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Limassol marina weighs anchor

After more than 20 years of planning, proposals, legal wrangling and bureaucratic delays, construction work on the first of the five big marina projects in Cyprus may start in the next couple of months.

PETROS Clerides, Cyprus’ Attorney General, gave its consent on Tuesday for the submission of the proposal for the construction of the Limassol marina to the Council of Minister this or next week.

In his statements to StockWatch, Commerce Ministry General Manager, Efstathios Hamboullas said that all obstacles have been overcome and the proposal for the marina is already on the Council of Minister’s agenda. As soon as it is approved, the contracts will be signed and works will start immediately.

A representative of Lemesos Marina Ltd, which undertook the projects with the Build-Operate-Transfer (B.O.T) method, said that the finance of the project has been secured but it will take three months until the funds are released.

He believes that the construction of the project will be finalized in three years, while it is the first big marina of Cyprus with a capacity of 1,000 vessels. It will offer a range of services including dining, residential, shopping and conference space. A green park will surround the marina, while all buildings within it will adhere to old Limassol’s traditional architecture standards.

Limassol Marina Ltd comprises J&P Avax A.E., Cybarco PLC, Fraggoudi & Stefanou, Ioannou & Paraskevaidi, Athena ATE, Cads, Holding Ltd and the Limassol Chamber of Commerce and Industry (EBEL) through the Limassol Marina Development Company.

The total cost of the project is expected to reach €350 million.

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