CYPRUS: Paphos marina gets go-ahead

Almost ten years after it was put out to tender, the Paphos marina build-finance-operate-transfer (BFOT) license has been awarded to “Poseidon Grand Marina”, a consortium majority controlled by Aristo Developers.

 
This follows the Limassol Marina project that has matured and is in its final stages of completing the residential units, and the recently-awarded Ayia Napa marina. The new marina in Larnaca is currently on hold until financiers are secured.
The 1,000-berth Paphos project, that also includes some 42,000 sq.m. in residential and commercial properties, had been challenged by the Cybarco-Leptos Group joint venture and the case ended up in the courts.
“Following the decision of the Marina Management Committee today, the implementation of a very important infrastructure project will begin in the Paphos district and Cyprus, which was planned more than ten years ago,” the Ministry of Commerce, Energy, Industry and Tourism announced.
The decision came after the Law Office gave its go-ahead to inform the preferred bidder of the award.
Aristo announced in December that “the Supreme Court today (December 21, 2015) announced its decision that the awarding of the tender for the development of the Paphos Marina to the joint venture Poseidon Grand Marina can proceed.”
The project was designed by Advanced Civil Engineering Solutions (ACES), established in 1992 in Greece by Dr. Aris Sophocleous that in 2004 expanded its operations to include major projects in Cyprus and the Middle East.