New marina for Limassol.

[Cornholio]

Deal signed for new Limassol marina
Published on January 26, 2010

CONSTRUCTION of the new Limassol marina was given the green light yesterday as two final agreements were signed between the government and the project’s owner, Limassol Marina Ltd.

“The Limassol marina starts today (yesterday); an infrastructure project that is a gem for Limassol, Cyprus and the Mediterranean in general,” Trade, Industry and Tourism Minister Antonis Paschalides said during the signing ceremony.

Paschalides said with the marina, Cyprus would become more competitive and would enrich the quality of services on offer.

The marina, expected to cost around €300 million, will be constructed and managed under a BOT (Build-Operate-Transfer) agreement.

Limassol Marina Ltd (LML),the joint venture company which owns the project, will execute the plan and fully manage the marina for 53 years, and will retain profit rights for a further 37 years.

The official plans for the marina complex include several hundred berths for craft of various sizes, restaurants, cafes, shops and conference space.

The plans also include 280 villas – some 160 of which will have their own private moorings – and luxury apartments, all with the aim of attracting more high-end tourists and a bigger share of the Mediterranean yachting market.

Supporters of the project point to the jobs that will be created in the hard-pressed construction sector and the prospects for bigger and better tourism in the area.

LML expressed its satisfaction for the successful conclusion of the long negotiations with the government.

“Marinas are infrastructure projects of huge value to our country since they enrich the tourist product, create new jobs and put Cyprus on the map of destinations for recreational craft in the Eastern Mediterranean,” LML Board Chairman Marios Lanitis said.

Deal signed for new Limassol marina - Cyprus Mail

 

[Cornholio]

Follow-up............

‘New marina ready by 2012’
By Charles Charalambous
Published on January 28, 2010

WORK ON the Limassol marina project has officially begun, and the new marina is expected to be “ready to receive the first craft in Autumn 2012”, Limassol Marina Ltd (LML) CEO Takis Palekithritis announced yesterday.

Palekithritis described the new marina as “a pioneering and ambitious project which will upgrade the infrastructure for nautical tourism, enrich the tourism product and open new prospects, not only for Limassol but for the whole of Cyprus.”

He added that the “€350 million-plus” project “significantly strengthens the competitiveness of the Cypriot economy”, will create new jobs, and the upgrading of the area of Limassol’s historic centre “will provide the trigger for investment in the wider area.”

With the signing of the final agreements between the government and LML earlier this week, the granting of the required building permits seems to have cleared the way for the project’s funding to be locked into place.

The plans for the marina complex include 586 berths for craft of various sizes, restaurants, cafés, shops and conference space, but also 280 luxury apartments and villas – some 160 of which will have their own private moorings – all with the aim of attracting more high-end tourists and a bigger share of the Mediterranean yachting market.

?New marina ready by 2012? - Cyprus Mail

 

[Cornholio]

Update............

Limassol Marina signs operating agreement with Camper & Nicholsons
Published on March 9, 2010

LIMASSOL Marina Ltd has signed an agreement with Camper & Nicholsons Marinas for the operation of the new Limassol Marina.

The marina is expected to welcome the first yachts in the Autumn of 2012. It will be able to accommodate all types of vessels, from sailing yachts to megayachts, and will feature a dry dock for light repairs and maintenance. It will bring a new level of quality and service to yachting on the island and provide facilities of the highest standard.

The General Manager of Limassol Marina Ltd, Takis Palekythritis, expressed his confidence in the project which is set to place Cyprus on the nautical yachting map and spoke of the need for Limassol Marina to deliver the best professional services. “With their technical and operational expertise, and the global reach of the Camper & Nicholsons brand, we have identified the right partners to help us achieve just that”.

Camper & Nicholsons CEO, Nick Maris said: “In the modern marina market, customers expect the same service standards and professionalism they would receive ashore in a top class hotel”. With reference to the Limassol Marina, he added that his team are dedicated to delivering that level of excellence.

Camper & Nicholsons is widely recognised to be one of the World’s oldest and most prestigious yachting business names, with origins dating back to 1782 when boat building began at Gosport, in the South of England.

The company has specialised in marina and waterfront development for over 40 years and has provided services to clients in more than 25 countries worldwide.

Limassol Marina signs operating agreement with Camper & Nicholsons - Cyprus Mail

 

[Cornholio]

It's happening, folks............

Full speed ahead on Limassol marina
By Stefanos Evripidou
Published on July 29, 2010

CONSTRUCTION WORK on the Limassol marina is in full swing, with plans to build a new marina and waterfront on schedule for the autumn 2012 launch date, said a statement by Limassol Marina Ltd yesterday.

According to the announcement, the companies Joannou and Paraskevaides Ltd, J&P-AVAX S.A, ATE Athens and Cybarco have begun work on construction for the mooring of yachts and the development of residential, commercial and cultural buildings earmarked for the €350 million project.

Dredging work has already begun in the sea area of the marina, with the use of a floating crane to remove various materials from the seabed. Construction work is also continuing on the new waterfront and the provision for access to the southeastern breakwater.

The roof of the Trakasol warehouse has been removed while restoration work is continuing for the transformation of this space to host the Hanseatic Nautical School and cultural centre. Work has already begun on the car park, which will accommodate 700 vehicles, as well as the luxury apartment complex Nereids Residences.

“The Limassol Marina is a landmark project which will put Cyprus on the nautical yachting map,” said the statement.

Limassol Marina is an exclusive waterfront development combining luxury residences with a marina and a mix of boutiques, restaurants and shops.

Estimated to cost more than €350 million, it will be able to accommodate all types of vessels from sailing yachts to mega yachts, ranging in length from 8m to 100m and will feature a dry dock for light repairs and maintenance.

The marina is expected to welcome the first yachts in the autumn of 2012. It is a stone’s throw from the city’s old harbor and historic centre around the medieval castle. According to its creators, “it is destined to become the most exclusive marina resort in the Mediterranean and one of the finest in the world”.

Full speed ahead on Limassol marina - Cyprus Mail

 

[Cornholio]

And here is the official website address, folks:-

Limassol Marina Property Yachting Berths Properties for sale in Cyprus

Cornholio :smile:

 

[Cornholio]

And now it's official............

President lays foundation stone of new marina
By George Psyllides
Published on September 8, 2010

PRESIDENT Demetris Christofias yesterday laid the foundation stone for the Limassol marina, a €350 million project that will change the coastal city’s landscape and enrich the island’s tourist product.

Christofias said the project created new jobs, enriched the island’s tourist product and placed Cyprus on the map as an attractive destination for maritime tourism.

“Large development projects are the steam engine for our exit from the economic crisis,” the president said. “This is our declared policy… we will continue to follow it with consistency and resolve until the end.

“The Limassol marina responds fully to our declarations and comes to supplement the whole effort to modernise and reconstruct the infrastructure in Limassol.

“We recognise that the global tourist environment is especially competitive,” Christofias said.

He added: “Expediting the execution of tourist infrastructure projects and enrichment products is a high priority issue for us and we note that there is substantial progress regarding planning and carrying out such projects."

Christofias said that following the construction of the new Larnaca and Paphos airports, the construction of marinas is also scheduled in Larnaca, Paphos and Ayia Napa, as well as golf courses and conference centres, projects that will develop sports tourism as well as health and other forms of tourism.

“The Limassol marina is… the realisation of our vision for the development of the sector of sea leisure and the country’s infrastructure,” said Marios Lanitis, chairman of Limassol Marina Ltd.

Lanitis said the company has pledged to have the marina ready by the end of 2012 to receive the first boats.

“I hope the Limassol marina will be the starting point for the realisation of a series of similar infrastructure projects,” Lanitis said.

Limassol Marina is an exclusive waterfront development combining luxury residences – some 160 of which will have their own private moorings – with a marina and a mix of boutiques, restaurants and shops, all with the aim of attracting more high-end tourists and a bigger share of the Mediterranean yachting market.

These are expected to be ready by 2014.

Estimated to cost more than €350 million, it will be able to accommodate all types of vessels from sailing yachts to mega yachts, ranging in length from 8m to 100m and will feature a dry dock for light repairs and maintenance.

The marina is a stone’s throw from the city’s old harbor and historic centre around the medieval castle.

According to its creators, it is destined to become the most exclusive marina resort in the Mediterranean and one of the finest in the world.

President lays foundation stone of new marina - Cyprus Mail

 

[Cornholio]

Feature update............

Yachties’ dream of new marina run aground on berthing fears
By Stephanie Robb
Published on November 21, 2010

It has been the local yachtie’s dream for decades – a world class marina in Cyprus with hundreds of berths, professional services, and designed by top architects. The existing marinas at Larnaca and Limassol just didn’t fit the bill.

That dream appeared to be realised when a combination of highly regarded local and international architects, engineers, marina operators and construction companies joined forces to construct just such a marina in recession-hit Limassol.

When President Demitris Christofias laid the foundation stone for the marina in September he described the €350 million project as the “gem” of the island. It will, he enthused, place Cyprus on the nautical yachting map, attract a higher calibre of tourists, encourage further investment around the area of the marina and create 1,000 new jobs.

And work is progressing well. The marina is expected to welcome the first of the up to 650 yachts it will eventually accommodate by the end of 2012 with a final completion date of 2014. “Every time I go down to the site, the progress is mind-blowing. You can actually see the marina taking form daily,” said Sophia Paraskeva, public relations officer for the project.

The location is well chosen: the marina is just a short walk away from the city centre and, according to the designers, will blend in perfectly with the old harbour, the town’s historic centre and the mediaeval castle.

Nor will the marina be the exclusive domain of boat owners, providing a commercial area open to the public which consists of cafes, restaurants, shops, a square, the Hanseatic Marine Training School, a cultural centre and a public beach.

“The area will become the new focal point of Limassol, a destination for all locals and visitors to the island. The product mix will reach a broad spectrum and ensure there is something to appeal to all tastes,” a Limassol marina representative told the Sunday Mail.

Yet, clearly, no project of this scale can be without its critics. For a start and perhaps inevitably, serious environmental concerns have been raised. Far more surprising however, are the objections from some within the yachting community.

Yachties? dream of new marina run aground on berthing fears - Cyprus Mail

 

[Cornholio]

Update............

Limassol marina progressing at ‘staggering rate’
By Stefanos Evripidou
Published on May 4, 2012

DESPITE THE global economic crisis, construction work on the €350 million Limassol Marina is continuing at a “staggering pace”, while off-plan sales contracts of luxury residences integrated into the project have reached €55m so far.

According to the project’s public relations officer Sophia Paraskeva, the first yachts and residents are on schedule to arrive by the end of the year while those interested in securing one of the 650 berths will get their chance in two months time when berthing tariffs are finally released.

Limassol Marina Ltd released to the Cyprus Mail aerial photographs of the project, revealing for the first time the rate of progress on the ambitious project since the foundation stone was laid in September 2010.

“Construction work is continuing at a staggering pace, with the completion of the southeastern breakwater and land reclamation revealing the final formation of this groundbreaking project,” said Paraskeva.

“Construction of the villas on the west coast of the development is ongoing and land reclamation of the island in the heart of the Marina and at the tip of the peninsula is drawing to a close,” she added.

Construction on the buildings that will house the Marina administration, police, customs and excise is underway, while work is also ongoing on the internal road networks.

The marine training school, part of the restoration of Tracasol, a 200-year-old listed building within the integrated project, has been delivered. The cultural centre within the same building will also be completed within the year.

According to Paraskeva, the marina will be fully operational in less than six months while the 94 apartments and penthouses that make up the Nereids Residences will be delivered by November 2012, allowing the first residents to arrive at the same time as the first yachts. Forty per cent of Nereids Residences have been sold already through off-plan sales contracts.

The commercial area of the project - restaurants, cafes, high end boutiques and shops, cultural centre and 700-space car park will be completed in April 2013, connecting the long and winding Limassol sea front promenade to the marina via the old port.

The remainder of the apartments and villas, including a large number with their own private moorings, will be delivered in phases, with a final completion date for the end of 2014.

Asked whether the global crisis has had an impact on either investment or sales, Paraskeva said the project was going ahead as planned, with the Bank of Cyprus already providing €130m and the seven shareholders belonging to the joint venture providing the rest.

“Obviously, the crisis has affected the rate of sales but for the high-end properties in Limassol, there’s less of an impact because high-end individuals are less affected by the crisis,” she said.

In fact, one of the two largest villas within the Limassol Marina has just been sold off-plan for €13m, bringing to approximately €55m the registered sales in the last 14 months.

“That’s quite impressive, considering these sales are made off-plan. We’re quite satisfied,” said Paraskeva. Limassol Marina Ltd has leased the site for 125 years from the government as part of a Build-Design-Finance-Operate-Transfer scheme.

According to Paraskeva, anticipation for completion of the project is high and feedback from last year’s Yacht Shows in Dusseldorf, Monaco and Dubai was “positive”.

“We have a good mixture of buyers and a lot of support from the local market. The majority of buyers are permanent residents of Cyprus, many of whom are Russian or Cypriot,” she said.

Regarding the 650 berths on offer that provide for small yachts and super yachts up to 115 metres in length, around 800 yacht owners have so far registered an interest. Berth tariffs will be released within the next two months.

“We know there is a lack of berths in the Mediterranean for super yachts of over 35m-40m. The Marina can take up to 115m. Also, Cyprus has a long season because of the climate. The feeling we get is that there is a lot of anticipation for this project, particularly among captains and crew who are excited because it’s one of the few marinas actually situated in the centre of town,” said Paraskeva.

A press release issued in March by Limassol Marina quotes property consultant at Knight Frank, James Price saying: “When considered in the wider European market context, Limassol Marina has actually been one of the very best ‘sellers’ in the last twelve months. For those projects still under construction offering ‘off-plan’ residences for sale, there are few that have booked the level of sales Limassol Marina has.”

Limassol marina progressing at

 

[Cornholio]

Update............

Minister visits marina construction site
By Poly Pantelides
Published on June 8, 2012

COMMERCE Minister Neoclis Sylikiotis donned his hard hat yesterday to visit the construction site of Limassol marina where he was briefed on progress.

Harbour construction works are 70 per cent complete while housing units as is around a third of the infrastructure, said the consortium in charge of construction.

On the southeastern end of the marina, a breakwater is nearly completed while on the west side administrative offices for police and customs are being built.

A sailing school, Hanseatic, housed in a listed building has been delivered.

Creating the infrastructure to support such activity, roads and a multi-storey car park are being constructed as is a housing complex, Thetis Residences.

Yachts and residents should arrive by the end of the year. The investment is valued at €350 million with Limassol Marina Ltd. claiming that contracts worth €55 million have been signed already.

The marina will have 650 berths for small vessels up to 115 metres in length.

One villa within the complex was sold for €13 million.

The Mediterranean lacks strong tides making it ideal for leisurely sailing. Cyprus has a long season because of its climate.

Back in April, Sylikiotis signed an agreement on the Ayia Napa marina which was said to have the potential to create 3,000 jobs during its construction and should hold 600 yachts. The discussion for that marina itself dates back to the nineties.

Though environmentalists have raised worries over potential disturbances to the sea bed, Limassol Marina Ltd. says the project “offers new perspectives for the city of Limassol and the whole of Cyprus.”

The company hopes the marina’s proximity to the city centre will draw people in but has previously said that given the current financial climate they are satisfied with sales so far. According to the company most buyers are permanent residents of Cyprus, with a substantial number of Russians.

The commercial area should be completed by April 2013 and will contain restaurants, cafes, a cultural centre and boutiques while the remainder of apartments and villas, many of which will have private moorings, will all be delivered by the end of 2014.

Minister visits marina construction site - Cyprus Mail

 

[Kristine]

I am really glad to see the progress of Marina. It look so wonderful these days.

 

[Cornholio]

Update............

Limassol marina welcomes first residents
Published on January 31, 2013

LIMASSOL Marina has welcomed its first residents. The delivery of the 94 luxury apartments and penthouses at Nereids Residences marks the beginning of the project’s first operational year, it said yesterday.

Takis Palekythritis, General Manager of Limassol Marina Ltd said: “We have delivered on time and we feel very proud to be among the best-selling developments in Europe, having achieved sales in excess of €86 million. We are very pleased to have attracted a good balance of high-calibre local and international buyers and we are confident of the positive impact this will have on local businesses and the Cyprus economy as a whole.”

Ninety per cent of the project’s marine works and fifty per cent of the residential development and infrastructure are already completed. The first yachts are expected to arrive in March, the apartments at Thetis Residences are due for delivery in June and the commercial area will be ready to open its doors to the public this summer.

Limassol marina welcomes first residents - Cyprus Mail