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The Town Planning and Housing Department has approved a permit application from ATUM Developments Ltd to build on a plot of land in Geroskipou.

Town Planning Permit PAF/412/2017 concerns the construction of buildings in the eastern part of the land belonging to the Archbishopric, for which the Antiquities Department gave a positive opinion after carrying out extensive exploratory excavations.

According to a statement, the company will build aresidential development of two 12-level buildings and 122 apartments which is part of the Peninsula Resort project. In the project is also included the construction of an international branded 5star Hotel Resort, for which the company has already submitted another permit application. It is worth noting that the Peninsula Resort project is being implemented in conjunction and parallel to theEden City Cyprus project for which negotiations are still pending with the state.

With regards to the housing project, the company and the Department of Antiquities were in complete agreement as regards the protection of the archaeological remains in the plot. Moreover, it is expected that the Department will continue its exploratory excavations in the western part of the plot, where the company plans to build the hotel unit, however it has not taken any actions pending the completion of the relevant procedure. To this end, the plot is at the disposal of the Department of Antiquities.

All the excavations of the Department have been carried out with the financial support of the company, both with the hiring of employees who worked under the instructions of the Department, and to cover actual expenses. Within the same spirit of cooperation, the company intends to support the work of the Department in the western section of the plot.

In statements, Country Manager Mr. George Voniatis said: “Implementation of the project on the Archbishopric’s plot allows for the immediate use of the land for which rent is already being paid, until the green light is given for the whole of Eden City Cyprus project. Moreover, it allows ATUM to confirm its interest in investments of value in Cyprus and particularly in the Paphos area, with which the investor Mr Sandor Kenyeres maintains strong links over the past years.We believe that the implementation of EDEN City Cyprus, starting from the Peninsula Resort development, will be the first step to help establish Cyprus as a new luxury destination.”

Source: Stockwatch