Limassol Marina, the first superyacht marina on the island that opened to the public in 2014, has concluded its residential development by completing its final units, the exclusive Castle Residences.
The delivery of its final phase apartments, initially scheduled for delivery in April 2020, is set on a private island, accessed only by a bridge and enjoy uninterrupted views of the Mediterranean Sea and Limassol.
The entire project was launched in 2010 with a development budget of €300 mln, rising to €400 mln, with the developers already securing “over €500 mln in property sales”, handled exclusively by co-owner Cybarco.
Announcing the final milestone, Limassol Marina said: “Beyond upgrading the surrounding area, boosting local businesses, and creating new jobs, it has firmly positioned Cyprus on the nautical yachting map and acted as the catalyst for new initiatives in the nearby district, bringing a higher calibre of tourism, investors, companies, and professionals to the island.”
To date, the landmark project has attracted buyers from 50 nationalities, more than 7,000 yacht arrivals, including 111m and 143m superyachts, and over 4,000 daily visitors in the dining and shopping area.
“We are so proud of what the whole team has achieved. Seeing our vision become a reality is heart-warming and hugely gratifying,” said General Manager Nikiforos Pampakas, who has been at Limassol Marina from the initial stages of its conceptualisation.
The project has won the Blue Flag and Five Gold Anchor Platinum Marina awards, selling more than 90% of its 285 residential properties.
The contractors were Marina Lemesou Joint Venture – Avax S.A., Cybarco Contracting Limited and G Paraskevaides Ltd., who are also shareholders and LMDC Ltd and Stamoland Properties Ltd.
The architects were French master planner Atelier Xavier Bohl, in association with Sogreah Cyprus Limited – A.F. Modinos & S.A. Vrahimis Architects & Engineers Joint Venture.
The marina operators are Francoudi & Stephanou Marinas.
The standalone Island Villas and the apartments at Castle Residences were offered in 2018 from €2.9 mln and € 1.7 mln, respectively, claiming to be the only residential units in the Mediterranean to be surrounded by water.