Cyprus Property News magazine for overseas buyers & real estate investors

Friday 10th July 2020
Home Marinas Paphos marina project delayed again

Paphos marina project delayed again

Further delay to Paphos Marina projectALTHOUGH the Poseidon consortium won a legal battle to build the long awaited Paphos marina, the consortium has failed to supply adequate evidence of its ability to finance the project according to the head of the Paphos Chamber of Commerce Andreas Demetriades and has been rejected.

Demetriades advised that Pafilia Developers, which was next on the list of tenders, has been invited to tender for the marina’s construction and operation.

But the Poseidon consortium, in which Aristo Developers is a major stakeholder, is not throwing in the towel; it is appealing to the island’s Supreme Court claiming that the decision is unlawful and has already instructed its legal advisors.

The Paphos marina project has been dogged by delays and postponements.

In 2008 the contract was initially awarded to the Cybarco Pandora consortium of which the Leptos Group was a member. The two other bidders, Poseidon and Pafilia, contested the award claiming that the Cybarco Pandora consortium used insider information that enabled it to bid a lower figure.

Eventually, in May 2016, the marina contract was awarded to Poseidon. Although the consortium secured a letter from the Bank of Cyprus in which the bank guaranteed to fund the entire project, it appears that that it was unable to demonstrate that it had €122 million or 60 per cent of the total project cost of €215 million.

When it’s built, the marina will have a capacity of 1,000 berths for boats and more than 42,000 sqm. of commercial and housing development. It will be located in Potima Bay in Kissonerga in an area 155,000 square metres. The project will take approximately three years to be completed.

5 COMMENTS

  1. Pie in the sky as usual, a smokescreen to try and convince people (mainly the ones they’re going cap in hand to asking for bailouts) that the economy is booming with new investment and projects in the pipeline. It’s all ********, Cyprus economy is bust and if the true level of debt were known they wouldn’t get the bailouts they need. which is why they do the usual of burying there heads in the sand and pretending everything is fine!!

  2. It would appear that the Bank of Cyprus letter of guarantee was furnished when the bank was no longer under the control of a member of the consortium.

    In previous times they might have had no difficulty in demonstrating that they had access to the necessary funds.

  3. I’m not sure I really care.

    What’s is it going to bring to the island that is of any value to it’s current problems?

    Just another vulgar tacky bauble to attract the very sort of people who caused 90% of the current problems the island is facing.

  4. The same sort of thing happened in my home town in the UK. Two major supermarket groups were bidding to develop a large site to house a shopping centre, hotels and a health centre. This would have created around 500 much needed jobs but every time the contract and planning permission was granted the other party came up with an objection. It was a case of, if I cant have it then I’ll make sure you don’t get it.

    This has gone on for more than 20 years. This is what they call high end business people.

  5. Pandora out, Poseidon out now last but not least Pafilia. Thats all 3 bidders getting an opportunity one after the other. Tell you what I’ll build it cheaper and quicker with a higher quality standard and my collateral will be the development when finished as long as I can sell all properties and lease all commercial outlets and berths beforehand.

Comments are closed.

WEATHER FORECAST

EXCHANGE RATES

EUR - Euro Member Countries
GBP
1.1168
RUB
0.0125
CNY
0.1266
CHF
0.9422

TOP STORIES

Cyprus’ largest ever housing project will help low-income families

Limassol municipality and the Land Development Corporation (KOAG) reached an official agreement on Thursday regarding the establishment of the largest housing project ever undertaken in Cyprus, worth €100 million.

Corrupt lawyers continue to plunder estates

Corrupt lawyersin Cyprus continue to plunder the estates of their deceased clients by calculating their fees for administering estates on the Cyprus Bar Association's 'Minimum Fee Regulations', which were abolished in 2018

Cyprus house price index up 2.5 per cent

The Cyprus house price index rose by an average of 2.5 per cent in the first quarter of 2020 compared to the previous quarter according to official figures from the Cyprus Statistical Service (CYSTAT)

MPs commit to expedite citizenship bills

MPs have committed to expediting the bills and regulations aimed at improving the transparency of the citizenship-by-investment programme, so that the items can be voted on before the House breaks for the summer recess.