The big private development projects are hardly moving, since the businessmen expect to see light at the end of the tunnel of crisis at the same time that the banks are sparing in granting loans due to the uncertainty in the economic environment.
Many of the very promising projects that would boost private development remain on papers, arousing strong feelings to the government, which hoped that the private sector would offset the significant cuts in the development expenditure scheduled for 2012.
So far, only 3 of the 11 golf courts have secured a license, Urban Planning Manager, Christodoulos Ktorides told StockWatch.
It is about the Medgolf in Tersefanou and the two courts belonging to Theodoros Aristodemou.
The procedures for the projects seem to be quite slow, stumbling partly at the lack of cash, since the banks want higher guarantees.
The businessmen themselves seem to let the time roll on hopes that the property market will recover since a large part of the investment concerns a number of luxury flats and villas.
The golf court of Medgolf joint venture in Tersefanou has not put the foundation stone yet, although it was the first to secure a license a year ago, paying the first installment of €1.5 million to the state.
The Company’s spokesman, Floros Voniatis told StockWatch that there is nothing new at the current stage.
The projects of Aristo Developments in Ha-Potami go on but constructions have not started yet.
Finance and Operations Director of the Group, Savvas Georgiades said that €4.27 million have been paid for the license so far of the total sum of €8 million (€3m for the projects in the existing court and €5 million for the new court).
“The Company is expected to announce the award of the bid to the construction company of the first golf court, the license of which was safeguarded in August 2010”, he stressed.
According to Mr. Ktorides, with regard to the two golf courts of Shacolas Group at Limni in Polis Chrisohous, the problems with the road network and the water supply have been overcome and the licenses will be issued soon.
“The procedures for the two golf courts of Lanitis are progressing slowly but are stable”, he added.
Marinas
The marina projects face delays too, since apart from the Limassol Marina which is under constructions, all others are still in the models.
The single development of the Larnaca marina and port is still in the phase of negotiations.
After awarding the bid to Zenon joint venture one and a half year now, the procedures stuck to the interminable deliberations between the joint venture and the government and it seems that there is no rush.
The three more marinas in Paphos, Ayia Napa and Paralimni also face similar problems.
Many of the very promising projects that would boost private development remain on papers, arousing strong feelings to the government, which hoped that the private sector would offset the significant cuts in the development expenditure scheduled for 2012.
So far, only 3 of the 11 golf courts have secured a license, Urban Planning Manager, Christodoulos Ktorides told StockWatch.
It is about the Medgolf in Tersefanou and the two courts belonging to Theodoros Aristodemou.
The procedures for the projects seem to be quite slow, stumbling partly at the lack of cash, since the banks want higher guarantees.
The businessmen themselves seem to let the time roll on hopes that the property market will recover since a large part of the investment concerns a number of luxury flats and villas.
The golf court of Medgolf joint venture in Tersefanou has not put the foundation stone yet, although it was the first to secure a license a year ago, paying the first installment of €1.5 million to the state.
The Company’s spokesman, Floros Voniatis told StockWatch that there is nothing new at the current stage.
The projects of Aristo Developments in Ha-Potami go on but constructions have not started yet.
Finance and Operations Director of the Group, Savvas Georgiades said that €4.27 million have been paid for the license so far of the total sum of €8 million (€3m for the projects in the existing court and €5 million for the new court).
“The Company is expected to announce the award of the bid to the construction company of the first golf court, the license of which was safeguarded in August 2010”, he stressed.
According to Mr. Ktorides, with regard to the two golf courts of Shacolas Group at Limni in Polis Chrisohous, the problems with the road network and the water supply have been overcome and the licenses will be issued soon.
“The procedures for the two golf courts of Lanitis are progressing slowly but are stable”, he added.
Marinas
The marina projects face delays too, since apart from the Limassol Marina which is under constructions, all others are still in the models.
The single development of the Larnaca marina and port is still in the phase of negotiations.
After awarding the bid to Zenon joint venture one and a half year now, the procedures stuck to the interminable deliberations between the joint venture and the government and it seems that there is no rush.
The three more marinas in Paphos, Ayia Napa and Paralimni also face similar problems.
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