The tender for the construction of the new Paphos Marina will be announced in the second quarter of 2023.
This was recently announced by Deputy Minister of Tourism Costas Koumis.
According to him, the plan has been agreed, all the necessary documents are ready, so the local mayor's office intends to search for an investor in the coming weeks.
Koumis stressed that the Paphos Marina is a particularly important project for the city, which will give a new impetus to its development.
Recall that the Cabinet of Ministers approved the construction of a marina in Paphos in February 2023.
At the same time, a number of changes were made to the original project. In addition to yacht parking, a repair shop, cafes, restaurants and boutiques in the marina of Paphos, they decided to build a berth for luxury yachts and cruise ships no longer than 220 meters, as well as a hotel and residential complexes.
It should be mentioned that the history of the construction of the Marina in Paphos has been going on for about 15 years.
For the first time, local authorities announced a tender for the project back in 2007. In 2008, the Cybarco-Pandora consortium, which included one of the island's largest developers, the Leptos Group, won. However, two other bidders, Pafilia and the Poseidon consortium, challenged the tender commission's decision. Litigation began and the project was frozen.
In December 2015, the Supreme Court of the Republic of Cyprus decided to award the victory to the Poseidon consortium, which includes another major Cypriot developer, Aristo Developers. It was ready to build Paphos Marina for 215 million euros. But, the banks of Cyprus refused to give the company a loan for the construction of the missing amount of 104 million euros, so the right to implement the project was transferred to the third bidder, Pafilia.
However, the third developer also fell out of the race. After that, the government of the Republic of Cyprus was forced to announce a new tender. This time, there were not so many who wanted to pour funds into the project.
At the beginning of 2021, the winner of the next tender was chosen. But the process was again frozen.
As it turned out, one of the participants in the tender for the construction of the marina, who left the race, filed a complaint demanding a new competition. In this regard, a temporary order was issued, which imposed a ban on work until all controversial issues were resolved. A few months later the issue was resolved. The Cypriot Bid Review Authority (AAP) rejected an earlier appeal by Ernst & Young Cyprus Ltd. The tender was awarded to a consortium of Deloitte Ltd and Triton Consulting Engineers SA, who were tasked with preparing the related study. By the way, the start of construction was expected at the end of 2021, but the project never started.
Detailed information about all projects in Paphos can be obtained from the specialists of the No. 1 real estate agency in Cyprus DOM by phone +357 26 030205, or in person at: 1st Apriliou Street 8, Aristo Center 8011, Paphos, Cyprus.
