Sep 01, 2014

Limassol Marina Opens, Larnaca Upgrade to Go Ahead

Since the commercial area of the €350 million Limassol Marina project was officially opened by President Nicos Anastasiades in June, it has proved to be the ‘must-see’ place for local residents and tourists who have flocked to its cafés, restaurants and shops.

The President praised “the vision, commitment, hard work and perseverance” of the stakeholders in the Marina, which was described by Chairman Marios Lanitis as “an incredibly unique development, one that is significantly boosting the competitiveness of the Cypriot economy, further improving its image, creating new job opportunities, upgrading the area of the historic centre of Limassol and offering an incentive for investments in the wider region.”

The 650-berth Limassol Marina, which has already been compared very favourably with other marinas in the region and further afield, can accommodate yachts up to 115m. It also boasts luxury apartments and villas featuring private berths or direct access to the beach. So far, almost €150 million worth of sales have been completed.

Meanwhile, the Zenon consortium (Paraskevaides Group, Iacovou Bros, Petrolina and Vouros) has decided to proceed with the first stage of renovating Larnaca Marina with an initial investment of €45-€55 million.

The project, which was delayed as the Consortium sought foreign investment, is now slated for a 2015 start. The initial capital will be injected by the four companies making up Zenon.  As a result, the revised action plan will temporarily suspend development of the residential and commercial units and focus, instead, on the marine projects and the infrastructure needed for the marina to be operational.