Quality Group to build business centres in Larnaca

Buys CYP 5 mln prime properties for offices

Quality Group, the Larnaca-based developer and operator of luxury homes and residential projects, has bought two major plots to build and develop commercial and office space in the port town by 2009.

Stavros Kakos, Managing Director of the group that includes eight subsidiaries and employs some 700 people, told the Financial Mirror that the two deals were concluded on Thursday for a total of CYP 5 mln.

He said that both projects are timed to coincide with the new international airport at Larnaca, that should be ready and fully functioning by 2010, while the town’s ambitious road network will have been completed by then, including Stratigou Timayia Avenue and the new ring road that leads from the port to the airport.

One business centre will be erected in the port area and will comprise 12,000 sq.m., while the other with 7,000 sq.m. will go up along the developing Limassol Road, near the popular K-Cineplex junction.

Kakos said that the company aims to sell 60% of the commercial space and retain the rest as rented properties under its management.

“It is not true that the Larnaca property market is saturated. It’s just that this town is generally underdeveloped and undervalued and there are many opportunities out there,” he said, pointing to the demolition of many old buildings in the heart of Larnaca to make way for new commercial properties.

“The Quality Business Centre by the port will be a comprehensive property with all the modern amenities, including conference facilities, executive residential suites, gym and ample parking space, almost four times more than the minimum required of us by the Town Planning Dept.,” Kakos said.

He added that planning has already begun and the group has shortlisted three experts from the field of commercial property architects, while Angelos Angelopoulos, the designer hired to conceive the company’s exclusive Enalia Beach Residences on the Dhekelia Road, will also do the interior for both business centres.