CPIH expects land appreciation at Moni

CPI Holdings Pcl (CPIH), majority owned by AL ProChoice Financial Services has said that its land holding situation at Moni area in Limassol spanning an area of 63 donums, 400 meters away from the sea is in an agricultural zone and its estimated value as at 31/3/2007 stood at CYP3 mln (almost 50,000/donum), but its future prospects are excellent considering the plans by Cyprus Cement to cease the production of cement at an adjacent land and develop it commercially.

The estimate for an increase in the value of property is based on the Company’s estimate that with the declared intention of Cyprus Cement Company for the gradual closing of production in Moni, it is likely that the urban planning zone will change from agricultural to tourist. The value of other tourist properties in the region is much higher than the current estimated value of the Company’s land, CPIH said.
The company notes that its previous announcement referred to the possible gradual increase in the value of property due to our estimate that there is a prospect to change the zone and not an increase in the value related to the withdrawal of the heavy industry from the region.