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Cyprus Property News

Limassol marina foundation stone

Date: 01/12/09

After over 20 years of planning, proposals and bureaucratic delays, construction work on the first of the five large marinas in Cyprus should start in Limassol in the next couple of months.

This will be the first marina of Cyprus with capacity of 1,000 berths. The project will also include residential properties, shopping areas, bars and restaurants as well as conference facilities. The territory of marina will be surrounded by landscaped gardens, while the architecture will reflect the traditional features of old Limassol.

A representative of Lemesos Marina Ltd said that the finance of the project has been secured but it will take three months until the funds are released. It is estimated that the construction of the project will be finalized in three years, while the total cost of the project is expected to reach €350 million.

Limassol Marina Ltd comprises J&P Avax A.E., Cybarco PLC, Fraggoudi & Stefanou, Ioannou & Paraskevaidi, Athena ATE, Cads, Holding Ltd and the Limassol Chamber of Commerce and Industry (EBEL) through the Limassol Marina Development Company.

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