There is great interest in the project, with lawyers and potential buyers gathering at the Famagusta Land Registry offices to seek more information.
The project is being guided by the Ministry of Energy, Commerce, Industry and Tourism with the Design-Build-Finance-Operate-Transfer (DBFOT) while the residential developments will be sold under long-term leases to tenants.
The marina is projected to bring in €1 billion in revenue for the Cypriot economy from long-term leasing and the value-added tax (VAT).
What is next for the marina is for the investor of the project, Naguib Sawiris, and his Cypriot associates, the Karamontanis company, to sign the contracts with the company that will take over construction of the marina.By the end of September construction is expected to begin, with three years of construction time for the marina, and two more years for the other infrastructure. In total the whole project will take five years to be completed.
Among the economic benefits of the marina is the employment of over 850 people for its construction, with an additional 350 employed for the marina’s operation once it is completed.
The project is estimated to include commercial and residential developments occupying 30,000 square metres, administrative offices over 2,000 square metres, and about 850 parking spots.
The marina will include villas, apartments, restaurants, bars, shops, cafes, boutiques and various other stores. The marina will have a berth capacity of 400 to 450 yachts, with additional land space for 150 yachts.
In addition, the main investments include a 26-floor twin-tower complex of luxurious apartments, and a luxurious hotel.