(1888PressRelease)
February 12, 2008 - Cyprus Trade, Industry and Tourism Minister Antonis Michaelides signed the contracts for the construction of a marina in Limassol worth 170 million euro.
The marina, which will be constructed with the method of Build-Operate-Transfer (BOT) in three years, will have a capacity of 1,000 yachts in and out of water.
Speaking during the signing ceremony, Michaelides said that the event is a day of celebration for Cypriot tourism, adding that the new marina will be ”a unique jewel for Cyprus.”
”We upgrade the diversity of our provided services,” Tourism Minister said and added that the construction of the marina will contribute to the attraction of quality tourism of higher per capita expenditure.
Limassol Marina will offer a range of services including dining, residential, shopping and conference space. A green park will surround the marina, while all buildings within it will adhere to old Limassol’s traditional architecture standards. The total cost for the project amounts to €170 million. Construction work will start in six months and will be completed in three years.
The strategic investor will execute the plan and manage the marina for 53 years, and retain profit rights for 37 additional years. The ‘Limassol Marina’ group of companies comprises J&P Avax A.E., Cybarco PLC, Frangoudi & Stephanou, Ioannou & Paraskevaides Ltd., Athena ATE, CADS Holding Ltd and the Limassol Chamber of Commerce and Industry (EBEL) through the Limassol Marina Development Company.
Mayor Christou said the marina was part of a general vision and a series of projects aiming to direct the character of Limassol back to where it belongs: the sea. “This important project adds to a chain of many and important works undertaken by Limassol Council along the coastal zone, in order to showcase Limassol’s identity, its naval and sea character.
Marios Lanitis signed the contract on behalf of the consortium.
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