Cyprus & World News

Pentakomo Cyprus tech park deadline for investors

05 March, 2014

The first phase of the Pentakomo Science Technology Park (STP) near Limassol gets under way next week as the deadline for the initial submission of interest by potential investors ends on Monday.
From the outset, when the Cyprus Energy Commerce Industry and Tourism Ministry invited expressions of interest last December, the aim was “an initial attempt to explore potential interest, capacities and to seek for suggestions,” explained Joseph Pelekanos, who heads the STP project.
“This does not constitute a tendering procedure and is not binding for any interested or involved parties,” Pelekanos said.
He said that an access road that connects the Governor’s Beach Area with the Saint George Alamanou area along the coast, as well as the onsite alignment of the internal road network of the park have been completed.
“Arrangements for basic utility services such as water and electricity supply, sewage and communications services, shall be clarified at a later stage, following an analysis of the results of the ‘Initial Expression of Interest’ and possibly during the next official invitation of interest, tender procedure or the next stage of promotion of the project,” Pelekanos said.
The total area for the land is 324,000 sq.m. and there is no limitation to the number of tenants. This means that depending on show shows interest and what their needs might be, the government could even allocated the entire property to a single high-tech investor.
“AS far as the land use is concerned, there is flexibility in the planning and construction parameters, which are available on the ministry website or from the Town Planning Dept.,” Pelekanos said.
Everything depends on the results of the initial expression of interest, he said.
“The rate for rent and the terms (minimum years), are not defined at this stage. These will be considered and specified in the terms and conditions of the tender that will follow.”
However, Pelekanos concluded that a ‘fast track’ process is one of the incentives the Ministry has in mind, “but further incentives are still under consideration and will be defined later, depending on the interest that will be expressed, suggestions that will be submitted and the further studies and consultation that will be carried out.”
For last-minute potential investors, the documents are available at .