Cyprus Mail
Business Cyprus

Shacolas plans €60m expansion in stores and malls

The Mall in Nicosia

THE Shacolas Group said it was planning to invest some €60 million in new and existing projects in the next two years or so.

The group said by proceeding with these investments and developments, it was “expressing its full confidence in the Cyprus economy, helping to create hundreds of new jobs.”

The group said it will be spending over €25 million to expand the first floor of The Mall of Cyprus in Nicosia, to make more space for shops, restaurants and cafes.

A pedestrian bridge will also be built to link the main building with the shops in Annex Four.

The company said some 500 people will work on the project while 500 more will be employed when it becomes operational before Christmas 2015.

Shacolas also plans to expand The Mall of Engomi, Nicosia, adding two cinema halls, restaurants, shops, and a children’s playground at a cost of €12 million.

The project is expected to operate before the end of 2015.

Korivos Commercial Centre in Paphos will also be expanded to house shops, and leisure facilities that include a cinema.

The Debenhams store and the Super Home Centre will also be expanded.

The cost is expected to reach €20 million, the group said, and it is expected to open in 2016.

A new Super Home Centre is planned for Larnaca at a cost of €6.0 million. It is expected before the end of 2015.

The group also aims to create a golf resort at the Limni area in Paphos. The two 18-hole courses will be designed by golfing legends Jack Nicklaus and Gary
Player while the project also includes a luxury hotel, wellness centre, villas, and high-quality residential units.

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