting and leasing. The final submission date is July 29 2016.

It has taken a long time to come to this stage. The original plan to create a technology park was approved by the then government in February 2006, with the aim of diversifying the economy by turning Cyprus into a centre for software development and hi-tech business. Officials had even talked up the prospect of Microsoft participating in the venture, while internet search engine giant Google had also been mentioned.

The Cabinet approved the framework for the creation and operation ofthe Science and Technology Park in Pentakomo, Limassol in July 2015.

Though Energy Minister Giorgos Lakkotrypis was hoping an invitation to tender would then be issued by September, this hasn’t happened until now.

Lakkotrypis said the costs for the state would be around €3.5m to cover the necessary infrastructure such as roads, water supply, electricity and some expropriations already partially paid.

The total land area set aside is 324,000 square metres and there is no limit to the number of tenants. The space could include university departments, research centres and business incubators.

Source: Cyprus Mail