Newsroom
An Israeli real estate partnership is set to break ground on a €40 million high-rise residential and tourism project along the Larnaca seafront, according to a joint announcement made this week.
The venture, comprised of Kishrey Teufa, the Shagrauy-Leibovitz Group, and attorney Amir Chen, plans to develop a 19-story luxury tower named Lumina Mare on a recently acquired 2,000-square-meter plot near the city’s expanding port area. The site offers direct sea views and proximity to the newly revitalized waterfront.
Once completed, the building will feature 54 upscale apartments and short-term rental units, each with sea-facing balconies. Plans also include a commercial ground floor, a private residents' lounge, and a rooftop swimming pool.
The total investment includes land acquisition, planning, construction permits, and full development costs. Project organizers said construction is scheduled to begin in the summer, following the issuance of all necessary approvals.
Under the partnership agreement, the Shagrauy-Leibovitz Group holds a 50% stake, Kishrey Teufa owns 40.1%, and Chen, a senior partner at the law firm FBC, holds the remaining 9.9%.
The partners said the new company intends to offer ongoing property and hospitality management services, aiming to blend real estate investment with tourism appeal. They also revealed an option to oversee another major development in the area, the Horizon project, led by the Shagrauy-Leibovitz Group. That venture is expected to include around 500 residences, commercial areas, restaurants, and a spa facility.
Developers cited strong growth prospects in Cyprus’s real estate and tourism sectors, particularly in Larnaca’s fast-developing coastal zone.
With infomation from Jerusalem Post.
