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Agreement has been reached between the Cyprus government, as owners of the land, and the Zenon С association to go ahead with an ambitious project to expand and improve the current Larnaca Port and marina facilities and will include residential developments, with the Zenon C association contributing some 200,000 square metres of land for the residential section. Mr Efthymios Flourentzos, Minister of Communications and Works commented on the importance of the project, not only to Larnaca, but also to Cyprus as a whole, by bringing increased employment and a boost to the economy, as the country emerges from recession. The members of the association are Iacovou Bros, Petrolina (Holdings) Public Limited, the Paraskevaides Group and GCC Construction, although other parties may also join later. The works will allow luxury passenger liners to dock in the revamped and expanded port owing to plans to increase the depth of the port and the lengthening of the quay. The project is divided into three phases with phase one and two, being set for completion within three years. Sustainability and ecological considerations all play an important role in the vision of the project. Planning and architecture is provided by the award-winning international design company Scott Brownrigg.
It is envisioned that the project will provide a world class marina and cruising base with stunning architecture with the highest green credentials, offering a spectacular gateway into Cyprus. It will begin with the creation of 500 marina berths and with provision for expansion up to nine hundred according to demand. A new yacht club will be built with facilities for events, fine dining and a large pool terrace situated at the centre of the marina with some low rise residential units being built around it. The extensive project provides both public and private areas so that locals and visitors alike will be able to enjoy the restaurants, shops and leisure facilities. Larnaca’s famous date palm lined promenade will also be extended.
In Limassol, a super yacht centre opened in 2014 at a cost of €450 million. A year later, a large percentage of the residences have been sold and commercial premises filled. It has proved to be a popular and stylish meeting place with its mixture of boutiques, cafés, shops and restaurants, plus a spa and fitness centre. Now Larnaca is following suit on an even grander scale, which can only provide even more reasons for visiting Cyprus and investing in Cyprus which offers the possibility of gaining citizenship.
Sources: www.cyprusweekly.com, www.iacovoudevelopment.com, www.news.cyprus-property-buyers.com.
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