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Cyprus

Contract signed to finish Eleftheria Square

The Nicosia municipality signed a contract on Tuesday which gives the go-ahead to contractors to finish work on Eleftheria Square.
The Mayor of Nicosia, Constantinos Yiorkadjis, and his adviser Sotiris Lois, signed the contract with LOIS Builders Ltd in the Nicosia Town Hall.
The signing marks the end of a long legal conflict between the municipality and contractors, after long delays drove up building costs and caused the construction project to grind to a halt in November 2013.
The dispute was reportedly settled in February 2014, when the municipality agreed to pay contractors €530,000 for the work they had done so far, and for cancelling the contract.
The total cost agreed upon in the new contract is €13.5 million, excluding VAT. This will finally allow the renovation of Eleftheria Square to be completed.
The new contract includes the construction of a new bridge and square, regeneration and landscaping work inside the moat, and the renovation of the Venetian Walls. Additionally, the contractors will install lifts, lighting, and street furniture, and build shops and toilet facilities.
The project is now expected to begin on 14 January 2015, and to be completed within 64 weeks.
Around 85 per cent of the costs of the renovation project will be covered by the European Regional Development Fund (ERDF). The rest will be paid for by the state budget and Nicosia Municipal funds.

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