Pres­i­dent in­au­gu­rates “mag­nif­i­cent” Li­mas­sol Ma­rina

Financial Mirror (Cyprus) - - FRONT PAGE -

Pres­i­dent Ni­cos Anas­tasi­ades has in­au­gu­rated one of the most am­bi­tious new projects on the is­land that aims to place Cyprus back on the in­ter­na­tional map of pre­mium leisure and tourist des­ti­na­tions.

The 650-berth Li­mas­sol Ma­rina could be con­sid­ered one of the few suc­cess sto­ries of build-op­er­ate-trans­fer (BOT) projects, where a con­sor­tium headed by the Lani­tis Group in­vested more than EUR 300 mln in a derelict state land next to the old port that has been trans­formed into a jewel for the en­tire Mediter­ranean.

Af­ter the ini­tial govern­ment ten­ders for a two-phase 80-year lease were is­sued in 2002 and the win­ning bid­ders started work, the site has given a fresh lease of life to the port city that has at­tracted man­u­fac­tur­ing re­tail and ship­ping businesses from around the world, cre­at­ing a multi­na­tional com­mu­nity of en­trepreneurs an jet-set­ters.

“This is a unique project that en­hances the com­pet­i­tive­ness of the Cyprus econ­omy, im­proves the is­land’s im­age, cre­at­ing new job op­por­tu­ni­ties in and around the heart of Li­mas­sol,” said con­sor­tium chair­man Mar­ios Lani­tis, with property sales al­ready reach­ing some EUR 130 mln.

“But our ex­pe­ri­ences all these years shows there is a need for a bet­ter le­gal in­fra­struc­ture and an ef­fec­tive ‘one-stop-shop’ by the govern­ment in or­der to at­tract sim­i­lar in­vest­ments,” Lani­tis said.

In­au­gu­rat­ing the ma­rina, that also in­cludes about 450 seafront vil­las and apart­ments, Pres­i­dent Anas­tasi­ades said that “the vi­sion, ded­i­ca­tion, hard work and per­se­ver­ance of all those in­volved in this mag­nif­i­cent ven­ture com­prise the recipe for suc­cess for all pro­gres­sive-minded en­ter­prises in our coun­try.”

“This is the most pre­cious guide for Cypriot en­trepreneur­ship,” he said, adding “that in such a dif­fi­cult time for our econ­omy is try­ing to face all the changes ahead of us and bring Cyprus back to a road of growth and pros­per­ity.”

“This is a jewel for Li­mas­sol, a turn­ing point for Cyprus that has changed the face of the town. It com­bines lux­ury liv­ing on the sea with di­rect berthing for boats from 8-me­tres to 115me­tre su­pery­achts,” Anas­tasi­ades said, ex­plain­ing that the state, too, is happy, as it has so far col­lected ?100 mln from leases and di­rect and in­di­rect taxes, while at the same time cre­at­ing 800 jobs in the con­struc­tion and ma­rine man­age­ment sec­tors. The pres­i­dent then ex­pressed his ad­mi­ra­tion to the vi­sion­ar­ies who com­prise the con­sor­tium, namely the Lani­tis Group’s con­struc­tion arm Cy­barco, the Joan­nou & Paraske­vaides Group’s J&P-Avax and Athena, the Fran­coudi & Stephanou Group, as well as CADS and LMDC.

Fol­low­ing on Mar­ios Lani­tis’ com­ments on a need for a ‘one-stop-shop’ phi­los­o­phy, Pres­i­dent Anas­tasi­ades said that the govern­ment is go­ing ahead with plans to de­velop other large-scale projects such as ho­tel re­sorts and casi­nos, golf cour­ses and other de­vel­op­ments, while also at­tract­ing non-EU in­vestors who will ben­e­fit from long-term res­i­dency or even Cyprus ci­ti­zen­ship. He added that in the past year his ad­min­is­tra­tion has set a pri­or­ity to ease in­vest­ments by the pri­vate sec­tor and to of­fer speedy ser­vices and less bu­reau­cracy.

“We can­not have a re­vival in our econ­omy and growth through the red tape we all know so well, that slow down and even un­der­mine the econ­omy and so­ci­ety as a whole.

The ven­ture, that is next to the Old Port that has been ten­dered to a new op­er­a­tor on a 20-year lease, is also a stone’s throw away from Li­mas­sol cas­tle and re­cently re­ju­ve­nated tourist area. It also in­cludes yacht sales and main­te­nance ser­vices, park­ing for 750 cars, shops and a host of cafés and restaurants such as the Pyx­ida fish tav­ern, the PHC Group­op­er­ated Waga­mama, TGI Fri­day’s, Pizza Hut, KFC, Der­li­cious, Caffé Nero, Hobo Mediter­ra­neo, Ma­rina Cool Bar, Café Calma, and the Yacht Club Crys­tal Ma­rina Lounge of the Breeze Group. New out­lets by Carob Mill Restaurants are also ex­pected to open soon.

Newspapers in English

Newspapers from Cyprus

© PressReader. All rights reserved.