Plans for one of the largest residential master-planned developments in Cyprus are moving forward near Larnaca. Promoted by Aroundtown Property Holdings PLC in partnership with Prosperity Group and Astrea International Properties, the €180 million project, titled “The Ring Cyprus” has officially secured planning permission and is currently awaiting building permit clearance in the municipality of Dromolaxia – Meneou.
Situated minutes southwest of Larnaca International Airport, the major development will bring 770 luxury residential units to the district alongside extensive communal and green infrastructure.
Project Scope and Master Plan Highlights
The high-density residential community will combine diverse housing formats with commercial, sport, and lifestyle amenities:
€500,000 Developer Contribution Dispute
Despite reaching the final permitting phase, the project has triggered a disagreement between local municipal leadership and central government authorities regarding how developer contributions are allocated:
Municipal Grievances and Permit Conditions
Dromolaxia – Meneou Mayor Kypros Andronikou publicly criticized the central government’s decision to divide the developer’s €500,000 contribution equally between KOAG and the local council:
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Long-Term Maintenance Burden: The mayor noted that the contribution formula was calculated to cover 20 years of upkeep for the 16,000 sq.m. of green space. With half the funds redirected to KOAG, local taxpayers risk carrying the maintenance bill once municipal funds run out.
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Building Permit Leverage: The municipality plans to challenge the funding split during the final building permit review, while demanding specific public amenities within the project boundaries, including a dedicated futsal pitch and a tennis court.
Source: Stockwatch.com.cy