The Municipality of Nicosia has recorded heightened interest from major groups and companies in developing the retail and dining areas at the Old GSP Square, as it prepares to launch a public tender within November.
According to Nicosia Mayor Charalambos Prountzos, who spoke to InBusinessNews, the Old GSP Square represents one of the most significant investments in the heart of Nicosia. He noted that the new landmark of the capital, which is gradually becoming part of the daily life of Nicosia’s residents, already hosts a range of events and aspires to establish itself as the city’s new hotspot.
Tender launch and timeline
The tender for the commercial and dining spaces is expected to be announced in November, with major business groups and hospitality companies already expressing strong interest.
According to the project’s timeline, the facilities surrounding the square are expected to become operational by 2026, further enhancing foot traffic and activity in the area.
The Square
The Old GSP Square, Nicosia’s largest and most multifunctional square, was designed and built by Cyfield and can accommodate up to 18,000 people.
It features a park with endemic plants and trees, an open-air amphitheatre with 700 seats, and an underground parking area for over 550 vehicles. There is also a dedicated area for conferences and events.
The new square creates natural pedestrian routes connecting to other key parts of Nicosia’s city centre, such as the Makariou–Stasikratous–Evagorou commercial triangle, Eleftheria Square, and the ongoing urban regeneration projects within the walled city.
A new urban landmark
Ultimately, the project offers a new, sustainable, accessible, and functional public space — a green, cultural, and recreational hub that enhances the quality of urban life.
Nicosia’s residents, it seems, have already begun to embrace it as their own.
Cyfield’s role in urban renewal
Cyfield’s contribution extends beyond the construction of the square itself. The company is at the core of Nicosia’s urban redevelopment, participating in numerous strategic projects aimed at transforming the city centre into a model of sustainable development and high aesthetics.
