ACC-J&P ONE TOWER JV, a joint venture formed by Joannou & Paraskevaides Group (J&P) and the Arabian Construction Company (ACC) has been entrusted by Pafilia Property Developers Group of Companies to construct the luxury residential project ONE, in Limassol, Cyprus. The contract was signed on 30th November 2016 and completion will be on 4th February 2019.
The project is a new landmark for Limassol and Cyprus, changing Limassol’s skyline, facilitating the country’s economic goals and enhancing its image as an attractive destination for foreign investment. It positions the island on the international luxury property market.
It is worth noting that over 55% of the development has already been sold.
ONE is the tallest residential seafront tower in Europe, at 170 meters above ground. It is situated in a prime location, in the heart of Limassol, on the 28th October Avenue. The iconic development offers world-class amenities and services, setting a new benchmark for luxury living in Cyprus.
ONE comprises 33 storeys (plus a 3 levels basement) with 83 luxurious apartments including a three-storey penthouse, all with uninterrupted sea and mountain views.
ONE was recently honored with a Five Star award for Residential High-Rise Development at the European Property Awards 2016-2017, organized by The Telegraph newspaper in London.
The total investment by Pafilia for this project will be one hundred and twenty million euro (€120m) with the construction contract valued at seventy-seven million Euro (€77m). The completion date of the construction will be in 2019. The self-investment project is expected to boost the local economy while increasing employment opportunities in the construction and services sectors.
The award of the construction contract to the joint venture formed between Joannou & Paraskevaides Group (J&P), with wide experience in construction and building works in Cyprus and overseas, and Arabian Construction Company (ACC) with the knowhow, expertise and experience in high-rise developments in the Middle East will guarantee the execution of the project to the highest quality standards and its successful on time delivery.