CYPRUS: Construction of first Larnaca shopping mall to begin soon

Larnaca is set to see construction of its first shopping centre, the ‘Metropolis Mall’, begin soon as owners Acsion Group have obtained all relative building permits.

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 center, which is expected to be completed by the end of 2020.

The cost of the South African investment is estimated to reach Euros 60 mln and the whole project will be ready within 18 months from the day of the issuance of the building permit.

Acsion revenue as reported in the company’s financial results exceeded Euros 40 mln but the final results were positively affected by the fair value adjustments of assets, resulting in annual profits of Euros 57.4 mln.

Metropolis Mall is to be built by the South African company on land belonging to the Church, located behind Larnaca’s military training camp (KEN) and opposite the parking lot of the new GSZ Stadium.

Larnaca Mayor Andreas Vyras said the town’s municipality has already pocketed some Euros 100,000 from the various licenses, and another Euros 2 mln is expected to find its way to local coffers as part of a deal made with the South African developers.

Source: The Financial Mirror