Tersefanou Properties by LaTerseRealty

Investment teaser:

TERSEFANOU PROPERTIES _____________________________________________________________________________________________

“A unique investment opportunity”

Contents 1. Why Cyprus? 2. Project DS1 & DS2 2a. Project DS1 description 2b. Project DS2 description

3. Why invest in this project? 4. Project finances 4a. Project finances. The Investment Proposal DS1 4b. Project finances. The Investment Proposal DS2

APPENDIX A. Cyprus APPENDIX B. Investment Incentives APPENDIX C. Citizenship Requirements: Details APPENDIX D. Project Description

1 Why Cyprus? Highlights Cyprus offers unique investment climate & incentives, dual citizenship and has no residency requirement. Investors seeking strong, long-term returns, regard investment property in Cyprus as a mature market and sound investment area in which to expand their property portfolios

Perfect timing to invest Highly qualified

EU & Eurozone member

More than 300 days sunshine & excellent weather

Low crime rate

Multi-cultural: strong British, Russian & growing Chinese communities

& multilingual workforce (English widely spoken)

Blue flag beaches & mountain forests, in an hourâ&#x20AC;&#x2122;s drive

A charismatic region in the winter and the warmth & beauty of the summer combined

Sophisticated high quality financial professional services & support

Appealing business & investment environment Clean air and the cleanest bathing waters in Europe

Low cost & high standard of living

Efficient Britishbased legal system Excellent British Excellent education healthcare (30% of system students are foreign)

1 Why Cyprus? Strategic Position

Vital gateway to Europe, the Middle East, Africa and Asia

Unlimited untapped opportunities: Attracting countless commercial endeavors

Cyprus is the only European Union Member geographically in Asia & the Middle East

At the crossroads of three continental zones in the Eastern Mediterranean Copyright ÂŠ Delfi Partners & Co. 2015

Pivotal business hub: Supporting essential partnerships

Excellent diplomatic relationships with both the West & East 4

1 Why Cyprus? Taxation Regime

Cyprus is the number jurisdiction chosen by international tax planners because it has the lowest corporate tax rate in the entire European Union (a uniform rate of 12.5%)

The OECD includes Cyprus on the White List of jurisdictions that have substantially implemented the internationally agreed tax standard All distinctions between local and international business companies have been removed. The taxation of companies is now based on residence Confidentiality protected by legislation

Fully aligned with EU & International regulations Extensive double taxation treaty network with over 48 countries worldwide

Cyprus IP tax regime can be utilised to achieve an effective tax rate of low 2.5% or even lower

No profits of a foreign Permanent Establishments (PE) tax, under easily met conditions

No withholding tax on almost all royalties

No capital gains on profits from the sale of shares, securities, bonds and units

No tax on foreign dividends and interest received

No thin capitalisation rules

No inheritance tax

No Controlled Foreign Company

Note: A company is resident of Cyprus if it is managed & controlled in Cyprus

1 Why Cyprus? Legal Framework Cyprus has a comprehensive, modern and forward-looking legal and regulatory framework based on English Common Law principles. Offering foreign businesses a familiar and reliable framework within which to operate, the islandâ&#x20AC;&#x2122;s legal and regulatory system is today considered to be one of the most favourable in Europe

Generally Accepted Accounting Principles (GAAP) & International Financial Reporting Standards (IFRS) adopted positively affect the procedure for formation of companies in Cyprus

In line with EU Legislation (EU Member State)

Member of the British Commonwealth, Council of Europe, IMF, UN, World Bank and WTO Independent, sovereign Republic

Cyprus Legal Framework Very much aligned with the United Kingdom legislation Copyright ÂŠ Delfi Partners & Co. 2015

Written constitution

1 Why Cyprus? Infrastructure

2 Bustling Ports Larnaca & Limassol

Modern Road Network

Major Telecommunications Hub

Golf, Tennis, Horse Riding, Skiing, & Water Sports Copyright ÂŠ Delfi Partners & Co. 2015

Numerous European Universities & English Private Schools

Larnaca Port

2 International Airports Larnaca & Paphos

Larnaca Airport

The local infrastructure is ideally suited for business-people who need to get things done

2 Project DS1 & DS2 DS1

DS2

197

72 1/4

127

138

192 135 134 173

2 Project DS1 & DS2. Strategic Location Central location, halfway between the Capital, Nicosia & Commercial port city of Limassol

5 miles away from the island's main international airport (15 min drive)

8 miles away from Larnaca City (20 min drive)

2.5 miles south of the main highway

5 min drive to the beach

Nicosia (35 miles)

Paralimni (40 miles)

Limassol (40 miles)

50 m

2a Project DS1 description. The Opportunity Located in Tersefanou village, Larnaca, just 5 miles away from the island's main international airport

Family owned properties that are managed, by its registered land owners

The land has road access from both sides, lying in an evenly shaped terrain, offering excellent visibility and accessibility from the surrounding areas

These plots form a unique investment opportunity available for development under the guidance of the policy statement of the countryside and is subject to the department of planning and housing of Cyprus

2a Project DS1 description. Overview

The Property comprises of: 3 sizeable plots

A total area of 74,886 sq.m./ 806,058 sq.ft.

Long frontage in an area of high visibility

173 abuts a secondary road that leads to Tersefanou on its west side and plot 192 on its east side . 197 abuts the main road that connects Tersefanou and Kiti on its east side and plot 192 on its north side

Plots numbers: 173, 192 & 197

Possible to undertake a range of large scale developments/ uses

Suitable for a variety of commercial or other uses

192 abuts the main road that connects Tersefanou and Kiti village on its east side, plot 197 on its south side and plot 173 on its west side

2a Project DS1 description. Town Planning Plot

173

192

197

Size

44,148 sq.m. 475,200 sq.ft.

19,969 sq.m. 214,938 sq.ft.

10,769 sq.m. 115,911 sq.ft.

Planning Zone

H3 (Γ3: Secondary Zone)

Γ3

Ζ1

Mainly Residential (Agricultural)

Agricultural

Protection Zone

Building Density

60% (10%)

10%

Plot Coverage

35% (10%)

10%

Number of floors

2 (2)

Height

8.3 m. (8.3 m.) 74.7 ft. (74.7 ft.)

Use

There is immediate possibility to increase the building density of site 173 as the property falls within two planning zones: in such cases regulations allow owners to file for all of the site to fall within one planning zone

2a Project DS1 description. Excellent road Connectivity & Accessibility

2.5 miles south of the main highway (A5)  Connects the greater Larnaca area with the capital, Nicosia, and the commercial port city of Limassol

Athinon Street

Located on the south side of Tersefanou, in an area that lies between the growing village of Kiti and that of Tersefanou The plot abuts the main road that connects the two villages, offering the site excellent visibility and accessibility from both villages and from the surrounding area via the highway From 2000 onwards, Tersefanou and the nearby villages of Kiti and Dromolaxia have seen their populations increase  Development of holiday home for overseas (mainly British) retirees and holidaymakers

Arch. Makariou III

2b Project DS2 description. Overview

The Property comprises of 5 sizeable plots

A total area of 80,919 sq.m./ 870,984 sq.ft.

Plots numbers: 127, 134, 135, 138 & 72

Suitable for a variety of commercial, healthcare, educational or other uses

Possible to undertake a range of large scale developments/ uses

2b Project DS2 description. Town Planning Plot

127

134

135

138

Size

7,024 sq.m. 75,600 sq.ft.

20,000 sq.m. 215,271 sq.ft.

20,244 sq.m. 217,899 sq.ft.

29,554 sq.m. 318,114 sq.ft.

4,097 sq.m. 44,100 sq.ft.

Ε1

Γ3

Ε1

Γ3

Agricultural

Planning Zone

Industrial Category B¹

Agricultural

Industrial Category B

Building Density

90%

10%

90%

10%

Plot Coverage

50%

10%

50%

10%

Number of floors

Height (m.)

8.3 m. (8.3 m.) 74.7 ft. (74.7 ft.)

Use

Note: 1. Low disturbance industrial facilities

3 Why invest in this project. The market

Economic recovery in Cyprus is expected in record time, despite the challenges faced in the last years. Thanks to the Government's commitment to achieving economic recovery and growth, Cyprus has managed to turn the page, successfully facing the island's economic challenges, and establish itself as a thriving business center.

GDP growth and other economic statistics reflect the improvement of Cyprus economy, and indicate the prospects for a flourishing economy much sooner than expected.

Investing in Cyprus properties is a safe way to have an excellent return for your investment and still enjoy spending some quality time in one of the most beautiful and safe islands of the Mediterranean.

Investing in Cyprus is a particularly attractive move at the moment as the market is stable & prices are competitive. Cyprus off plan developments offer some particularly good deals, with value for money projects being built anywhere in the island. Buyers investing in Cyprus generally get more property for their money.

3 Why invest in this project. Citizenship Incentives New attractive legislation is in place which gives investors the opportunity to obtain the Cyprus/EU Citizenship or Permanent Residence. The relevant schemes have been running very efficiently, granting approvals within 3-4 months. Investors do not need to reside in Cyprus and they do not become tax residents (unless they spend over 183 days in Cyprus)

Naturalisation Requirements

Applicant is 18+

European Passport

Investments >5mln for min. 3 years

Residence worth â&#x201A;Ź0.5mln kept for life

Minimum of one Visit Copyright ÂŠ Delfi Partners & Co. 2015

Tersefanou project is ideal for naturalization purposes

Clean Criminal Record 17

3 Why invest in this project. Location Larnaca City

Larnaca has a service dominated local economy which relies mainly on tourism, warehouse, logistics and the International Airport

There are many plans to regenerate the city, with the most recent being the temporary use of its port as the main hub for the oil and gas exploration vessels

Larnaca’s seaport is the second largest in the free part of Cyprus

Because of its proximity to the coast it attracts many tourists and has numerous overseas residents who have acquired holiday homes in the district

The city is well-known for its picturesque sea-front which includes rows of palm trees. Much of the activity is centred on the city promenade during the major festivals.

The City is divided into two parts namely, an older city centre and a chain of hotels and restaurants along the beach, known as the ‘Phinikoudes’

3 Why invest in this project. Location Tersefanou Village: The Prospects

This area until recently, was a sleepy little village with original old buildings, and cafe's, cobbled alleyways, and locals relaxing in the Cyprus sun

Tersefanou benefitted slightly more as its population rose by 40% to circa 1,500 residents the last 15 years

Today it is a lot more cosmopolitan and it has attracted local developers to build large apartment and villa complexes

The large increase in population and demands for a better quality of life has led to the development of this community

The Community Council of Tersefanou, through collective work & collaborations has conducted several infrastructure works to the village and surrounding areas

The aim was to change and upgrade the local community, transforming it into a comfortable and friendly place for its residents and visitors Given the very good regional climate and short distance of the community from the city of Larnaca, the airport and the sea, there is a great development potential in the village

DS2

DS1

4 Project finances. The Investment Proposal Plot

173

192

197

Size

44,148 sq.m. 475,200 sq.ft.

19,969 sq.m. 214,938 sq.ft.

10,769 sq.m. 115,911 sq.ft.

Buildable area

26,489¹ sq.m. 285,120 sq.ft.

1,997 sq.m. 21,492 sq.y.

646 sq.m. 6,948 sq.y.

Total Total

Plot

127

134

135

138

Size

7,024 sq.m. 75,600 sq.ft.

20,000 sq.m. 215,271 sq.ft.

20,244 sq.m. 217,899 sq.ft.

29,554 sq.m. 318,114 sq.ft.

4,097 sq.m. 44,100 sq.ft.

Buildable area

6,322 sq.m. 68,049 sq.ft.

2,000 sq.m. 21,519 sq.ft.

2,024 sq.m. 21,780 sq.ft.

26,597 sq.m. 286,281 sq.ft.

410 sq.m. 4,410sq.ft.

74,886 sq.m./ 806,058 sq.ft. 29,132 sq.m./ 313,569 sq.ft.

Total Total

80,919 sq.m./ 870,984 sq.ft. 37,353 sq.m./ 402,039 sq.ft.

For all purchases before the end of 2016, no capital gains tax will apply at asset disposal regardless of when the asset is disposed. In addition, a 50% reduction in transfer fees applies during this period. Note: 1. Under the condition that town planning incentives will be used

4a Project finances. The Investment Proposal DS1 Sports Facilities • Mini golf • Mini football • Basketball • Tennis court • Fitness rooms

Sports Facilities

Health facilities

Educational Developments

Health Facilities • Private Clinics/Hospitals • Nursing homes

Educational Developments • Kindergartens • Music schools • Colleges/Universities

Warehouses Warehouses

• Agricultural

Specialized Leisure • Theme parks/hotels • Radio stations • Shopping outlet villages

“Sizeable property, unique location, multiple uses, great investment opportunity”

Mixed use Developments • Combination of the above

4b Project finances. The Investment Proposal DS2

Rural Industry Development Options

Packaging

Sorting

Washing

Contact Details Tersefanou Properties E1: tersefanou.properties@yahoo.com E2: tersefanou.properties@outlook.com W1: www.tersefanouproperties.wix.com/laterserealty W2: www.laterserealty.com W3: www.tersefanouproperties.com

Advisors Delfi Partners & Company T: +357 22 000060 F: +357 22 000080 E1: realestate@delfipartners.com E2: info@delfipartners.com W: www.delfipartners.com

Disclaimer © 2015. Tersefanou Properties [Larnaca: Cyprus] > The Information herein has been obtained from sources believed to be reliable. While we do not doubt its accuracy, we have not verified it and make no guarantee, warranty or representation about it. It is your responsibility to independently confirm its accuracy and completeness. Any projections, opinions, assumptions or estimates used are for example purposes only. > As between you and Tersefanou Properties, you acknowledge that Tersefanou Properties owns or has a license to all title and copyrights in and to the content provided in this presentation. All title and intellectual property rights in and to any licensed content provided in this presentation is the property of the respective content owners and are protected by applicable copyright or other intellectual property laws and treaties and subject to use restrictions under such laws or treaties. > Tersefanou Properties on its behalf and for the Vendors or Lessors of these assets whose Agents they are, give notice that: 1. These particulars are set out as a general outline only for guidance to intending Purchasers or Lessees, and do not constitute any part of an offer or contract. 2. Details are given without any responsibility and intending Purchasers, Lessees or Third Parties should not rely on them as statements or representations of fact, but must satisfy themselves by inspection or otherwise as to the correctness of each of them. 3. No person in the employment of Tersefanou Properties has any authority to make any representation or warranty whatsoever in relation to this property. 4. Unless otherwise stated, all prices and rents are quoted exclusive of Tersefanou Properties. > The information in this document is confidential to the person to whom it is addressed and should not be disclosed to any other person. It may not be reproduced in whole, or in part, nor may any of the information contained therein be disclosed without the prior consent of the directors of Tersefanou Properties (‘the Company’). A recipient may not solicit, directly or indirectly (whether through an agent or otherwise) the participation of another institution or person without the prior approval of the directors of the Company. > The contents of this document have not been independently verified and they do not purport to be comprehensive, or to contain all the information that a prospective investor may need. No representation, warranty or undertaking, expressed or implied is or will be made or given and no responsibility or liability is or will be accepted by the Company or by any of its directors, employees or advisors in relation to the accuracy or completeness of this document or any other written or oral information made available in connection with the Company. Any form of reproduction, dissemination, copying, disclosure, modification, distribution and or publication of this material is strictly prohibited.

APPENDIX A. Cyprus

> > > > > > > > > > > > > >

> > >

Member of EU with the Euro as official currency 300 days of sunshine with an average annual temperature of circa 20 oC Clean air and the cleanest bathing waters in Europe Both, blue flag beaches and mountain forests, within a horse drive A charismatic region in the winter and the warmth & beauty of the summer combined Low crime rate Excellent British education (30% of students are foreign) Excellent healthcare system Relatively low cost & high standard of living Highly qualified & multilingual workforce (English widely spoken) Sophisticated, high quality financial professional services and support Efficient British-based legal system Multi-cultural environment with a strong British, Russian and growing Chinese community Appealing business & investment environment: o Wide choice of financial and legal services o Excellent investment potential, real estate prices are low making it a great time to invest o Investors seeking strong, long term returns, regard investment property in Cyprus as a mature market and sound investment area in which to expand their property portfolios. Cyprus allows dual citizenship and has no residency requirement The World Bank’s Doing Business Report 2014 ranked Cyprus 39th out of 189 economies and 16th out of EU28 for the ‘Ease of Doing Business’ ranking Largest Natural Gas find in the Mediterranean worth Trillions of Euro

APPENDIX B. Investment Incentives Measures to reboot the economy provide significant incentives to investors: > The amount of time required to issue planning permission has been reduced to a maximum of one month for small projects and three months for large projects > Building coefficients have been increased by 30% in residential areas for large commercial developments. The coefficient will be increased by 25% on the outskirts of residential areas for large commercial or office developments. It will increase by 20% in certain tourist zones for large-scale property and from 10% to 15% for areas available for golf courses. > Permits for joint tourist developments such as condo hotels will now be given. > Foreign nationals are encouraged to invest in Cyprus by being given permanent residency status.

APPENDIX C. Citizenship Requirements: Details As a part of its policies aiming to attract foreign investors in Cyprus the Council of Ministers, on the 19th of March 2014, revised the "Scheme for Naturalization of non-Cypriot investors by exception" and, thus, established the new financial criteria based on which non–Cypriot entrepreneurs/ investors may acquire the Cypriot citizenship: > A non-Cypriot citizen, who meets one of the following economic criteria, either personally or through a company/ companies in which he/ she participates as a shareholder - proportionally based on the percentage of participation, or even as a high-ranking senior manager of a company/ companies that meets one of economic criteria, may apply for the acquisition of the Cypriot citizenship through Naturalization by exception. Investment in real estate, land development and infrastructure projects: > The applicant must have made an investment of at least € 5,0 million for the purchase or construction of buildings or for the construction of other land development projects (residential or commercial developments, developments in the tourism sector or other infrastructure projects). > To €2,0 millions for investors who demonstrably participate in a special collective investment scheme, provided that the total value of the investment is more than €12.5 millions. It is noted that this present provision (I), will be in force until the 1st of June 2014.

APPENDIX C. Citizenship Requirements: Details Detailed criteria for granting the Cypriot citizenship by exception: > State bonds of the Republic of Cyprus of at least €5,0 million. > Financial assets of Cypriot companies or Cypriot organizations (bonds/ securities/ debentures registered and issued in the Republic of Cyprus) of at least €5,0 million. > Investment of at least € 5,0 million for the purchase or construction of buildings or for the construction of other land development projects (residential or commercial developments, developments in the tourism sector or other infrastructure projects). > At least € 5,0 million in the purchase, creation or participation in businesses or companies, that are based and operating in the Republic. These businesses or companies should evidently have a tangible presence in Cyprus and employ at least five (5) Cypriot citizens. > Personal fixed term deposits for three years in Cypriot banks or deposits of privately owned companies or trusts (in which he/she is the beneficiary owner) in the Republic of Cyprus of at least €5,0 million. > Combination of the aforementioned criteria of the above amounting to at least €5,0 million. T&C > Clean Criminal Record: the applicant must have a clean criminal record. Furthermore, his name must not be included on the list of persons whose property is ordered to be frozen within the boundaries of the European Union. > The applicant must hold a permanent privately-owned residence in the Republic of Cyprus, the purchase price of which must be at least €500.000, plus V.A.T. ○ It is noted that members of the same family, which apply separately as investors, can collectively acquire a residence, provided that the total value of this home-property covers the amount of € 500.000 per each applicant.

APPENDIX C. Citizenship Requirements: Details Persons whose deposits with the Popular Bank Public Company Ltd have been impaired due to the measures implemented after the 15th March 2013: > In the case where the applicant has incurred an impairment in his/her deposits under €3,0 million he/she may apply, having made an additional investment through the aforementioned criteria for the balance of the required amount of the aforementioned criteria. > The Council of Ministers shall have the right on special occasions, to reduce the above criteria (Α.1 (Investment in Government Bonds), Α.2 (Investment in financial assets of Cypriot companies or Cypriot organizations), Α.3 (Investment in real estate, land development or infrastructure projects) and Α.4 (Purchase or creation or participation in Cypriot businesses and companies): o To €2,5 millions for investors, who demonstrably participate in a special collective investment scheme, provided that the total value of the investment is at least €12,5 millions. o To €2,0 millions for investors who demonstrably participate in a special collective investment scheme, provided that the total value of the investment is more than €12.5 millions. It is noted that this present provision (I), will be in force until the 1st of June 2014.

APPENDIX D. Project Description Development Potential under Residential Zone H3 (Plot 173) Residential Development > H3 zones allow that residential use is the main form of development. The provisions for that zone indicate that the maximum building ratio is 0.60:1, the number of floors permitted is two, the maximum plot coverage ratio is 0.35:1 and the maximum building height can reach 8.30m. Commercial Developments within H3 > Within planning zone H3, there is the possibility of other developments apart from residential, provided that these are related to the principal use. Those concern commercial developments, which can be summarised as shops, stores, kiosks and tutorial facilities. In exceptional circumstances, and at the authoritiesâ&#x20AC;&#x2122; discretion, small industries which are consistent with the areaâ&#x20AC;&#x2122;s character and related with the output of local products can also be developed. The building parameters are the same as those above. Mild Form of Leisure and Entertainment Developments > The mild form of leisure and entertainment developments is another use that could be included within residential planning zone H3. Those developments include coffee shops, restaurants and youth or sports centres/clubs. The corresponding provisions for their development are: maximum building ratio 0.60:1, number of floors permitted two, maximum coverage rate 0.35:1 and maximum building height 8.30m. Educational Developments > The development of educational facilities constitutes one of the uses that can be located within the residential planning zone H3. Considering the existing size of the plot that falls under H3, the uses that can be located are: a) Music schools and training facilities, b) Kindergartens for which the minimum size requirements are 600 m2 for one class, 900 m2 for two classes and 1,200 m2 for three classes. c) As far as schools of higher education, the policy statement does not prescribe planning standards and each development is evaluated by the planning department on its own merits. Health Facilities > Health facilities, hospitals and nursing homes can be located within the residential zone. The corresponding provisions for their development are: maximum building ratio 0.60:1, number of floors permitted two, maximum coverage rate 0.35:1 and maximum building height 8.30m. Copyright ÂŠ Delfi Partners & Co. 2015

APPENDIX D. Project Description Development Potential under Agricultural Zone Γ3 (Plots 173, 192, 134, 135 and 72) Rural Developments > Agricultural zones Γ3 permit primarily any developments/activities related with the production of agricultural products. The provisions of the policy statement for agricultural developments define as maximum building ratio 0.10:1, maximum coverage rate 0.10:1, total number of floors two and maximum height of the building 8.30 meters. Residential Developments > Residential developments may be permitted according to the “Individual Housing” policy . The preconditions for the development are: the minimum size of the plot 4.000 m2, the maximum building ratio 0.10:1, the maximum coverage rate 0.10:1, the number of floors has been set at two with a maximum height of 8.30 meters. Specialised Form of Leisure and Entertainment Developments > Specialised form of leisure and entertainment developments can also be located within the agricultural zone. Those developments involve multiplexes and multifunctional sporting centres (facilities for mini golf, mini football, basketball, a tennis court or fitness rooms). If the plot area is between 10.000 and 40.000 m2, the applicable regulations are the same determined in the agricultural zone: building ratio and coverage rate 0.10:1, number of floors two and maximum height 8.30 meters. Health Facilities > Health facilities, particularly hospitals and nursing homes, can be located within the agricultural zone. The corresponding provisions for their development are: maximum building ratio 0.10:1, number of floors permitted two, maximum coverage rate 0.10:1 and maximum building height 8.30m. Renewable Energy Resources Facilities > Although the facilities of renewable energy can be located within the agricultural zone, the assessment for the authorisation of those facilities is a complicated procedure. > The granting of planning permission is being assessed by the responsible authorities such as the Housing and Planning Department, the Ministry of Agriculture, Natural Resources and Environment, the Ministry of Commerce, Industry and Tourism, the Ministry of Communication and Works, the Ministry of Health, the Regulatory Authority evaluate for Energy, the Local Planning Authority and the Electricity Authority of Cyprus. Copyright © Delfi Partners & Co. 2015

APPENDIX D. Project Description Development Potential under Industrial Zone E1 (Plots 127 and 138) Small and low disturbance industries > According to the guidelines of the Policy Statement, the permitted developments should take all the required measures to avoid the environmental degradation, while they should aim to the socio-economic growth and prosperity of the area. > In these terms, the rural industry development is also permitted, which is related with the sorting, washing, packaging and process of agricultural products contributing to the overall facilitation of the agricultural sector for the benefit of the local economy. > Furthermore, the development of storage facilities is permitted with maximum size of 200m2. Recently, the Government introduced the new “Urban Development Incentives Plan” in order to enhance the development in both urban and countryside areas. The Plan is currently under consultation.

Development Potential under Protected Zone Z1 (Plot 197) Farming and Agricultural Developments > Plot 197 is designated as protected area Ζ1 and is a result of a past land consolidation process. Areas where land consolidation has taken place are mainly recommended for farming and agricultural purposes aiming at the strengthening and further expansion of the agricultural sector. Small-scale developments, such as agricultural warehouses, are permitted. The policy statement defines: maximum building ratio 0.06:1, coverage rate 0.06:1, number of floors two and maximum building height 8.30 m. Note: The Government has introduced the new “Urban Development Incentives Plan” in order to enhance the development in both urban and countryside areas. The Plan is currently under consultation, but it is expected that it will provide various incentives (planning and economic) for the development of sizeable properties that will be considered to be economically advantageous to the local community.