By the end of this month, contracts for the long awaited Paralimni Marina are expected to be signed between the Department of Energy, Commerce, Industry and Tourism and PMV Maritime Holdings Ltd.
The project is anticipated to contribute to the upgrading of the tourism infrastructure of the Famagusta district and to the promotion of nautical tourism in Cyprus in general.
The Paralimni marina will be constructed in the area of the Agios Nikolaos fishing shelter in Paralimni, on state land and marine area and will have a capacity of approximately 300 boats. Under the agreement, PMV Maritime Holdings Ltd will manage the marina for 125 years.
The project will include administration buildings, residential and commercial developments. Based on the design, there will be 195 residential units - mostly luxury apartments - and 27 commercial spaces (restaurants, cafes, bars).
The plans detail construction of 14,250 metres for residential buildings and 2500 metres will be for commercial buildings.
Based on the plans, the project will be built in three phases, the first being completed within 18 months of the start of construction work. This will include docks, management buildings, and part of residential and commercial developments.
Speaking to InBusinessNews, PMV Maritime Holdings Ltd Director Anthoulis Kountouris, said the cost of the project is estimated at around EUR 100 million, which will come from lending, development sales within the marina as well as from the company's own funds. According to Mr. Kountouri, the financing of the marina is already in place.
The Paralimni Marina is a partnership between PMV Maritime Holdings Ltd and J & P (Joannou & Paraskevaides) Marina Projects Ltd, who manage marinas in Britain as well as Nicolaides & Kountouris Metal Company Ltd. Architect of the project is the British company Harper Downie.
Mr. Kountouris said that the interest of entrepreneurs in the project is indicative of the fact that already there have been agreements with 10 international and Cypriot Food and Beverage companies for the commercial premises of the first phase. There is also interest in the purchase of residential units.
The Paralimni Marina will be considered as an official point of entry into the Republic, therefore it will have facilities for port police, customs and medical services.