larnaca port marina expansion

Cabinet approves key Larnaca port, marina expansion to start 2022

The long-awaited €1.2 bln redevelopment of Larnaca port and its marina got the final green light from the government on Friday with construction scheduled for January 2022.

Transport Minister Yiannis Karousos, in a written statement, said the cabinet approved the contract to be signed with the chosen consortium for one of the most important development projects for the coastal town.

“Investments for this grand project are expected to exceed €1 bln with the estimated benefits for the local economy, in addition to the creation of new jobs, expected to exceed €120 mln annually during the completed development.”

Karousos stated the cabinet “expressed its satisfaction with the Project and has authorized me to proceed with the signing of the Concession Agreement. Therefore, in the coming days, we will invite the successful bidder for the signing ceremony”.

He said the signing will take place as soon as possible with work on the project starting in January 2022, following a 12-month transition period from when the agreement is signed.

This will give time for the investors to take over the project – which will take 10 to 15 years to complete — in its entirety.

Karousos said he was is “pleased to be in a position to proceed immediately with the signing of the contract at this difficult time with the pandemic crippling sectors of the economy”.

The consortium awarded the project is Kition Ocean Holdings, a Cypriot-Israeli consortium, composing of investors Eldeman Holding BV and Alexandrou Corporate Services Ltd.

Tender negotiations between the two sides have been ongoing since late 2018 when the consortium’s bid was the only one left on the table after the other bidders pulled out.

The contract involves the restructuring of the marina for at least 650 berths, the port and surrounding land development over an area of 220,000 sqm spanning to a total of 510,000 sqm.

Plans include the development of the marina with the latest technological infrastructure, turning Larnaca port it into one capable of serving large vessels with the expansion of piers, docks and the construction of a modern passenger terminal.

As part of the marina development, there will be a yacht club with a retail park, plus hotels, a private island and residential properties.

Port works will also include the expansion and management of Larnaca port, improving current infrastructure such as the interior road network, storage space as well as creating a new terminal for cruise ships and utilising the port for cargo management.

The area between the marina and the port will see infrastructure works carried out, including a road network, green areas, parks, open spaces for events, as well as an education and medical centre.

The consortium is also planning residential and commercial development with innovative architecture, streets, and parks.

Under the proposed venture, it is estimated that the state will receive more than €19.6 bln during the lifetime of the project which includes the 125-year lease on the real estate.

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

After 40 years, the port and marina can be handed back to the government who will then decide on their management.

The complete project will span over 10 years or more 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.

Source: Financial Mirror

larnaca port privatisation

Larnaca port, marina rebuild gets final nod

The long-awaited €1.2 bln redevelopment of Larnaca port and its marina got the final green light Monday after the Transport Ministry sent a ‘Successful Tenderer Letter’ to the chosen consortium after protracted negotiations.

The consortium awarded the project is Kition Ocean Holdings, a Cypriot-Israeli consortium, composing of investors Eldeman Holding BV and Alexandrou Corporate Services Ltd.

Tender negotiations between the two sides have been ongoing since late 2018 when the consortium’s bid was the only one left on the table after a number of bidders pulled out.

Cyprus Transport Ministry said the letter essentially marks the end of the tender process and the whole project can now move on to the next stage with the signing of contracts between the two sides.

Once the agreement is signed, a 12-month transition period will follow during which the investor will take over the project in its entirety.

This involves the restructuring of the marina for at least 650 berths, the port and surrounding land development over an area of 220,000 sqm spanning to a total of 510,000 sqm.

The development, which also involves real estate, is expected to see the consortium invest around €1.2 bln in the project.

Plans include the development of the marina with the latest technological infrastructure, turning Larnaca port it into one capable of serving large vessels with the expansion of piers, docks and the construction of a modern passenger terminal.

As part of the marina development, there will be a yacht club with a retail park, plus hotels, a private island and residential properties.

Port works will also include the expansion and management of the port, improving current infrastructure such as the interior road network, storage space as well as creating a new terminal for cruise ships and utilising the port for cargo management.

The area between the marina and the port will see infrastructure works carried out, including a road network, green areas, parks, open spaces for events, as well as education and medical centre.

The consortium is also planning residential and commercial development with innovative architecture, streets, and parks.

The project is expected to be completed over a period of 10 to 15 years.

According to the Transport Ministry, the project’s added benefits to the economy should surpass €120 mln annually once fully developed.

Under the proposed venture, it is estimated that the state will receive more than €19.6 bln during the lifetime of the project which includes the 125-year lease on the real estate.

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 is acquired on a 125-year lease.

After 40 years the port and marina can be handed back to the government who will then decide on their management.

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.

Source: Financial Mirror

Ayia Napa Marina

Ayia Napa Marina Nearing Completion

The flagship Ayia Napa Marina project is now in the final phase of its construction, gearing up to the start of operations, with the main infrastructure building works nearing completion. This marks a milestone for the iconic project, promoting development and projecting the power of Cypriot entrepreneurship, which will, upon completion, contribute significantly to showcasing Cyprus’ high tourism profile.

Administration offices, buildings housing government services (port, police, customs, medical services, veterinary services), maintenance facilities, as well as boat storage, have already been delivered, having obtained the required certifications from the Cyprus Electricity Authority. At the same time, coastal works have been completed; most importantly, the breakwater, which acts as the main defence mechanism for the marina’s protection, as well as its residential and commercial areas. The floating docks are also ready, with their assembly completed, as well as the bridge leading to the Island Villas, while works relating to the provision of boat services are progressing rapidly.

Roadworks are ongoing on the west and north side of the development, with the vast majority completed, with only the final asphalt pending.

Works on the multilevel parking have reached 95% completion, with lift installation and aluminium constructions underway. In the Marina’s Commercial Village, works are also continuing at a fast pace, including the completion of electromechanical installations, plasterboard work and exterior stone cladding. Works relating to the Marina Event Centre and Yacht Club are also at a similar stage.

In the East Tower, reinforcement works on the ground floor continue, alongside foundation works in the West Tower. Works for the development and landscaping of the surrounding area are also at an advanced stage.

“At the pace with which works are proceeding, the Ayia Napa Marina will soon become a reality for the daily lives of both residents and visitors, promoting an upgraded and modern way of life close to the sea, combined with functionality, comfort and luxury. We are proud to see construction works underway at such a fast pace, as our vision becomes reality, day by day,” declares M.M Makronisos Marina Ltd CEO, Stavros Caramondanis, with great satisfaction, adding that «we are sure that this development will substantially contribute to the revitalization of Ayia Napa, transforming it into a jewel of the Eastern Mediterranean. »

The entrance and berthing of the first boat on Monday, January 27 2020, significantly marked the beginning of the marina’s pilot operations.

Source: Gold News