Cyprus Mail

New 22-floor high-rise for Nicosia

A new 90-metre high building going up in the centre of Nicosia owned by Israeli-Cypriot billionaire Teddy Sagi will be completed in 2020, it was reported on Monday.

Labs Tower will be located between Photis Pitta street and Mykonon street in the heart of the capital.

Sagi chose a Cypriot architect for the project, Eraclis Papachristou, whose office has recently completed student accommodation ‘Six Towers’ next to the University of Nicosia, and local construction company Zemco.

The luxurious building will have 22 floors, three underground floors for parking, and a total area of 13,350 metres and is expected to house the Sagi Group’s offices in Cyprus as well as providing accommodation for employees.

In addition, it boasts restaurants, cafes, a fitness centre and conference rooms, as well as an executive floor with a swimming pool on the top floors.

Upon its completion it will be the second tallest building in the city, topped only by 360 Nicosia, currently under construction in Makarios avenue, which will be 135 metres tall.

Media reports say the construction of the project will cost around €25 million, while the total cost including equipment is expected to amount to €50 million.

Israeli-born businessman Teddy Sagi is the sixth richest Israeli according to Forbes Rich List, with his property amounting to $ 3.8 billion.

In 1999, he founded gambling software company Playtech and in 2014 bought London’s Camden Market.

In 2009 Sagi obtained Cypriot citizenship as part of Cyprus’ golden visa scheme. Since then, he has been based partly in Cyprus and partly in London.

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