“Alakati Village”/Riviera Project – The future of living
Plaza Exclusive Projects (P.E.P.) led by visionary Enterpreneur Lambros Christofi undertook one of the largest property projects ever developed by a private company in Cyprus in 2011. The Alakati/Riviera Project is a mixed commercial and residential development in 176,000 sq. m. land in Lakatamia, Nicosia.
The construction costs of the project are estimated around €300 million and will provide Cyprus with 350 new jobs. The total value of the project will exceed the €500 million mark.
The project will consist of two distinct segments, a residential area with properties for sale, with sales expected to create revenue of over half a billion euro and a commercial sector with units for rent. Bringing to the forefront unused land and buildings in the South West suburbs of Nicosia, its job is to secure regeneration. It will assist in the provision of housing and provide social facilities to encourage people to live and work in the area.
The mixed-use master plan consists of eco-friendly infrastructures, luxury villas, houses and apartments, restaurants, commercial buildings with offices and leisure facilities surrounded by parks, piazzas and water channels that aim to create a perfect environment for living today.
It will also contain stunning 5,000m2 water features which will be privately maintained and topped up using recyclable water. Furthermore, there will be a 24,000 m2 linear park which will be lined with mature eucalyptus trees and hundreds of citrus and olive trees and 2km of dedicated cycle and pedestrian paths.
The owners describe the concept as a “city within a city where utility meets beauty”.
The project is under advice from a number of international and local professionals including: ESA Architects London, RAMBOLL Engineers and Chris Blandford Associates – Environmental Specialists.
Furthermore, it has been announced that P.E.P. has reached an agreement with the French group Bouygues Batiment International for the capital strengthening and the construction of buildings of €106 million.
The agreement provides for the construction of Phase 1 of the project, buildings of 68,000 sq. m. including houses, flats, shops and offices.
Bouygues Batiment International is one of the largest construction companies worldwide with activities in more than 80 countries, sales of €31,200,000,000 and net profits of €1,100,000,000. It employs more than 54,000 people.
Riviera Development Nicosia
Suburban Building in Cyprus – design by ESA / Capita Symonds. Work on the infrastructure for the £50m (approx) ‘Riviera’ scheme in the suburbs of Nicosia, Cyprus, has begun on site. ESA – now part of Capita Symonds – was commissioned by Plaza Exclusive Projects in 2008 to develop the architectural masterplan for the 17 hectare mixed use scheme which comprises around 200 new modern homes in phase one as well as offices, shops, retail, community & leisure facilities and an extensive landscaped park.