- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Green light for Paphos marina

Paphos marinaOFFICIALS in Paphos have welcomed the announcement by Aristo Developers that the long-awaited marina project will soon get underway, following a ruling by the Supreme Court.

On Monday, the court announced a judgement in favour of applicant ‘Poseidon Grand Marina’, a joint-venture, in which Aristo developers is a major shareholder.

Head of the Kissonerga community council George Stylianou told the Cyprus Mail: “There is now finally a decision, and we now expect the winning consortium to start building this project as soon as possible. There are only draft plans at the moment, but once building plans have been passed and permits granted, we hope that they will be in a position to commence work next year.”

The head of the Paphos Chamber of Commerce, (EVE) Andreas Demetriades, welcomed the news saying that EVE had requested that the president of the Supreme Court issue the relevant documents around three months ago.

“We received this judgement on Monday and now we will wait for the consortium to proceed. This project will create a lot of jobs and many opportunities. We are very happy with the result.”

Paphos has long campaigned for a marina as it promises to attract high spenders and quality tourism.

Following the announcement of the tender for the project in 2007, it was awarded to the Cybarco-Pandora consortium of which the Leptos Group was part of, in 2008. However, the other two consortiums who had bid for the project challenged the award, at various stages, and it has since been in limbo.

The project had been frozen since litigation began after it was awarded in 2008.

The proposed marina at Potima in Kissonerga will be a crucial project for Paphos and a landmark development for the coastal town, said Stylianou.

Even though it had initially won the competition, Cybarco-Pandora was excluded yesterday, following a successful appeal from the lawyer of the Poseidon joint-venture

A Supreme Court hearing concerning the proposed marina was wrapped up in September, but the decision was reserved.

The Supreme Court reportedly excluded Cybarco-Pandora from undertaking the project and initiated negotiations with Poseidon Grand Marina, the second successful applicant, of which Aristo developers is a major shareholder.

Stylianou said: “This is a huge development for Kissonerga and will help us to clear our debt. It will mean more income from taxes. We owe around €3.5 million, a legacy from the previous council who borrowed money and had no way to pay these huge loans back. It’s no good to spend money without an income, it needs to be spent wisely.”

Stylianou noted that the marina will be a lucrative source of income for Kissonerga, adding that they are insisting that there will also be a dock for cruise ships included in the plans.

“This can be undertaken on the outer side of the marina and will be a good income for them, us, the local community and the wider area of Coral Bay. It will bring life to the entire area.”

When finally built, the marina will have a capacity of 1,000 berths for boats and would be located in Potima Bay in Kissonerga in an area 155,000 square metres. The project will take approximately three years to be completed.

A release from Aristo said: “Aristo Developers, one of the largest land development organisations in Cyprus, with more than 35 years of success, welcomes the decision for this large project that will have a positive impact on the further development of the city and Paphos district.”