A Cypriot property developer has unveiled plans for a 1-billion-euro mixed-use development in Prastio Avdimou, which could become one of the largest private investments in the country.
The project, named St Nicholas Hills, will include a hospital, private school, university, and student accommodation for 12,000, DNP Property Group announced.
The development will be built on a 820,000-square-metre plot, with construction planned across 360,000 square metres, Managing Director Dimitrios Nicolas Papacharidimou told Phileleftheros.
“This is a social project that will interact with local communities,” Papacharidimou said, adding that residents will have access to the medical centre and sports facilities.
The Cyprus-based company, which has operated since 1995 primarily in Paphos with residential and tourism projects, has already submitted applications and studies for regulatory approval.
Initial development will focus on the hospital and educational facilities, with the company planning to use revenue from completed phases to fund subsequent construction.https://www.youtube.com/embed/57ihs_G0Z5Q?si=6xPa9_SXiT_O_tWx
Discussions are already underway with private hospital operators and schools, though final agreements await regulatory approval, according to Papacharidimou.
The land acquisition, completed over several years, was funded through the company’s previous projects’ profits, he said.
“There are many areas in Cyprus that are hidden gems. The countryside is neglected, and with this project, we want to contribute to the region,” Papacharidimou said.