On Wednesday, May 24th, the Department of Environment of Cyprus received an application from Rofeno Properties Limited, a company owned by Israeli investor Yakir Gabay, who holds Cypriot citizenship. The application was regarding the construction of a new large-scale mixed-use complex in Agia Fyla, Limassol.
According to the press release, the developer is promoting a project that includes educational, commercial, and residential facilities, as well as an extensive green area.
It is worth noting that in 2021, Gabay acquired a huge plot of land measuring 949,916 square meters from the Bank of Cyprus for 28 million euros. Based on the building density coefficient, the facilities will occupy 350,785 square meters.
The project entails the construction of the following:
- A world-class private school with an attached kindergarten, accommodating 2,000 children and 256 staff members.
- A European standard rehabilitation center.
- A research and innovation center.
- A business park.
- A multi-purpose sports center called Facility Sports, which will include football fields, tennis courts, volleyball and basketball courts, as well as a gym with an Olympic-sized swimming pool and an ice rink.
- A large green area with pedestrian and bicycle paths.
- A gated residential complex with convenient commercial and entertainment infrastructure for the residents. It will consist of a total of 1,752 apartments of various sizes and 3-4 bedroom townhouses.
The construction of the complex is expected to be carried out in two phases. During the first phase, 50% of the school, 50% of the business park, 50% of the research and innovation center, and a portion of the residential facilities will be built. In the second phase, all ongoing construction and facilities included in the overall plan will be completed.
Regarding the construction schedule, Phase A will be completed by 2025, while Phase B, which will be implemented gradually, is expected to be completed by 2039.
For more detailed information about the new projects, you can visit the DOM website. The website also features a large number of real estate properties in Cyprus, ranging from residential to commercial. Choose and consult with professionals who will assist you in making the right choice!