@lakati property project to cost EUR 1 bln

The @lakati (Alakati) property project to be developed in the Lakatamia area, on the outskirts of Nicosia, will cost EUR 1 bln when completed, according to its project manager and venture shareholder Mikis Ioannou.
“The construction work will cost about EUR 300-325 mln with the project expected to create 1,000 new jobs in the present depressed construction sector,” Ioannou said during a press briefing.
@lakati is a project that spans across 170,000 sq. metres, which once completed will include 400 flats, luxury homes, a hotel, park and other amenity areas. The hotel will have 100 rooms and 30 apartments, conference and leisure facilities as well as commercial office space.
“We are ready to start on the infrastructure work in September provided that we receive the necessary permits from the local authorities and the government building permits,” said Ioannou.
The project is managed by Plaza Exclusive Projects (P.E.P.) Ltd, formerly Gamatex Holdings, with some of the other shareholders including Alexis Charalambides (Charalambides Dairies) and Yiannos Cassoulides (former CEO of Options Cassoulides).