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Tuesday 20th October 2020
Home Marinas Paphos marina delayed as Pafilia withdraws interest

Paphos marina delayed as Pafilia withdraws interest

PAFILIA on Friday withdrew its interest in a tender to design, build and operate a Paphos marina according to a report by in-cyprus.com.

It said that it has complied with all its obligations in the procedure which has dragged on for 10 years, fulfilling all the requirements set by the Committee on the Management of Marina but that the interminable court procedures that still continue have not allowed the tender to be awarded.

The company said that the continued uncertainty for which it is not responsible and the delay in awarding the tender has discouraged an interested investor from investing in the project. Both the investor and the company have had capital deposited for the past year as proof of their economic viability.

Pafilia said that it would be best if the competition was relaunched with a new open process that satisfied new market conditions and would attract considerable interest. While reiterating its support for the construction of the marina which would boost the economy, Pafilia said it was continuing with its development programme which comprise the projects Minthis, ONE and NEO.

The marina was to be built at Potima, Kissonerga. The plan was for a capacity for 1,000 boats and more than 42,000 square metres of residential and commercial developments.

3 COMMENTS

  1. Sad really to see how heavily dependent the Cyprus economy is on the property sector …..is it a sustainable model? shipping and tourism are the other 2 that come to mind and make more sense…is it just me thinking that we are on the verge of another housing market bubble burst scenario?

    Ed: If you read some recent articles some pundits believe the current model is unsustainable.

  2. Let’s hope (if) it’s ever built – it operates differently to the process of creating it. Otherwise – you might have to navigate around the Med 100 times before being allowed to moor up and then wait 3 years before you can leave.

    Seriously though – if there had to be two projects that perfectly sum up Cyprus and everything that’s a huge joke about the place – one is this marina – and the other is that crocodile theme park.

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