The plans for the construction of marinas stumble at Cypriot bureaucracy, since 20 years after the preparation of the initial studies, none of the five big projects for marinas has started yet. Two of the projects have been brought to justice, two are still in papers and only the Limassol marina seems to take shape but quiteslowly. The marinas are the backbone of the efforts for the improvement of the island’s tourist product and the attraction of tourists with high revenues. However, one year before the expiry of the ten-year CTO strategic plan, none of the constructions has been launched.
As if the bureaucratic procedures were not enough, the financial crisis this year created financing problems to the wannabe buyers. StockWatch spoke with the competent authorities and gleaned the condition of the big five projects for the marinas.
According to CTO Chairman, Panos Egglezos, the plan for the marinas dates back to early 1990. “The first study was carried out in 1992 by a foreign expert. The expert pointed out the areas that could host the marinas, however, the gigantic bureaucratic procedures do not allow the enforcement of the projects”, he said.
On the other hand, Commerce Ministry General Manager, Efstathios Hamboullas explained the problems that each of the projects have faced. The Commerce Ministry is responsible for four of the five projects, while that of Larnaca falls under the Transport Ministry’s competencies.
Limassol
The Limassol marina, which is expected to cost around €300 million, has been undertaken by Lemesos Marina Ltd. It will be constructed under the D.B.F.O (Design-Build-Finance-Operate) method.
“The project currently seeks to secure the necessary licenses, consents and approvals by all governmental departments. It is not expected to start before autumn since the application must be approved by a series of governmental departments, such as the Urban Planning, the Ports’ Authority, the Merchant Marine, the Public Works and the environmental authority, while an environmental study must be secured as well”, Mr. Hamboullas said.
According to the contract, the harbour works and the development of the land space must be executed simultaneously in three years.
Lemesos Marina Ltd, which has undertaken the project for 53 years, comprises of Cybarco of Lanitis Group, J&P-Avax SA, J&P Joannou & Paraskevaides Ltd, Cads Holdings Ltd, Francoudi & Stephanou, Athena SA and Limassol Marina Development Company Ltd.
The marina will be built near the old port and will be able to host around 1000 vessels. The land will be of 40 thousand square meters. It will include 2,200 villas and flats, 75 shops, parks, restaurants, cafes, as well as parking spaces for the vessels in the villas’ gardens.
Paphos
The Paphos marina, which is expected to cost €300 million, stumbles at the long arm of the law since there are no insurance valves neither in the decisions of the Tender Councils nor in the decisions of the Revisionary Authority.
Looking back the course of the case, Mr. Hamboullas explained that although the bids of the three bidders were evaluated in June and the preferable bidder (Pandora Investments, Cybarco, Francoudi & Stephanou, J&P-Avax, Cads and Athena SA) has been selected, the two other companies that failed to undertake the project appealed to the Revisionary Authority, which last November ratified the appeal of Poseidon Grand Marina of Paphos. The third company was Pafilia.
The case has been referred to the Supreme Court after the appeal of both companies, who are against each other. According to Mr. Hamboullas, after the latest developments it is difficult to predict when the case will close.
The project of 1000 vessels will be constructed in Kissonerga and will include a land development too.
Ayia Napa
The oddity with the Ayia Napa marina is that although the projects for the construction of the road network between Ayia Napa and Ayia Thecla (where the marina will be located) have started, the tender documents are still to the Attorney General.
The cost of land development and the marina of 600 vessels will reach €200 million. The land development will be of 30 thousand sq. meters and will be undertaken by Caramondani Bros, Atlas Pantou, G&A Toumazis, Fama Marina and CCI of Famagusta for 53 years.
Paralimni
Paralimni is waiting for the final decision of the City Council after the request for the construction of an anchoring space instead of a marina, based on a special law that was approved a year and a half ago.
The cost of the project in Ayios Nicholaos is estimated at €100 million and will be able to host 260 vessels.
Larnaca
The responsibility for the construction of the Larnaca port and marina lies to the Transport Ministry.
According to General Manager of the Ministry, Makis Constantinides, the case is still in the hands of the ad hoc committee after the Revisionary Authority’s decision tpo ratify the appeal of A. Vouros Consortium. A. Vouros objected to the Tenders Council’s decision to choose Larnaca Zenon as preferable bidder.
A. Vouros Investments Ltd comprises of Singapore Cruise Center Pte Ltd, DP Architects Pte Ltd, Ioannou & Paraskevaides Ltd, J&P - AVAX S.A, Ioannou & Paraskevaides (Overseas) Limited, Ariadne Australia Limited and Cybarco Plc.
Zenon comprises of Bouyques Batiment International (17,5%), Iacovou Brothers (17,5%), Amsterdam Logistics Group B.V. and Lievense Consulting Engineers (port of Amsterdam, 2%), Louis Public Company Ltd (22%), Costa Cruises (Italian subsidiary of the US Carvinal Cruises, 10%), Marinaman Ltd (8,5%), Petrolina (Holdings) Public Ltd (17,5%) and General Constructions Company (5%).
The project is expected to cost €200 million and will be of capacity of 1000 vessels. The land development will be of 26 thousand sq. meters and will include hotels, flats, parks, bicycle lanes, shops, restaurants and cafes. The strategic investor will undertake the project for 35 years, while the hire/purchase of the other constructions will be for 90 years.
As if the bureaucratic procedures were not enough, the financial crisis this year created financing problems to the wannabe buyers. StockWatch spoke with the competent authorities and gleaned the condition of the big five projects for the marinas.
According to CTO Chairman, Panos Egglezos, the plan for the marinas dates back to early 1990. “The first study was carried out in 1992 by a foreign expert. The expert pointed out the areas that could host the marinas, however, the gigantic bureaucratic procedures do not allow the enforcement of the projects”, he said.
On the other hand, Commerce Ministry General Manager, Efstathios Hamboullas explained the problems that each of the projects have faced. The Commerce Ministry is responsible for four of the five projects, while that of Larnaca falls under the Transport Ministry’s competencies.
Limassol
The Limassol marina, which is expected to cost around €300 million, has been undertaken by Lemesos Marina Ltd. It will be constructed under the D.B.F.O (Design-Build-Finance-Operate) method.
“The project currently seeks to secure the necessary licenses, consents and approvals by all governmental departments. It is not expected to start before autumn since the application must be approved by a series of governmental departments, such as the Urban Planning, the Ports’ Authority, the Merchant Marine, the Public Works and the environmental authority, while an environmental study must be secured as well”, Mr. Hamboullas said.
According to the contract, the harbour works and the development of the land space must be executed simultaneously in three years. Lemesos Marina Ltd, which has undertaken the project for 53 years, comprises of Cybarco of Lanitis Group, J&P-Avax SA, J&P Joannou & Paraskevaides Ltd, Cads Holdings Ltd, Francoudi & Stephanou, Athena SA and Limassol Marina Development Company Ltd.
The marina will be built near the old port and will be able to host around 1000 vessels. The land will be of 40 thousand square meters. It will include 2,200 villas and flats, 75 shops, parks, restaurants, cafes, as well as parking spaces for the vessels in the villas’ gardens.
Paphos
The Paphos marina, which is expected to cost €300 million, stumbles at the long arm of the law since there are no insurance valves neither in the decisions of the Tender Councils nor in the decisions of the Revisionary Authority.
Looking back the course of the case, Mr. Hamboullas explained that although the bids of the three bidders were evaluated in June and the preferable bidder (Pandora Investments, Cybarco, Francoudi & Stephanou, J&P-Avax, Cads and Athena SA) has been selected, the two other companies that failed to undertake the project appealed to the Revisionary Authority, which last November ratified the appeal of Poseidon Grand Marina of Paphos. The third company was Pafilia.
The case has been referred to the Supreme Court after the appeal of both companies, who are against each other. According to Mr. Hamboullas, after the latest developments it is difficult to predict when the case will close.
The project of 1000 vessels will be constructed in Kissonerga and will include a land development too.
Ayia Napa
The oddity with the Ayia Napa marina is that although the projects for the construction of the road network between Ayia Napa and Ayia Thecla (where the marina will be located) have started, the tender documents are still to the Attorney General.
The cost of land development and the marina of 600 vessels will reach €200 million. The land development will be of 30 thousand sq. meters and will be undertaken by Caramondani Bros, Atlas Pantou, G&A Toumazis, Fama Marina and CCI of Famagusta for 53 years.
Paralimni
Paralimni is waiting for the final decision of the City Council after the request for the construction of an anchoring space instead of a marina, based on a special law that was approved a year and a half ago.
The cost of the project in Ayios Nicholaos is estimated at €100 million and will be able to host 260 vessels.
Larnaca
The responsibility for the construction of the Larnaca port and marina lies to the Transport Ministry.
According to General Manager of the Ministry, Makis Constantinides, the case is still in the hands of the ad hoc committee after the Revisionary Authority’s decision tpo ratify the appeal of A. Vouros Consortium. A. Vouros objected to the Tenders Council’s decision to choose Larnaca Zenon as preferable bidder.
A. Vouros Investments Ltd comprises of Singapore Cruise Center Pte Ltd, DP Architects Pte Ltd, Ioannou & Paraskevaides Ltd, J&P - AVAX S.A, Ioannou & Paraskevaides (Overseas) Limited, Ariadne Australia Limited and Cybarco Plc.
Zenon comprises of Bouyques Batiment International (17,5%), Iacovou Brothers (17,5%), Amsterdam Logistics Group B.V. and Lievense Consulting Engineers (port of Amsterdam, 2%), Louis Public Company Ltd (22%), Costa Cruises (Italian subsidiary of the US Carvinal Cruises, 10%), Marinaman Ltd (8,5%), Petrolina (Holdings) Public Ltd (17,5%) and General Constructions Company (5%).
The project is expected to cost €200 million and will be of capacity of 1000 vessels. The land development will be of 26 thousand sq. meters and will include hotels, flats, parks, bicycle lanes, shops, restaurants and cafes. The strategic investor will undertake the project for 35 years, while the hire/purchase of the other constructions will be for 90 years.
3287.99
1275.09
