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

Larnaca port transformation agreed

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.