Works to get underway for 2nd phase of Ayia Napa Marina

MM Makronisos Marina Ltd., owner operator of the EUR 220 mln Ayia Napa Marina, has signed an agreement for the second phase of construction works of the project with Terna S.A. of Greece and international contractor Terna Overseas Ltd.

The contract was signed by Stavros Caramondanis, CEO of MM Makronisos Marina, Thanasis Papadopoulos, Technical Director of Terna Overseas, and Manos Vrailas, executive board member of Terna S.A. The agreement concerns the residential and commercial developments of the project.

Overall, the construction development of the Ayia Napa Marina includes two towers - over 100 meters tall - with 190 apartments and 29 villas, some of which will be located on an artificial island, coupled with a variety of infrastructure for commercial and recreational use by the public.

The company said that the first phase of works for the construction of the port and infrastructure - which began in September 2016 - continues as normal within the set timeframe.

Located between the beaches of Ayia Thekla and Makronisos, the Ayia Napa Marina will have mooring capacity and facilities for 600 yachts, a shipyard, shops and restaurants.

The project, in which the Egyptian investor Naguib Sawiris’ Gemini Real Estate Ltd has an 80% stake and the Caramondanis Group a 20% stake, is scheduled to be to be completely finished by 2021.

The east tower is expected to be finished in 2020 and the west tower in 2021.