New 22-Story Building to Rise in Nicosia

A rendering of the Labs Tower design. Photo source: Skyscraper City.

19 June 2019 | Nicosia, Cyprus

A new 90-meter high building going up in the center of Nicosia and owned by Israeli-Cypriot billionaire Teddy Sagi will be completed in 2020, as reported on 10 June 2019.

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

Featured Buildings

Labs Tower

360 Nicosia

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, a total area of 13,350 meters, and is expected to house the Sagi Group’s offices in Cyprus, as well as provide accommodation for employees.

In addition, it boasts restaurants, cafés, a fitness center, conference rooms, and an executive floor with a swimming pool on the top floors.

“The building will have 22 floors, three underground floors for parking, and a total area of 13,350 meters.”

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 meters tall.

Media reports say the construction of the project will cost around EUR€25 million (US$28 million), while the total cost including equipment is expected to amount to EUR€50 million (US$56 million).

For more on this story, go to CyprusMail.