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Larnaca port transformation agreed

Finally, after two years of negotiation, the government and the Zenon Consortium have signed an agreement for a joint development of the Larnaca port and marina at a cost in excess of €700 million.

Larnaca marina (picture from Bouygues Bâtiment International)

CYPRUS and the Zenon Corporation have signed a contract for the joint transformation of the Larnaca port and marina, in a project costing in excess of €700 million.

The Cyprus government Minister of Communications and Works, Efthimios Flourentzos said that the project is very important for both Larnaca and Cyprus as a whole, noting that such projects will boost the economy and create new jobs at a time of financial recession.

The Zenon Consortium will carry out the construction of the new harbour and marina and will manage the facility for a period of 35 years. Zenon will also provide land to developers for the construction of residential units that will be sold on a 99 year lease.

The project will be carried out in three phases – the construction of the marina and port infrastructure, including a new passenger pier, an offshore jetty, a yacht club and marina and commercial buildings at an estimated cost of €130 million. Extensions to the port and marina will be constructed at a further cost of €55 million.

Under the agreement, Zenon is required to secure funding for the project within six months, while the first two phases of the project are to be completed within the next three years

Zenon will also provide some of the 200,000 square metres of land designated for the residential developments, bringing its total cost to €700 or €800 million.

Once completed, the new port will become the main passenger port of Cyprus and will be able to accommodate large cruise ships – and have the potential to serve commercial vessels.

Initially, the port will have the capacity to berth 500 vessels, but this could be expanded to berth 1,000 vessels depending on demand.

The project will also include parks, restaurants, recreation space, shops and other public areas.

 

Readers' comments

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  • Denton Mackrell says:

    @Mr Holland/whoever. This thread is not about the dreaded deeds issue. However, as you insist on raising the matter……..According to official MoI figures, some 120,000+ properties are still without their title deeds being issued. Of these, some 40,000 have been bought by foreigners. How many thousands have actually been issued and, are, as you claim, ‘unaffected’?

    From Oct 2008 to end of Nov 2011, the outstanding properties purchased by foreigners and still without deeds increased from 29,949 to 40,170.

    Over the ten years to the end of Dec 2011, of 51,500 properties bought by foreigners, less than 11,500 had obtained title deed transfer. Over that period, the transfer rate was 22% or 2.2% yearly average.

    Are you saying that the backlog of 120,000+ are all unaffected? The transfer and issuance rate is picking up but not sufficiently to clear that backlog any time soon. With a fair wind, it might take another 5-8 years unless some radical improvement in policy, procedures and efficiency occur. That will still leave a rump of those buyers caught in developer mortgage traps and other misdemeanours.

    So, who are the ‘thousands’ who are ‘unaffected’?

  • Mr Holland says:

    Dr Spock…I am neither Freud nor Nietzsche and how you think you can assess me from my forum tongue in cheek verbal jousting is beyond me.

    I am merely adding spice to this previously ‘boorish’ as you put it forum full of out of touch and angry expats all looking to blame someone cos they did not read the small print…and if they did they did not undersatand it.

    I have no clients with any title deed issues…the numbers speak for themselves ..it’s a mess in the main and my Lawyer is doing what he can… but thousands are unaffected.

    As for what killed Nietzsche Iv’e been tested and I am clear.

    Ego-Man/Holland/Eco-Man …apparently all 3

  • Dr Spock says:

    @Mr Holland. On another thread, I recall that someone remarked in Latin that your emissions speak for themselves.

    So you think your Nietzsche? Might is right and to hell with the consequences, eh? Hmmm. Your mental state keeps revealing itself! Mind you, Nietzsche’s brain was a bit addled, what with the incurable disease he contracted.

  • Mr Holland says:

    Excellent Dr Spock

    signed

    Friedrich Nietzsche @ will to power

    Opinion is a matter of opinion and you have misdiagnosed me as you do not know me.

  • Dr Spock says:

    @ Mr Holland. To quote you: “Open Schadenfreude is an illness that needs treating …in my humble opinion of course and almost of epedemic (sic) proportions amongst the ever popular trolls that thrill us with their insight and lack of forsight to describe it all in hindsight”

    So,you think the rest of us are all ill because we reject your nonsense, while presumably you alone are quite normal? Classic transferance! Here is the WHO description of a real clinical condition, which is also readily treatable:

    ‘inflated self-esteem and grandiose ideas’ and ‘over-optimistic ideas are freely expressed’. ‘Irritability, conceit and boorish behaviour’ may be exhibited. may appear animated, ‘driven’, argumentative and reluctant to countenance opinions of others.

  • Costas Apacket says:

    We’ve going to have so many Marina’s around the Island it surely can’t be long before Troy Tempest turns up?

  • Mr Holland says:

    James..the money is coming into Cyprus and these projects and others similar will get funding…It took 20 years just to agree on the Ayia Napa Marina getting the go ahead…but it will get built, eventually.

    It is slowly picking up.Property Enquiries are well up and interest in Cyprus generally is high…even if the positive signal are finding it hard to breakdown the disgruntled expat steel door.

    I really am sympathetic and am doing what I can to assist with the Title Deed issues from the time of the Amnesty onwards.My Lawyer is confident as i am THAT WE CAN HELP CHANGE THINGS !

    Mr Howarth is correct…the consortium will have no issues whatsoever getting the funds together for Larnaca.

    Gavin thank you for the compliment “He does a magnificent job” to quote your own words about the ubiquitous Mr Holland.Who will be at a Forum near you soon….just like the Eco-Homes he mentioned in passing last week.

    Open Schadenfreude is an illness that needs treating …in my humble opinion of course and almost of epedemic proportions amongst the ever popular trolls that thrill us with their insight and lack of forsight to describe it all in hindsight.

  • Curmudgeon says:

    Can’t wait for the new marina to start in the Coral Bay area.

    Most of us will be 6 foot under before that gets off the drawing board.

    Looks good on paper though.

  • Dee says:

    Such a pity this wasn’t started in the years of boom instead of bust.
    But, I s’pose better late than never.

  • @All – I don’t believe the consortium will have problems raising the finance.

    The company heading it up Zenon is Bouygues Bâtiment International. Their successful project include the Paphos and Larnaca airport – plus its fuel farm, solar plant and Paphos airport.

    Their partners in the venture are a mix of local and international companies & organisations – Port of Amsterdam, Lievense Consulting Engineers, Louis Group of Companies, Costa Crociere, Iacovou Brothers, General Constructions Company, Petrolina and Marinaman (representing the Larnaca community).

    The Limassol marina consortium found the money to build, so why not Zenon?

  • James JH Lockhart says:

    It appears Mr Holland is Dreaming no more maybe he can expand where the money will be coming for this project from ?

  • Gavin Jones says:

    The ubiquitous Mr. Holland strikes again.

    He does a magnificent job of hyping up a moribund and discredited development market that’s been based on spin and downright untruths and makes the situation look even more ridiculous than the government’s propagandist, Stefanos Stefanou.

    “Jewel of the Med”? The ‘jewel’ is made of paste.

  • Jim says:

    I am still waiting for Mickey Mouse to appear at Pyla.

    This is another similar project, that at best, will be well watered down, if indeed the consortium manages to raise any money at all.

  • Mr Holland says:

    There you go….great news for a potentially amazing Port Area…

    Amazing what a bit of good news can do for a region…and ultimately the whole of Cyprus.

    Same again in Ayia Napa and local property prices will in both areas will look cheap to other European destinations with similar facilities.

    IT’S NOT KNOWN AS THE ‘JEWEL OF THE MED’ FOR NOTHING !

    Great job PYXEL !!!

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