Cyprus Property News for home buyers and real estate investors

Monday 19th April 2021
Cyprus Property News logo
HomeMarinasThreat to Paphos marina

Threat to Paphos marina

Paphos MarinaPAPHOS officials are scrambling after a contractual dispute has left plans to begin construction on the new Paphos marina hanging in thin air.

The marina contracting authority is demanding that the initial down payment (or contract deposit) by the consortium – that landed the contract for the Paphos marina – be submitted by November 10, something that has caused a commotion in the town particularly after their refusal to grant them a small time extension.

The Paphos Coordinating Committee of Parties and Organisations (SEKO), under the chairmanship of Paphos Mayor Fedonas Fedonos, was set to meet on Wednesday to discuss the issue.

In statements released on Tuesday, Fedonos said that the marina would act as a generator for the Paphos economy adding that it was imperative to solve any outstanding issues as soon as possible.

“The contracting authority may actually not have the right to alter time schedules as stipulated by law,” he said explaining that it if it did, it could “open the way for appeals.”

He stressed that if the company that won the contract feels that it was not treated correctly, it would naturally appeal, but at the same time the runner-up in the tender process will also appeal if it feels that important terms were adjusted.

The Paphos Chamber of Commerce and Industry and Association of Large Developments president, Andreas Demetriades, called on both sides involved to refrain from actions that would entail appeals and legal proceedings.

“The dates which have been set in the tender process in order for the submission of information in order to proceed with the signing of contracts is considered by the High Court as final and the contracting authority does not have the authority to extend the deadline,” explained Demetriades.

The company that has won the contract for the Paphos marina has, in turn, explained that it has secured the €125 million required for the project but that the extension it requires is primarily due to banking conveniences.

It did, however, say that it would by November 10, submit all the necessary proof that it has secured the capital for the project and by right in a bid to remove any doubts over the future of the marina.

© Copyright Phileleftheros


Comments are closed.

Cyprus property transfer fees

Property capital gains tax (CGT) calculator

EUR - Euro Member Countries

Top Stories