TOURISM: Cyprus sailing on the crest of a wave

1237 views
5 mins read

Three state-of-the-art marinas will soon be added to the Cyprus yachting map within the next two years adding value to the island’s tourism product and real estate options.


Limassol is currently leading the way with its new marina development, but other coastal areas are playing catch-up to offer high-quality alternatives with around €2 bln in total investments.

Ayia Napa Marina is to be partially opened to the public in Autumn 2019, the Paralimni marina is set to be delivered sometime in 2021, while the revamping of the Larnaca marina is ready to go once the state reaches a final agreement with the consortium bidding for the tender.

Ayia Napa Marina

First to come online will be the Ayia Napa marina which is expected to open to yacht owners sometime in Autumn 2019, developers of the €300 mln project told the Financial Mirror.

Ayia Napa officials also plan to sign the agreement regarding the deliverance of state buildings, as the marina will also be an official port of entry to the Cyprus Republic, sometime in the summer.

An M.M. Makronisos Marina Ltd official said construction has progressed steadily, with much of the foundation work being completed.

“Infrastructure and marine works are also proceeding according to initial planning. Dredging is complete, and reclamation is nearing completion, including the island, which has shaped into its final form,” the official said.

He added: “Pre-cast concrete works are also nearing completion, allowing the South Breakwater’s construction to move even faster. The South Breakwater is at 77%”.

The official said that roadworks have also begun, with progress reaching approximately 45% of the total.

“Regarding the buildings, piling has finished for essential buildings, the East Tower and most of the Pyare Village area buildings, laying the foundation upon which construction will soon start. The Parking Garage’s construction has also started and is at 10% completion in a very short time”.

Regarding the real estate part of the project: “Over 75% of the Ayia Napa Marina East Tower has already been sold, while great interest has been shown from Russia, the Middle East and Asia, following successful international promotional campaigns.”

Ayia Napa Marina CEO, Stavros Caramondanis had said: “The increase in sales demonstrates investor and buyer interest in luxury properties, and especially, properties found in large, iconic developments like the Ayia Napa Marina.”

He added: “This type and style of development attracts international attention, showcasing Ayia Napa as a quality tourism destination, open to significant investments. The completion of the work will not only upgrade the area but also, the country’s tourism product.”

There are two luxury property towers being built in what is said to be the biggest beachfront development on the island. The East Tower which will consist of 100 apartments and the West Tower which will host 90.

The completion date for the real estate project is 2021, but the commencement of sales has yet to begin for the West Tower.

Located between the beaches of Ayia Thekla and Makronissos, the Ayia Napa Marina will offer 190 spacious luxury apartments in two impressive towers, 29 luxury villas, a marina with significant mooring capacity and world-class facilities for 600 yachts, a shipyard, and a series of select shops, cafes and restaurants offering services and amenities for those living in, and visiting, the marina.

The project, with commercial and residential property of 30,000 sqm, employs 800 people during the construction phase, hiring a further 200 people for its operation.

Paralimni Marina

Adding value to the Famagusta region, the Paralimni marina is scheduled for completion in 2021. An architectural model of the ambitious project was presented at a special event on Tuesday in the presence of President Nicos Anastasiades.

The project which is to cost some €100 mln is to be carried out entirely by Cypriot investors, PMV Maritime Holdings Ltd. The new marina will provide berths for 300 yachts, with all the necessary support services.

It will also have a selection of shops, cafeterias, bars and restaurants, while the real estate development will include 123 apartments, 4 villas, a park and pathways leading to Protaras’ famous beaches.

As the marina will be an official point of entry of the Republic of Cyprus, buildings hosting the relative facilities are also to be added to the project such as customs and other government facilities.

Speaking at the event In Nicosia, President Anastasiades said: “The project is evidence of how much Cypriot businesses believe in and support our country’s growth prospects”.

Anastasiades added that: “The creation of these projects and the added value strengthens Cyprus' position in the new demanding conditions that are increasingly shaped by the international tourist environment, while they bring significant short and long-term benefits to our country”.

 

Larnaca Marina



The government is currently reviewing a huge €1.5 bln development project that will change the face of Larnaca port and its marina which is expected to get the go-ahead over the coming weeks.

 

Government officials are mulling over a billion-euro plus bid to develop Larnaca marina and build a green port, which also includes mixed real estate development.

 

The proposal regards the restructuring of the marina into a 600-berth multi-purpose facility, expanding the port and surrounding land development projects over an area of 220,000 m² which will see the consortium invest around EUR 1.5 bln in the project.

It is understood the consortium bidding for the build-operate-transfer project involve UK-based Prosperity Group, a company with extensive experience in international large-scale mixed-use developments and Israel’s REM International which is part of the group that owns and manages the port and marina of Eilat in Israel.

This venture includes Cypriot companies forming a larger consortium under the name Kition Ocean Holding, which will be the legal entity undertaking the project if the proposal is accepted by the government.

 part from the development of the marina with the latest technological infrastructure and plans to turn the port it into one capable of serving large vessels, with the expansion of piers and docks and the construction of a modern passenger terminal, the consortium is also planning residential and commercial development with innovative architecture, cycle lanes and parks.

Inside sources told the Financial Mirror the state and Kition Ocean could be in a position to sign the final agreement in early 2019 as a decision on the tender is expected soon.

Knowledgeable sources told the Finance Mirror that the complete project will span over 10 years as it includes building two hotels (lifestyle/business), nine office buildings (mixed use) of up to 15 floors each and six luxury apartment blocks up to 13 floors each.

Larnaca’s rundown marina will get a totally new facelift with modern amenities and facilities including a dry repair dock and a place where yachts can actually be built.

Other sources close to the deal also pointed out that Larnaca port needs a new lease of life after being ignored for so long and could also do with a tax-free shopping centre as a connecting point to the port.

Everyone involved in the development is focused on making Larnaca a place that people want to visit and do business in.

People close to the port deal say the government has done what it can to smooth over obstacles because “Larnaca wants to work, but they don’t how to go about it”.

The BOT project will see the government receiving a fixed rent and a percentage of the revenue generated through a concession agreement with the port/marina operated on a 40-year lease and the real estate on 125 years.

Local authorities, businesses and other stakeholders are keen to see the project take off as Larnaca will benefit significantly from the development.

The venture will upgrade Larnaca to the standard other towns have reached over recent years, and not be considered the poor neighbour anymore.

Plans also foresee the construction of luxury homes along a Larnaca marina that will more than double in size.