Larnaca Marina/Port: Panos Alexandrou responds to concerns on its completion

Kition Ocean Holdings CEO Panos Alexandrou has dismissed concerns regarding the progress of the implementation of the large-scale project for integrated development of the marina and the port of Larnaca.

Alexandrou was invited by InBusinessNews to comment on concerns and rumours that have been circulating regarding delays to the project and the possible reasons behind them.

The concerns had arisen from observations that no substantial progress on the project is being observed.

"What is being said is unfounded and there are no delays. There needs to be some planning for projects to be done right. The goal is for the major works to begin in June 2024,” Alexandrou emphasised while speaking to InBusinessNews.

Underlining that the implementation of the project is progressing according to schedule and that there will be tangible developments during the first quarter of 2024, Panos Alexandrou indicated that work is currently being carried out on the marina dock with the aim of being completed early next year.

The dock, according to Alexandrou, is expected to open to the public around the end of March or the beginning of April, when a related event will be held and the foundation stone will be laid.

"We are proceeding according to the schedule we have in place. At this stage, we are having second thoughts about some buildings, and we have announced an architectural competition, which ends at the end of September. We will receive the proposals and consider in detail which buildings would be better to start constructing first," he explained.

It is noted that the company, as pointed out by the CEO of Kition Ocean Holdings, has already put out bids for the marine works of the project.

The involvement of Aroundtown SA

It is worth recalling that, according to a notification received by the Commission for the Protection of Competition and made public last May, a major player in the European real estate market has acquired a stake in the Kition Ocean Holdings joint venture, namely Aroundtown Ltd, listed on the German stock exchange, and which acquired share capital from REM International (Cyprus) SA.

Aroundtown SA finances large-scale projects focused on quality properties with prospects for added value, in central locations in leading European cities, primarily in Germany and the Netherlands.

The realisation of its investments is done through the subsidiary public company Grand City Properties SA, which is mainly active in the German real estate market.

The biggest development

The development of the port and marina of Larnaca, through its commercialisation, is the largest development ever created in Cyprus, with the investment reaching €1.2 billion.

This large-scale investment is to be completed in four phases and over a period of twelve years, and is anticipated to radically change the image of Larnaca.

The aim of the redevelopment is for the Larnaca Marina to be able to serve and host all types of ships, yachts, and businesses. Upon completion of the redevelopment, it will have a capacity for 650 berths for various vessel lengths from 5 to 125 meters.

It will also be able to host small and large private and public events on its premises.

It is noted that the marina opened to the public at the end of October 2022, after years of operating mainly for only boat owners. So far, repairs have been made to the pedestrian walkway and a restaurant, cafe, and children's playground are in operation.

(Source: InBusinessNews)