Giorgos Michaelides said that the economic crisis has made financing the project particularly difficult and M.M. Makronisos Marina Ltd, the company in charge of the project, has asked that more incentives be provided to investors. He said a “very serious “ strategic investor from abroad was interested in participating in the project and prepared revised plans and submitted an application to the Town Planning Department in April. The revised plans envisage less construction work out into the sea, which is a very expensive procedure. Instead, more construction will take place on land, a more viable option now that real estate prices have dropped. “According to the studies of auditors, after the reduction of real estate prices, 14,000 square metres of extra built space will be needed in order for the work to be viable,” Michaelides said.

He hopes work will begin in April 2014 and take approximately three years.

Michaelides was also asked about the golf court in Ayia Napa and the marina of Protaras. According to the FCCI head, the issue of the golf court is still pending and it might not be followed through. He said development works have not started even though the land plot was allotted a few years ago.

As far as the marina of Protaras is concerned, Michaelides stated that the necessary studies regarding the viability of the project and its environmental impact have been concluded, and also the terms of the tender offer have been outlined. The project will be a Private-Public partnership.

Source: Cyprus Mail