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  • 13 May 2019 Petrolina will move storage units by years end

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    There are opportunities for those living in Cyprus to the reduce their energy... read more

  • 30 April 2019 KPMG Sales of many properties over 1 million

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  • 22 April 2019 Cyprus real estate investment Prospects and Risks

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  • 19 April 2019 Solution for trapped buyers edging closer

    Amendments to the law designed to resolve the Title Deed mess by enabling... read more

Cypriot Investment Scheme
Repossession Property Yield Properties

Latest news

  • 13 May 2019 Petrolina will move storage units by years end

    read more

  • 6 May 2019 Energy saving measures grant scheme

    There are opportunities for those living in Cyprus to the reduce their energy... read more

  • 30 April 2019 KPMG Sales of many properties over 1 million

    The exogenous demand for luxury properties, particularly in Limassol, is... read more

  • 22 April 2019 Cyprus real estate investment Prospects and Risks

    The figures, trends and the state of the Cyprus real estate market over the... read more

  • 19 April 2019 Solution for trapped buyers edging closer

    Amendments to the law designed to resolve the Title Deed mess by enabling... read more

Tender process launched for Larnaca marina

   

THE LARGEST marina in Cyprus, hosting up to 1,000 boats, is envisioned in the terms of a tender process for the development of the Larnaca marina and port, opened earlier this week. The first phase of the process calls for submissions of interest by prospective investors. According to the terms, submissions may be filed until February 3, 2017. A month later, the Transport ministry will notify those deemed eligible, who will then be asked to submit bids. The successful bidder is expected to be selected by August 2017. The area to be developed has a total 510,000 square metres, which includes the Larnaca marina and port, as well as the undeveloped surrounding area. The new marina could have a capacity of 1,000 berths (the current marina can hold 350 boats), while the land around it has been estimated at 98,000 sq.m., with a building coefficient of 40 per cent. According to the terms of the process, the port area is split into two. The northern part will be slated exclusively for port operations, while the southern part will cover an area of 185,000 sq.m., with a building coefficient of 120 per cent. General terms for the development allow for construction over 260,000 sq.m., up to 15-story structures. Investors will have the option to build residences, shopping areas, offices, restaurants, recreational or sports venues. Interested investors who make it to the next stage will be required to submit a detailed business plan, which should include a development plan, a masterplan, adequate funding commitments, and a binding offer for the concession of the area. Eligibility criteria include minimum annual revenues of €30m over the last three years, before-tax profitability, debt repayment for two of the last three years, and €50m worth of net assets for the last financial year. Technical criteria requirements call for interested parties to prove having participated by at least 45 per cent in the operation of a marina hosting at least 300 boats, evidence of the operation of a container terminal with capacity of at least 350,000 tons, and evidence that they have led the development and commercialisation of a project worth at least €75m and a construction area of at least 20,000 sq.m. 

Read more at: http://www.news.cyprus-property-buyers.com/2016/11/26/tender-process-launched-larnaca-marina/id=00151877
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