First new contract after difficult financial market instability.
Demonstrating once again their value in the construction industry, LOIS Builders has recently signed a new contract to undertake part of the phase 2 sewerage system for Limassol. The company, which has accumulated a wealth of experience and technical know-how during its 36 year history, has been established as one of the top construction and property development companies in Cyprus.
The President of SALA and Mayor Limassol, Mr. Andreas Christou highlighted the significant and symbolic value of the first large scale contract to be signed since the financial turbulence of the Cypriot Economy. The contract, which has been approved by the European Development Bank includes works in the tourist area of Ayios Tychonas, where the specific facilities are long awaited by its residents. The successful tender by LOIS Builders of such a significant project, in the current economic climate, represents a great success for the company itself but also a positive indicator for the wider construction industry, which has been badly hit by the financial crisis.
The project was signed as a joint venture between LOIS Builders Ltd and Phoenix Constructions Ltd and is worth in excess of 7.8 million euros. It includes sewerage works in the residential core of Ayios Tychonas and the Kalogiri and Mesovounia areas. The works will begin during 2013 and will be completed in 25 months.
The portfolio of successful projects by LOIS Builders, including more than 200 construction projects across Cyprus, amongst which are many technical projects such as this, reinforces and guarantees the quality of this new project.