It has been announced by the Kition Ocean Holdings consortium, mid of March 2021, that all relevant agreements with the Cypriot authorities have been made and they are ready to start a large construction of the Port of Larnaca.
As you may know the tender for the development of the port of Larnaca and the local Marina was announced in early summer 2020, and on August 3 the winner of the competition was announced and it was the Cypriot-Israeli consortium Kition Ocean Holdings.
In the fall of 2020, a cooperation agreement was signed, according to which the government gave the port and Marina of Larnaca for 40 years, and real estate on their territory for 125 years. The total amount of income that Cyprus will receive during the term of the contract is estimated at EUR 19.6 billion.
The cost of the project is 1 billion euros.
According to the plans that were presented to the public, the project for the integrated development of the Larnaca marina will be implemented in four stages:
- The first one lasts for five years and includes the construction of a new road, (the first part of the new Larnaca-Dhekelia road). The first phase also includes the construction of a 5,000 m2 yacht club with marinas for 650 berths, restaurants, event venues, sailing and diving schools.
- The second stage concerns the development of tourism and the local food market in the marina. In addition, 10,000 m2 will be allocated for the construction of a huge educational center, where university lectures and various research projects will be carried out. Warehouses will be expanded in the port area and a yacht repair site will be created.
- The third phase includes the construction of 45 luxury villas with private boat berths on the new bulk breakwater. To the north of the pier will be a residential complex and a five-star business hotel, as well as a shopping center and two additional residential complexes serviced by the hotel. According to investors, this will be the first private island in Cyprus.
- The fourth phase of the project involves the construction of office space with private parking spaces and small student apartments west of the marina.
The expansion of the port will attract new companies involved in cruise transportation, trade and energy.