Kition Ocean Holdings Officially Takes Over Port of Larnaca

Kition Ocean Holdings официально принял на себя управление портом Ларнаки
8 February 2022 Liza Medvetskaya
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On Monday, February 7, a meeting of the Tourism Development & Promotion Company (ΕΤΑΠ), the international consortium Kition Ocean Holdings and the municipality of the city took place in Larnaca.

During the meeting, the international consortium Kition Ocean Holdings officially assumed full management of the port of Larnaca. By the way, up to this point, the marina was coordinated by the port authorities of the Republic of Cyprus.

Managing Director of the company Panos Alexandrou said that the project will begin on April 1, 2022. 

He also presented in detail the general plan for the development of the port and marina of Larnaca, which provides for four phases of implementation:

  1. During the first phase, the territory of the port and marina will be connected to the coastal area of the city, Finikoudes Alley and the road leading to Dhekelia. In addition, port management buildings, a Marine club, a multifunctional center and a passenger terminal will be built.
  2. During the second phase, multi-story residential buildings, shops, entertainment venues and parking areas will be built in the marina, a 5-star hotel with a view of Finikoudes and the marina will be built.
  3. The third phase will involve the construction of a futuristic residential complex with panoramic sea views, which will house a restaurant in addition to apartments. Also at the third stage, a hotel, a conference center and a complex of private villas with gardens, swimming pools and private berths will be built. Auxiliary infrastructure will appear on the territory of the new marina, which will include yacht repair shops, AIK substation and storage facilities for yacht equipment.
  4. During the final fourth phase of the project, another complex of private villas with gardens and swimming pools, a number of residential and commercial buildings, as well as warehouses in the port area will be erected.

The cost of the new marina project is estimated at 1.2 billion euros.

The new port will be able to attract a new generation of cruise liners in a reasonable time. To achieve this goal, Kition Ocean Holdings and ETAP Larnaca will jointly coordinate actions and take appropriate measures. The marina will be able to accommodate boats from 10 to 130 meters long, while a specially equipped platform for their repair will be provided. The reconstruction of the port of Larnaca is the largest, most multifaceted and most expensive coastal project that will ever be implemented in our country," Alexandrou said.

In turn, the head of ETAP Larnaca Dinos Lefkaritis "expressed satisfaction that after so many years the project is finally moving forward. At the same time, he assured that cooperation will certainly be close and immediate, since the modernization of the marina will give a huge boost to the development of Larnaca."

The Mayor of Larnaca, Andreas Vyras, noted that "in addition to the obvious economic benefits, it is important that the quality of life of the residents of Larnaca will improve if the infrastructure is significantly modernized. He also expressed satisfaction that the Consortium pays special attention to environmental and cultural issues."

It should be noted that at the request of the Larnaca Municipality, the consortium announced during the meeting that the historic lighthouse and crane located in the port area will be restored and illuminated.

Kition Ocean Holdings официально принял на себя управление портом Ларнаки

The plans for the privatization and reconstruction of the marina were disrupted by many years of delays and the unwillingness of investors to participate in this undertaking.

Back in 2010, the government signed a deal with the Zenon consortium for a 700 million euro project to transform the existing port and marina. The consortium was unable to raise the necessary funds, although the government extended the deadline until 2015, when the deal was eventually canceled. The reason was then called the recession and the banking crisis of 2013.

Later, a new tender was announced. The winner of the competition was the Cyprus-Israeli consortium Kition Ocean Holdings. According to the agreement, the state leased the port and Marina of Larnaca for 40 years, and real estate on their territory for 125 years.

According to preliminary estimates, the benefits that the economy of Cyprus will receive are estimated at 120 million euros per year. That's how much will go to the treasury of the country. In addition, more than 4 thousand people can count on employment.

Kition Ocean Holdings официально принял на себя управление портом Ларнаки

Detailed information about all projects in Larnaca can be obtained from the specialists of the DOM real estate agency by phone +357 24030062, or at a personal meeting at the address: Gregoriou Afxentiou 7, Larnaca, 6023, Cyprus.
Source: philenews.com, stockwatch.com.cy
Photos: philenews.com
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