A new ambitious housing project has been launched in Cyprus. The Cyprus Land Development Organization (KOAG) has announced a tender for the construction of a modern complex called IOLI in the prestigious Palouriotissa area of Nicosia. Applications are being accepted through the state e-procurement system, ensuring transparency and competitive selection of contractors. It is already clear that the complex will be in high demand, as all apartments will be offered for open sale upon completion.
Project details
The project involves the construction of two 6-storey buildings — A and B. In total, they will include 48 apartments: 36 two-bedroom units and 12 three-bedroom units. This variety allows each family to choose the most suitable option — from compact homes for young couples to spacious apartments for families with children.
All apartments will have the highest energy efficiency rating — Class A. This means significant savings on heating and air conditioning. The specifications include thermally insulated aluminum frames, an external façade insulation system (thermal panels), and an intercom system. Three-bedroom apartments will be equipped with their own photovoltaic systems, generating free electricity and reducing energy bills.
Infrastructure for all: parking, storage, and accessibility
The construction site has been carefully selected. The IOLI complex will be located on a plot with frontage on a central street, providing convenient access and proximity to urban infrastructure. At the same time, residents will enjoy peace and privacy thanks to its position near a cul-de-sac and a public pedestrian route. An additional advantage is the green zone adjacent to the western boundary of the plot — effectively giving the complex its own natural corner, which is rare for a densely populated area of Nicosia.
Each building will feature covered parking spaces directly beneath it. Storage rooms for seasonal items, tools, and other belongings will also be located there. Architects have ensured a barrier-free environment: the complex will be adapted for people with limited mobility and disabilities. All essential daily services will be within easy reach.
Cost and timeline: project ready to launch
The estimated contract value is €6.94 million excluding VAT. The project will be fully financed by KOAG, with payments to the contractor handled by the organization. Construction is expected to take 24 months. Applications from contractors are open until May 15, with a submission deadline of 13:30. Once the winner is selected and the contract is signed, construction will begin immediately, and the apartments will soon be offered for sale. IOLI is expected to become one of the most sought-after residential developments in Palouriotissa, combining a prime location, high energy efficiency, and well-designed layouts.