CYPRUS: Consortium takes over construction of € 400 mln Limassol Del Mar, first deliveries in 2019

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The construction works of the EUR 400 mln Limassol Del Mar has been assigned to a consortium of four local and foreign companies, which includes Atlaspantou Co., MAN Enterprise, ICM Group and CMB Società Cooperativa, the project’s operator Cypeir Properties Ltd said.

These companies have a wide expertise in the field of high-rise developments and the assignment was based on their professionalism, successful history, international standards and novelty.

The local company Atlaspantou Co. is a pioneer in the construction field with more than 80 years of experience.

MAN Enterprise is based in Lebanon and stands out for the excellence of the projects it undertakes including the 52-story skyscraper “Sama Beirut” in the heart of the Lebanese capital, which is considered a landmark project of the 21st century, as well as the “Beirut Terraces”.

The Italian IMC Group has developed major residential, commercial and public construction projects worldwide and finally, the Italian Società Cooperativa is famous for its impressive projects, such as the 44-floor skyscraper “Generali Tower” in Milan, designed by architect Zaha Hadid.

The letter of award was signed on February 28 at the Limassol Del Mar offices by the two partners, Leptos and D. Zavos, which form the Cypeir Properties consortium. The construction site will be immediately occupied by the newly-formed consortium, with the arrival of the appointed specialists’ team and staff.

The execution of the project is expected to significantly benefit the local economy, as it will create hundreds of new job vacancies in both the construction as well as the services sector. The overall investment is covered by the income from the apartment sales, which already ensures the completion of the project’s construction.

“We are sure that the team work, joint experiences and know-how of the specifics of the construction field, the team leaders’ absolute focus on our target, which is the good result and on-time delivery, will set the foundations for superior practice in Cyprus and develop a new level of professionalism,”  said Achilleas Achilleos, Project Manager of Limassol Del Mar.

Part of the foundation and assembly of the basement has already been completed. Based on the assignment, the consortium is expected to complete and deliver Phase I of the works by 2019, while the second phase of the project delivered in 2020.

The first phase includes the completion and delivery of the ground floor and mezzanine floor, where the shops, restaurants and parking spaces will be located, and the third floor, where all facilities provided together with the residences of the first tower.

After the success of apartment sales of Phase I, the success continues with the sales of the second tower called “The Signature Collection” exceeding every expectation.