In the municipality of Dromolaxia-Meneou in the Larnaca district, a large-scale residential project called The Ring, valued at over 180 million euros, is underway. The project is being developed by Aroundtown Property Holdings PLC, a company with Israeli interests, in partnership with the Cypriot Prosperity Group and the Greek Astrea International Properties.
According to local mayor Kypros Andronikos, the project has already received planning approval. The developer is currently awaiting the issuance of a building permit.
Project Details
According to the master plan, The Ring will include 770 residential units—one-, two-, and three-bedroom apartments, as well as detached houses.
The project envisages not only residential development but also a well-developed infrastructure for everyday life. The complex is planned to feature:
theme parks and playgrounds;
health and recreation centers;
restaurants;
sports and recreational areas;
spaces for collaborative work and meetings;
green spaces with a total area of 16,000 m².
Thus, The Ring is conceived as a large-scale residential complex with its own public spaces and facilities for recreation, sports, and work.
Controversy Over 500,000 Euros for Maintaining Public Spaces
A separate issue related to the project concerns the financing of public areas. To obtain a building permit, the company agreed to pay 500,000 euros. However, the government, citing current regulations, demanded that half of the amount—250,000 euros—be transferred to the Cyprus Land Development Organization (KOAG), with the remainder to be directed to the municipality of Dromolaxia-Meneou.
This allocation drew criticism from Mayor Kypros Andronikos. In his view, the entire amount should go to local authorities, since it is the municipality that will bear the costs of maintaining the parks and green spaces around the complex.
The proposed formula is based on a calculation of the costs of maintaining green spaces and parks over a 20-year period. “And what will happen after that period? Will the costs really fall on the residents’ shoulders, even as the government declares its support for the financial and administrative independence of municipalities?” the mayor noted.
According to Androniku, the municipality intends to raise this issue again during the building permit application process. Local authorities plan to push for the creation of specific public infrastructure facilities and will also propose including a futsal field and a tennis court in the project.