Large residential development from My Mall Limassol anticipated while Leptos Limassol Park nears completion

My Mall is moving forward with expansions that will be implemented in three phases, with investments exceeding €60 million, in the casino-resort area in western Limassol, which will most likely include a 12-story residential development.

As stated to Limassol Chamber of Commerce and Industry’s Epiheirimatiki Lemeso publication, the Director of My Mall Limassol, Andreas Hadjimitsis, work is currently underway to expand the south of the shopping centre, covering an area of ​​2,500 square metres, which concerns the Zara and Zara Home stores.

It is estimated that this first phase of the expansion will be completed by the end of June or mid-July, based on the new concept of Zara and Zara Home, which is already being implemented across Europe.

What the second and third phases of expansion include

The second phase of expansion, for which a preliminary question has been submitted to the Urban Planning Department regarding the type of development that may be licensed, is of particular interest.

In all likelihood (99%, Hadjimitsis said), it will involve residential development in a 12-story building, measuring 7,000 to 10,000 square metres, which will include approximately 100 apartments, according to the Director of My Mall.

He also added that the final decision on whether the development will be residential or office space will be made by the Board of Owners of the Mall within the following 15 days, while the response from the Urban Planning Department to the preliminary question is expected soon.

This second phase is located south of My Mall, near the casino-resort’s first roundabout.

Moreover, Andreas Hadjimitsis noted that the third stage of expansion concerns a project northwest of My Mall, which is related to the expansion of the shopping centre by 10,000 square meters.

Planning permission applications have already been submitted for this project and plans have been prepared. The investment for the second and third phases of the My Mall expansion is estimated to reach €40 million, while over €20 million will be spent by Zara and the shopping centre for the first phase.

Leptos Limassol Park is nearing completion

At the same time, Leptos Limassol Park, the new luxury residential development in Trachoni, Limassol, which is in an advanced stage of implementation, is nearing completion.

Phase A of the project (BLOCK A, B, C, D), with the first apartments, is expected to be delivered within 2025.

At the same time, work continues on phase B (BLOCK E, F, G, H), with the full completion of the project scheduled for 2027, as Leptos Estates informed Epiheirimatiki Lemeso.

According to information from Epiheirimatiki Lemeso, interest in the Limassol Park apartments is intense, with a significant number of units already sold or reserved by buyers.

Two and three bedroom residences are the most popular options, as they offer ideal solutions for families and professionals seeking luxurious and comfortable living close to the centre of Limassol.

Leptos Estates noted that, although the project is attracting strong interest from foreign investors – mainly from Europe, the Middle East and Asia – the local market is also showing strong interest.

Many Cypriot professionals and families working in Limassol recognise the advantages of the area, as it combines tranquility, security and a high standard of living with direct access to the city's amenities.

The creators of Leptos Limassol Park claim that the project is evolving into one of the most iconic residential projects in Limassol, combining luxury, natural surroundings and modern amenities, while simultaneously enhancing the dynamic development of the area.

The article was first published in the Limassol Chamber of Commerce publication Epiheirimatiki Lemeso (Entrepreneurial Limassol.)

(Source: InBusinessNews)