Article by: Sam Orgill info@proactpartnership.com Published: 09/11/2008

A consortium headed up by one of Cyprus' biggest property developers, the Leptos Group, has won its bid to build the new Paphos Marina.

A spokesperson for Leptos told the Overseas Property Professional Magazine that the marina project would cost over 70 million euros to build and include a substantial residential component, leisure facilities and a 1,000 boat capacity.

The winning consortium, alongside Leptos, is made up of Cybarco, JNP Avax, Francoudi & Stephano and Athena & KAT.

Condiitons of the contract state that work must begin on the project immediately, with completion due in three years. The consortium will have to pay the government an annual rent of 4 million euros for 19 years.

In February the Cypriot government awarded another consortium consisting of J&P Avax, Cybarco, Frangoudi & Stephano, Ioannou & Paraskevaides, Athena ATE, CADS Holding and the Limassol Marina Development Company, the contract to build the new Limassol marina.

Also containing room for 1,000 berths, the Limassol Marina will comprise of residential, dining, shopping and conference spaces, and will cost over 170 million euros to build.

Cypriot Town Minister Antonis Michaelides said that the contract to build a new marina in Agia Napa is also due to be awarded soon and that the Ministry is in 'advamced negotiations' for the 600-berth development.

The Cypriot government hopes that the new marinas will give it the edge over Israel, Greece and Turkey as the region's sailing hub.

Source: Overseas Property Professional Magazine

July 2008

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