Independent evaluators will carry out two studies in a bit to determine the value of state land an investor wants to lease to create Eden City, a €7bn development in the area of Yeroskipou.
The investor, Hungarian Sandor Kenyeres, has been engaged in negotiations with the government over the value of the lease and the method of payment, but the two sides have failed to reach an agreement.
According to the interior ministry, “there is a big difference in the land evaluations, but also the method of payment.”
The investor, the ministry said, proposed hiring two independent experts to conduct evaluations and also suggest a payment method should the two sides eventually agree.
The committee negotiating the deal on behalf of the state agreed with the proposal, noting that the studies, whose cost will be paid by taxpayers, will be purely advisory and would not bind the committee in any way.
The negotiating team is headed by the permanent secretary of the interior ministry and includes representatives from other ministries and services, including the auditor general’s office.
Eden City envisions the construction of a lifestyle island (Divina Island) with apartments, hotels, and a marina.
On the adjacent peninsula (the Peninsula), the project will create a coastal tower complex for health and well-being. As a final step, the project will create an inner district (the Garden of Eden) dedicated to business, culture and entertainment.