Awaiting for the publication of the Limassol Center Project Plan, are Chinese investors in order to proceed with the implementation of their plans for the construction of three 35-storey residential towers at the LOEL factory in the Karnagio area. In the total area of 33 thousand sq. m. recently acquired, a mixed development is planned that will include residential, commercial and recreational uses including a small hotel.
Preliminary plans have already been presented to the Limassol Municipality, however applications for the necessary licenses will be submitted after the publication of the Plan. The entire development will include the preserved industrial buildings, that is the premises of LOEL constructed in the early 1950s and municipal buildings acquired by LOEL in the 1980s. The Limassol Center Area Plan, is expected to be approved by the Council of Ministers this year.
Most of LOEL's activities are soon to be transferred to new facilities in the 3rd Industrial Area of Limassol (Agios Silas). It is an investment of a total of 4 million euros as stated in "Entrepreneurial Limassol" the director of the project Kyriakos Hatzitofis. The new plant has modern, eco-friendly, high tech equipment and employs 25 employees. According to information, a buyer has also been found for the SODAP factory of in Karnagio, whose value was estimated at 30 million euros. The buyer, according to our information, is an Indian company.
