Real Estate category powered by

Sun City: Significant free Famagusta development “trapped in red tape”

Situated on the municipal boundaries of Sotira in the free Famagusta area, the Sun City five-star hotel and residential project appears to be trapped in red tape.

As well as attracting quality tourists to the area, the project is anticipated to open up over 200 new job places.

As reported by InBusinessNews, Sun City is set to become the area’s first five-star hotel unit while also featuring restaurants overseen by internationally-renowned chefs. The project is anticipated to both upgrade the area’s tourism project and contribute to achieving the Deputy Ministry of Tourism’s goals for the entire island.

The Sun City timeline

Although Sun City secured planning permission in 2017, issues including miscommunications regarding the addition of an additional floor instead of expanding the structures on-the-ground footprint have delayed progress.

Among other negative developments, €410,000 compensation has also been paid in connection to the protection of green areas, even though they are situated beyond the Sun City property, while the company has also been made to agree not to make use of any further relaxations.

Negotiations with the Department of the Environment and Audit Office of the Republic have also been ongoing which, among other consequences, has also led to the project’s overseas backers backing out. Some €50 million has already been spent on the project with another €25 million anticipated to be spent before the project is completed, InBusinessNews reported.

Read More

Hotel industry panic over as PASYXE accepts Panagiotou's collective agreement proposal
Cyprus-based Outfit7 celebrates My Talking Angela's 10th anniversary
Νο absolute majorities for abolishing one and two cent coins in Cyprus, Greece, Spain
Retail trade up 4.6% in value and 4.7% in volume in October 2024 y/o/y
Development of Cyprus-US trade relations discussed by President and AHI members
GDP growth rate at 3.9% in third quarter of 2024
CBC Governor: Cypriot banks adjust interest rates at a slower pace
Graduates reflect on 40 years of CIM-Cyprus Business School's presence in Limassol (video)
Diplomat Distributors Cyprus welcomes new brand- ELEPHANT
Sophic introduces government bonds to enhance investment options