Location: The subject investment/development site is located in the district of Larnaca, in the village of Dromolaxia, 

within 5 minutes’ drive to Larnaca International Airport and the same distance to the Tersefanou Golf Club (currently under construction). 

The Larnaca City Centre and the nearest beaches lie within an easy drive of 10 minutes. With easy access to the highways, the capital Nicosia,

 the city of Limassol and Ayia Napa can be reached within 20-25 minutes.

Description: The site spreads from north to south in a location known as “Kokkines” on the outskirts of Dromolaxia village. 

It comprises a land parcel of four plots covering a total area of 67,807.6 sq.m. (729,881 sq.ft).

There is a public road running across the eastern site of the land and a second one leading into the western edge of the site. 

Development Potential:Planning potentials in Cyprus are clearly defined by the Land Registry with each area in the island been zoned and allocated a reference code denoting the built density allowed on the site, the coverage ratio as well as the permissible height of the development. With the exemption of Plot 155 covering an area of 4,014 sq.m.  (43,206 sq.ft) which has a density of and ratio of 10%,and half the area of Plot 42 which is dedicated as green with a permissible development of only1%, the remainder of the site i.e. 58,819.1 sq. m ( 633,128.9 sq.ft.) has a density of 90% and a coverage ratio of 50% with a permitted height of 8.30m (2 floors). Based on the above, the site offers a total development and saleable area of 53,394.59 sq.m.  (574,739.4 sq. ft.).

There are already residential units very close to the site as well as Light Industrial Unit nearby. Although the development potential of the subject site is defined as “residential” the actual size of the site strengthens the owner to negotiate a mixed use and/or alternative uses, a potential which the Local and Central Government will most possibly consider favourably.

Ownership: The entire site is owned by a single individual and title deedsare available for immediate transfer upon completion.

ECONOMIC PROSPECTS AND POTENTIALS:

• The island’s extensive network of close to 50 double taxation treaties has strengthened its position as a business gateway and, today, the country is a home to more than 260,000 companies. Along with Cyprus; success as a holding company location, it has a solid track record as a preferred location for corporate head offices for multinational companies from around the world which use the island as a regional base for centralised services.
• The biggest potential for investment in the coming years will be in the hydrocarbons sector, the construction of an LNG terminal in Vasilicos area and the exports to neighbouring countries such as Egypt. This activity has already brought a large number of professional personnel in the island and many more are expected to follow. 
• Investments in multipurpose developments such as casinos, luxury marinas and golf courses are part of a wider project to upgrade the Cypriot tourism product. Key investments are in special interest areas such as medical tourism, sports, nautical and agro tourism, conferences, theme parks and managed attractions.

     SUMMARY:

The strategic  location of the subject site, close to the Larnaca International Airport, the Larnaca Marina and Harbour (with plans already in place for their expansion and improvement) as well as the easy reach to all other tourist, industrial and business centres of the island, renders the site as an ideal opportunity for investment and most profitable development opportunity.

INTEREST-

We will be delighted to talk to potential investors. If there is an initial interest we will be glad to welcome principals on the island for viewing and further