Contracts were signed on Wednesday for the revamp of old GSP stadium in central Nicosia, with works expected to kick off on November 10.

The budget for the project is just under €20 million and works are expected to last for 24 months.

Tenders were submitted back in May and awarded to Cyfield Construction-Development Consortium, whose representatives joined Nicosia mayor Constantinos Yiorkadjis in signing the contracts.

“This is a very important project in the heart of Nicosia which will greatly enhance the revitalisation of the historic centre of the capital,” the municipality said.

The project will see the area transformed to include an urban square, green spaces, recreation areas and underground parking for 570 vehicles.

The municipality added that old GSP will be a link to other important works that are being executed or planned, such as Eleftheria Square and the redeveloped Stasikratous, Makariou and Evagorou streets.

The revamp will be co-financed from the EU’s cohesion fund, the state budget and Nicosia municipality under the 2014–2020 programming period.