CYPRUS: Work on Nicosia tower owned by Israeli billionaire picks up speed

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Nicosia is set to see another tower rising on its skyline, as work on the 20-story Labs Tower, in the centre of the capital, owned by an Israeli billionaire is picking up speed.


Construction started last year and is expected to be completed by mid-2020.

The Labs Tower which is to stand 90 meters tall once construction is completed, with a cover area of 13,000 sqm, is estimated to cost EUR 25 million, while equipment added to flats and offices are to cost another EUR 25 million.

The project is being built by Zemco, while plans were drawn up by the Eraclis Papachristou Architects Ltd.

The tower belongs to Israeli billionaire Teddy Sagi and is said to be the future home for the Sagi Group in Cyprus.

Teddy Sagi, who according to Forbes Magazine is the sixth richest person in Israel, obtained a Cypriot passport in 2009 through the country’s Citizenship for Investment Scheme.

Forbes list says Sagi has a fortune of USD 3.8 bln. He founded Playtech in 1999, which specializes in software for betting companies. Playtech joined the London Stock Exchange in 2006 with a value of USD 700 mln, according to the US magazine.

However, gradually, Sagi has reduced his stake in Playtech and today he is investing mainly in real estate and high-tech businesses and start-ups.

He has invested in a number of properties in the UK, focusing on London and the Camden Market area.