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Protracted Cyprus. Marina Paphos can not build 10 years

Tenderers are arguing with each other in the courts.

Due to the fact that Poseidon Grand Marina consortium was unable to document the availability of funds for the construction of a marina in Paphos, right on the implementation of the project was transferred to a construction company Pafilia. Now, to prove all Pafilia, that the money for the construction of the marina it has.

The project to build a marina in Paphos trying to implement already 10 years. In the 2007, the tender was announced. In the 2008-m became known for his results: won Cybarco-Pandora consortium, part of which was one of the largest developers of the island - Leptos Group.

Two other contestant - Pafilia company and Poseidon consortium - challenged the decision of the tender commission. According to them, the development company has used insider information to offer the most favorable conditions, according to The Cyprus Mail.

In the 2008, the project was shelved - and has begun litigation. In December 2015-of the Supreme Court of the Republic of Cyprus has decided to award the winning consortium of Poseidon, which includes another major developer of Cyprus - Aristo Developers. He was ready to build a marina for Paphos 215 million euros.

Under the terms of the tender, the consortium must submit within six months, the documents confirming the presence of at least 60% of this amount, ie 129 million euros. Available Poseidon is about 25 million. Euro. Another 104 million. Euro in loans were ready to provide the Hellenic Bank, Eurobank and Bank of Cyprus, but for some reason changed their minds.

The remaining amount of the consortium is not found, so the right to implement the project was transferred to a third party tender - the company Pafilia. In the 2008, the developer said he was willing to build Paphos Harbor for 175 million. Euro. Within six months Pafilia must prove that it has a minimum of 60% amount (105 million. Euros). If this is done, the state will be forced to hold a new tender.

Marina Paphos area 155 000 sq. meters must be built in the bay Potima (between Peyey and Kissonerga). On its territory will create space for parking yachts 1000. The total area of ​​commercial and residential property in the marina will be 42 000 square. m. The project is to be implemented over three years. But all this is just a dream.

"Marina Paphos". Consortium Version Poseidon Grand Marina


Tags: Cyprus, Construction, Paphos