Saturation of the seafront has not decreased investor interest in development projects, as they are currently seeking land to the west of the centre. High-rise projects worth hundreds of millions are in the pipeline, ready to alter the face of western Limassol
One of the areas where major projects are earmarked is Karnagio near the Limassol Marina.
Already groundwork has been made for the Limassol Marine Blu, the flagship project of the Leptos Group, poised to become the ‘New European Riviera’. Leptos have announced that they will construct a ‘Mediterranean destination with a high quality of life’.
Some 330 metres from the Marina, the Limassol Marine Blu waterfront project will be composed of two towers of 33 and 29 stories with 247 luxurious apartments.
Residents will enjoy “5-star services, beautifully landscaped gardens and green areas, an elevated 50-metre-long outdoor pool, a 25-metre long indoor heated pool, a spacious spa, a gym and a bistro with endless views of the Absolute Blue of the Mediterranean,” reads the Leptos brochure.
Meanwhile, Chinese investors have bought part of the old LOEL wine factory and plan to build a mixed- use complex which will include e 35-storey tower and a small hotel. The investors are said to be signing the purchasing agreement of the 33,000 sqm plot in Karnagio over the coming days.
Of particular importance is the fact that this project is to make use of the listed industrial buildings of the first LOEL 1950’s installations and the shell of old municipal slaughterhouses acquired by the company in the 1980s.
An Indian company is, according to press reports, the new owner of the old SODAP wine factory, with plans not being announced as yet. According to reports, however, the Indian investors are said to be preparing a mixed development project for the area.
Other factories of the once busy industrial area of the city such as Coca-Cola and KEO are also up for grabs with investors showing vigorous interest.
“Not only is there investor interest for Limassol prime property not dying out, indications are also that it is very much alive,” Danos Real Estate Limassol Associate Nicholas Ioannou told the Financial Mirror.
“There are many projects in the pipeline including tall buildings and hotels, especially towards the west of the seafront as the eastern part is almost saturated. The focus is currently on the Karnagio area but extending towards Trachoni,” said Ioannou.
“We are the exclusive real estate agents for prime property in the area belonging to Coca-Cola Cyprus, and we can confirm that several investors have exhibited a vivid interest in buying that property.”
Russian capital
Ioannou noted that Chinese investors are currently showing a keen interest in the western part of Limassol’s seafront, followed by Russian capital, while investors from Lebanon are making their presence felt.
Demand has not dampened, but investors appear to be slightly reserved as there is a certain level of uncertainty as these areas are not considered to be as safe an investment as projects in the eastern part.
“Currently the area to the west of the marina, eyed by investors was mainly an industrial zone and not a tourist area. That is why investors who are willing to put in the cash are asking for higher returns, thus pushing prices downwards,” said Ioannou.
“The demand is there and is expected to be enhanced once a series of infrastructure projects go ahead, such as the seafront road connecting the new marina with the old Limassol Port, while the Casino will play a significant role in how the area is to be further developed,” he added.
Meanwhile, Limassol municipality is on the alert, responding to heightened interest to the west of the marina, setting in motion plans to revamp the area.
"The city council is completing its work on expanding the city centre plan to include the Karnagio area so as to make good use of the huge business interest that exists in the area," said Mayor Nicos Nicolaides.
He said that the municipality expects the area to also become an attraction for multinationals from various sectors from the traditional shipping to the upcoming sectors of telecommunications and natural gas exploitation.
In comments to online site Stockwatch, the mayor explained that the municipality in cooperation with state services is preparing a long-term plan to revamp and breathe new life into the western seafront, beginning with constructing a coastal road.
The coastal road will organically connect the centre with the marina and western Limassol, and a number multi-million projects such as the City of Dreams Casino Resort with pedestrian paths, bicycle roads, a seaside park.
Source: Financial Mirror
