The Revival of Limassol’s Old Town Begins: Square One Announces a Landmark Redevelopment

A Transformational Moment for Limassol’s Historic Centre

At Square One, we are proud to announce the acquisition of one of Limassol’s most recognisable properties, the former ESEL Shopping Mall on Anexartisias Street.

This landmark site sits at the heart of the city centre and represents a defining moment for the regeneration of Limassol’s historic core. Together with our partners at Dragon Capital, we are initiating a major redevelopment that will reshape the future of urban living, hospitality, and investment in the Old Town.

Demetris Papadopoulos, CEO and Founder of Square One, described this acquisition as “a major milestone in our mission to breathe new life into the city centre and reimagine the beating heart of Limassol.

What was once a beloved retail destination will soon become a vibrant hub of urban living and hospitality right in the centre of the city.”

This redevelopment marks our commitment to revive, revitalise, and reimagine a district that holds immense cultural and strategic importance for the future of Limassol.

A Landmark Redevelopment in the Heart of Limassol

Our vision for the former ESEL Shopping Mall introduces a next-generation mixed-use development that will energise the city centre and set new standards for contemporary living.

The project will include 96 state-of-the-art serviced apartments for short and long term stays, a rooftop bar offering panoramic views across the Old Town and coastline, premium lifestyle amenities including a swimming pool, gym, and sauna, and ground level areas designed for hospitality and boutique retail.

By combining modern architecture, strategic positioning, and a strong urban lifestyle offering, this redevelopment is set to become a flagship destination for both residents and visitors.

A Strategic Collaboration Strengthened by Dragon Capital

The successful acquisition and redevelopment of this landmark site is made possible through our collaboration with Dragon Capital, a highly regarded investment group known for delivering strong returns in complex markets.

Dragon Capital has built a reputation for uncovering value, completing major financing transactions, and acting as a reliable, flexible, and transparent investment partner.

Their strategic expertise and institutional strength significantly enhance the long-term vision and performance potential of this project.

Together, Square One and Dragon Capital form a powerful partnership dedicated to shaping the future of Limassol’s urban landscape

Why Limassol: A City of Growth

Limassol is one of Europe’s most dynamic real estate and business markets, supported by sustained demand from global FX, gaming, and technology companies.

Thousands of highly skilled professionals continue to seek premium accommodation in central locations, driving high occupancy levels and competitive rental yields.

The city has recorded consistent seven to eight percent annual real estate growth over recent years. In 2024 alone, apartment prices rose by 20.6 percent and houses by 30.1 percent, reinforcing Limassol’s strong investment performance.

As a financial, corporate, and lifestyle hub, Limassol offers long-term stability, deep rental demand, and resilient returns for investors.

A Defining Moment for the Future of Limassol’s Old Town

This redevelopment is more than a construction project. It is the beginning of a wider cultural and economic transformation for the Old Town.

By combining visionary design, strategic location, and strong institutional collaboration, Square One and Dragon Capital are delivering a landmark destination that will redefine the city centre for years to come.

As Demetris Papadopoulos states, “This is not simply a development. It is a statement of intent — to revive, revitalise, and reimagine the old town of Limassol into a thriving urban destination once again.”