The €1.2bn Larnaca port-marina development, the largest infrastructure project ever undertaken in Cyprus, opened for public viewing last week and was visited by the country’s Transport Minister.
The Larnaca redevelopment involved a complete revamp and expansion of existing facilities by Kition Ocean Holdings, a joint Cypriot-Israeli consortium which was formed in 2018 and won the tender for the contract in 2020.
According to a report in the Cyprus Property newsletter, Yiannis Karousos, the Cypriot Transport Minister, visited the site and expressed satisfaction as to how the project was progressing.
“This integrated tourism experience is a benchmark infrastructure,” he said. “I am proud of what we have achieved for Larnaca, including the major development of the port and marina, which is a project that will greatly change the city of Zenon, while the redevelopment of the marina will provide many experiences.
“We are very pleased to see that the investor is proceeding with implementing the contract. We are lucky there are such reliable investors, and the opening of the Larnaca marina to the public means that this great vision for the city is slowly beginning to materialise.”
Karousos explained that the Ministry had contributed to the development by removing oil tanks from the coastal front so that Larnaca has an excellent prospect for development. He added: “A few days ago, we discussed with the mayor various issues such as the creation of breakwaters to deal with the erosion that exists so that beaches and a proper coastal front can be created.”
Kiton Ocean Holdings is managing the redevelopment project on a BOT (build-operate-transfer) basis which will result in the government receiving a fixed rent and a percentage of the revenue through a concession agreement which is 40 years for the marina and port and a 125-year lease associated with the real estate part of the project. After 40 years, the port and marina can be returned to the government.
As regards the marina, the reconstruction will see it offer 650 berths for yachts of up to 115m (378ft), along with fuel and a yacht maintenance and repair yard and yacht club. In addition, the upland development will comprise hotels, apartments, shops and offices. There will also be sports and entertainment facilities.
