The battle of the malls in Limassol - New investments and expansions

The Limassol shopping centre market is heading for rapid growth, which is also proving to be a pole of attraction for investors.

On the one hand, the size of the city's market has expanded, and on the other, applications for the construction of new malls are being submitted.

Both expansions and new developments are expected to contribute to the creation of new jobs, with multiple benefits for the economy.

The creation of a new mall in east Limassol has become something more than necessary due to the increase in population, the large geographical distance from the existing My Mall Limassol, in Zakaki, the arrival of technology and forex companies in the area, but also in the context of meeting the needs of municipalities and communities of the region. However, the reasonable question that arises is whether the Limassol market is capable of bringing visitors and purchases to all the city’s shopping centres.

The new mall from the shareholders of Nicosia Mall

In a recent development, another shopping centre is planned to be implemented in east Limassol, which is expected to meet the needs of residents and visitors of the surrounding municipalities and communities.

According to information obtained by InBusinessNews , the large investment, about which there have been intense rumors in recent years, will be implemented in blocks near the Linopetra roundabout, in the Jumbo area, within the Municipality of Ayios Athanasios.

The plots with a total area of ​​45,000 sq.m. largely belong to the Papantoniou supermarket chain.

Based on the same information, the main shareholder group of Nicosia Mall and Papantoniou Supermarkets are behind the new commercial venture. The submission of the architectural plans and related studies which are a prerequisite for the creation of the new mall is in progress, while the issuance of the required permits is pending in order for the project to proceed.

Mall of Limassol by Atterbury
The construction of a new shopping centre on the east side of Limassol is planned by Atterbury Europe.

The company that owns the Mall of Cyprus and the Shacolas Emporium Park as well as the Mall of Engomi, which has published a relevant proposal, plans to create a new shopping and entertainment destination in Mesa Geitonia.

According to the company that owns the new mall, which brings about great investment prospects in Limassol, this modern Village Concept, where luxury and everyday needs are carefully balanced, is missing from the current shopping experience in Limassol, explaining that luxury retail brands are usually confined to the high street in the old town and along the seafront, which stretches for a huge distance.

Based on Atterbury Europe's proposal, the new mall will span three floors that are expected to host 114 stores.

The total spaces amount to 31,181 sq.m., while the gross area of ​​the rental spaces reaches 27,025 sq.m.

Construction works for the new shopping centre, on Spyros Kyprianou Avenue (apart from 1st of October Street), in Mesa Geitonia, are anticipated to start within 2024.

My Mall preparing for expansion

The large 6,000 m2 expansion planned by My Mall Limassol, in the rapidly developing area of ​​Zakaki, has so far been stumbling through complex and particularly time-consuming procedures.

At the same time, it will be a radical renewal of the Limassol mall, since it involves the expansion of the commercial section, residential development, as well as the complete renovation of the interior and exterior spaces.

The new equity group, which consists of an Israeli consortium, has set as an immediate goal the expansion and renovation of the shopping centre.

At the same time, residential developments are in the works, which concern a project of 10,000 sq.m. which will include approximately 160 apartments.

The renewed mall of the city is expected to attract new shops of Cypriot and foreign interests, offering a multitude of options from successful brands on the market. At the same time, it will allow housing for more restaurants and entertainment venues.

(Source: InBusinessNews)