Incomplete Development Opportunity in Deryneia

Part of an apartments complex in Deryneia, Famagusta, this incomplete property offers a unique development opportunity.
While the first phase is fully completed, there is an exciting opportunity for further development, with independent rights and a separate title deed already secured.
It is important to note that there is a separate title deed for this property for inexhaustible development rights of 1.288 sq.m. covered parking area and a yard of 238 sq.m.
The building, accessible via a private road, includes parking and four apartments on the ground floor, six apartments on the first floor, and plans for four more on the second floor.
With its concrete structure and brickwork completed, this property is ready for the next phase of development.
Perfect for investors seeking a prime location investment with significant growth potential.

The horizontal division for the building was completed under permit No. 530, issued on 11/09/2017.

Additionally, the final approval certificate for the corresponding permit, No. 822, was issued on 27/03/2018.

The asset is located approximately 785m west of Paralimni lake, approximately 55m west of Deryneia Industrial area, approximately 260m east of Deryneia-Sotiras connecting road and approximately 375m southeast of Deryneia stadium.

The property falls within a duel Zone Κα6(70%), with a building coefficient of 90%, coverage of 50%, and permission for 2 floors (10m) of construction and Zone Δα1(30%), with a building coefficient of 0.5%, coverage of 0.5%, and permission for 1 floors (5m) of construction.

*The asset does not qualify for the 50% reduction of property transfer fees imposed or levied by the Department of Lands and Surveys (Fees and Charges) Law (Cap.219).