Expectations that Larnaca will get its first shopping mall earlier than expected are high as contractors Iakovou Brothers say they are ahead of schedule.
The company which has undertaken the construction of the Metropolis Mall on behalf of the South African owners Acsion said it will deliver the project earlier than planned.
In comments to Stockwatch, a representative of Acsion in Cyprus said that the foundation stage of the project will be completed in the next few days, a couple of weeks earlier than expected, with work on the main building to begin shortly.
The aim is for the construction to be completed before the end of 2020, so the Metropolis Mall will open to the public at the beginning of 2021.
Meanwhile, Larnaca Municipality is moving ahead with renovating the town’s commercial core, which is expected to be affected by the mall's operation.
Larnaca Mayor Andreas Vyras has told the Financial Mirror that €2 mln is expected to find its way to local coffers as part of a deal made with the South African developers, money to be invested in revamping the town’s commercial centre.
The Metropolis Mall investment, estimated at €60 mln, is being built on land belonging to the Cyprus Church, located behind Larnaca’s military training camp (KEN) and opposite the parking lot of the new GSZ Stadium.
South Africa-based Acsion Group, founded by Cypriot Kyriakos Anastasiades, included in its annual financial report that they have obtained construction permits for the 39,000 sqm shopping centre, which is expected to be completed by the end of 2020.
Metropolis will include more than 100 stores, a supermarket, a cinema, outdoor and specialized stores with 1,530 parking spaces to facilitate shoppers.
The project will create some 750 jobs during the construction phase, while some 1,400 staff are to be permanently employed at the mall when it opens its doors.