A new €55 million mall is to be built in Livadia outside Larnaca.
The investor team is headed by Israeli Dr. Alex Razz who in 2008 created Limassol’s “MyMall”.
The new mall, designed by Cypriot architect Andreas Zodiatis, will be named “Sunny Mall” and according to Razz it will open to the public on Christmas Eve 2018.
Razz added that it is an ambitious investment that includes two developments: the first is Sunny Mall itself, and the second is a 24-storey tower of residential apartments.
The mall will include shops, restaurants, and entertainment venues totalling 25,000 square meters, with products and services for all ages and tastes. It will be located on the left side of the Larnaka-Dhekelia road, approximately 400 metres from the beach.
This, said Razz, is an investment that has been missing from the Larnaca and Famagusta districts, and aims to attract residents of both districts, staff from the Dhekelia British bases, and tourists on holiday.
According to Razz, the “Sunny Mall” will create at least 1000 new jobs, giving priority to the unemployed of Livadia.
Within the coming days, said Razz, the Department of Town Planning will examine the relevant papers to allow construction, while the group of the mall’s investors will open offices in Larnaca to operate.
Cyprus: a place to invest
Razz said that there were several factors that drew investors into putting at least € 55 million into “Sunny Mall’s” development. One of the main reasons was the positive medium-term and long-term prospects from the exploitation of hydrocarbons in Cyprus, making Cyprus an attractive investor destination.
The Israeli investor also said that a potential solution to the Cyprus problem is an additional incentive, with multiple other opportunities set to open up from such a prospect, along with a general boost to the economy.
In spite of 2013’s troubles, the Cypriot economy is bouncing back, said Razz, while he considers Cypriots in general to be reliable partners and good businessmen to work with.