Cyprus Property News magazine for overseas buyers & real estate investors

Sunday, May 31, 2020
Home Investor Centre Paphos marina on hold

Paphos marina on hold

A LEGAL battle has erupted over the tendering process for the new Paphos marina at Potima Bay area of Kissonerga that may result in its construction being put on hold.

The Pandora Group (Leptos) was awarded the contract last June following a hotly contested bidding process with Aristo and Pafilia. But Aristo, the runner-up in the contest, objected to the award alleging irregularities in the submission of documents required for the tendering process.

Aristo’s objection was upheld and a committee was set up to examine the situation. Subsequently Pandora’s contract was annulled and the contract to build the marina was awarded to Aristo.

In the latest development Pandora has decided to take the matter to the Supreme Court on several legal grounds. The Group claims it was not consulted during the revision procedures where their initial tender was re-examined. It also claims that the government will lose €2 million a year in rent if the marina contract is awarded to Aristo.

The marina has been the subject of much speculation over the years. With a capacity of 1,000 vessels, the Ministry of Commerce, Industry and Tourism said that it would help enhance quality maritime tourism. However, many critics of the scheme doubt that the facilities will ever be built and have accused the authorities of simply trying to boost property prices in the area with the promise of a marina.

LOCAL WEATHER

Cyprus
few clouds
22.5 ° C
25 °
20.6 °
60 %
8.7kmh
20 %
Sun
19 °
Mon
24 °
Tue
26 °
Wed
24 °
Thu
22 °

EXCHANGE RATES

EUR - Euro Member Countries
GBP
1.1115
RUB
0.0128
CNY
0.1262
CHF
0.9360

MOST POPULAR

property tax

Property sales collapse hits all markets

The historic collapse of 80 per cent in property sales in April hit the local and overseas market segments according to statistics from the Department of Lands & Surveys.