Cyprus Property News for home buyers & real estate investors in Cyprus

4th December 2021
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HomeMarinasPaphos marina takes a small step

Paphos marina takes a small step

The Paphos marina project has taken a small step closer to becoming a reality with the Tenders Review Authority’s rejection of an appeal by Ernst and Young Cyprus Ltd against the Contracting Authority (the Deputy Minister of Tourism) in May.

The Authority’s unanimous rejection of the appeal will enable the tender to construct the marina to be awarded to the successful bidder.

The project, at Potima in Kissonerga, will comprise a marina with a capacity of approximately 1,000 vessels, cruise ship docking facilities and more than 42,000m2 of residential and commercial real estate developments.

The successful bidder will develop the marina and operate it on a build-operate-transfer (BOT) agreement and will cost approximately €200 million.

It has been more than 3 decades since studies were undertaken for five marinas at Ayia Napa, Limassol, Larnaca, Paralimni and Paphos.

The only one that is fully operational is Limassol, which was fully completed and commissioned in June 2021.

Ayia Napa project is in the final stages of construction.

The initial stage of the Paralimni project, which involves constructing the foundations at sea on which most of the project will be built, will soon be completed.

Contracts were signed for the Larnaca port and marina last year.

The Paphos Marina has been dogged by legal challenges ever since the contract was initially awarded to the Pandora Group (Leptos) in June 2008.

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