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The long-discussed Pentakomo Technology Park project is finally showing signs of serious progress, with both Cypriot and foreign investors expressing concrete interest, officials say. The government’s third attempt to find a strategic investor comes with a more attractive package of incentives, including financial, tax, and operational support, and a tender deadline set for November 12.
As reported by Kathimerini's Dorita Yiannakou, the park, designed for multiple uses, will likely require a consortium of investors to ensure its viability. Past interest included parties from China, India, Israel, the U.S., and the Middle East, though earlier attempts stalled due to insufficient incentives. A recent briefing hosted by the Limassol Chamber of Commerce featured a report from PWC detailing investment opportunities and underscored requests for simplified licensing procedures.
Mayor of Pentakomo, George Oikonomou, hailed the project as a “€100-€150 million investment that could transform the community,” noting that the government has committed €10 million for basic infrastructure. He emphasized that lessons from past tenders, including publicity and planning time, have been addressed and that the project’s multiple uses create economies of scale and long-term sustainability.
The Ministry of Energy, Trade, and Industry highlighted that the new tender was shaped by consultations with investors and stakeholders. Officials stressed that the land has been expropriated specifically for the park and cannot be repurposed without exceptional circumstances. Incentives include support for transport and utility networks, administrative buildings, energy-efficient infrastructure, and renewable energy initiatives.
The project will operate under a 33-year land lease, renewable for two additional terms, providing stability for investors. With a gross area of nearly 193,000 m² and a usable space of approximately 135,000 m², the park is designed to balance current needs with long-term scalability.
Authorities are hopeful that this third attempt will secure a strategic investor and breathe new life into the region, positioning Cyprus as a hub for innovation. However, officials warn that failure could force a serious rethink of the park’s sustainability.
