TUESDAY, 12 DEC 2017

 

CONNECT

Facebook Linked In Twitter
PwC_09/12-17/12_728x90px
AlphaBank_30/11-10/1_266x90px
IMH LTD

Kasoulides Welcomes Middle East Peace Process Efforts

Anastasiades: Cyprus Is Proud Of Its Armenian Community

IMH LTD
PwC_09/12-17/12_468x60px

REAL ESTATE

brought to you by Deloitte

Pafilia to Take Over Paphos Marina

Pafilia to Take Over Paphos Marina

In the latest setback for the development of the Paphos marina, winning consortium Poseidon has been found lacking in certain terms of the competition, leading to runner-up development company Pafilia being called to submit paperwork to take over.

This is likely to lead to further significant delays to a project city officials say is long overdue, InCyprus reports.

Specifically, the Marina Management Committee rejected as outdated and lacking the financial statements handed in by Poseidon.

According to the president of the Paphos Chamber of Commerce and Industry (PCCI), Andreas Demetriades, given that Pafilia fully complies with the terms of the competition, it will take over the construction and operation of the Paphos Marina.

Demetriades said that the consortium Poseidon Grand Marina of Paphos had been called to present the necessary paperwork and proof that it was in a position to invest the necessary funds to realise the Paphos Marina project.

However, “on the basis of the financial statements submitted, it was concluded that the terms and conditions of the competition were not being met,” said Demetriades.

“Our goal is to not waste valuable time”, said the president of the PCCI.

Demetriades expressed his hope that Pafilia will be in a position to satisfy the terms and conditions of the offer, adding that the Paphos Marina has been waiting for development for more than 10 years.

According to InCyprus, the Paphos Marina, which is set to be constructed in the Potima location of Kissonerga, on the Coral Bay beach road, will have a berthing capacity of 1,000 vessels and include over 42,000 square metres of residential and commercial developments.

The Poseidon consortium issued an announcement to notify the public of its decision to resort to legal measures.

“Regarding the announcements on the matter of construction for the Paphos Marina, the POSEIDON GRAND MARINA OF PAPHOS consortium states that it disagrees fully with the recent decision of the Ministry of Energy, Commerce, Industry and Tourism to cancel the appointment of the project to construct the Marina,” it said in a statement.

“The consortium considers the decision of the Administrative Committee for the Marina to be invalid and illegal. This decision is lacking in legality and violates every principle of justice,” it added.

“The consortium, after studying the decision of the above committee has already issued directions to its legal counsel to move the case to the courts and to take all necessary legal measures to protect the interests and rights of the consortium, by invalidating the decision.”

MORE ON REAL ESTATE

Pafilia Presents Aurai Residences in Limassol

Boasting the Pafilia trademark for innovative design perfectly tailored to superior ...

Aristo Developers Attends International Business Conference in Egypt

Aristo Developers launched its mission at a business forum in Cairo to promote the ...

Aristo Developers Attends International Business Conference in the UAE

Aristo Developers attended a business forum in Dubai to promote the Company and its ...

FROM AROUND GOLDNEWS

   

Westfield Shopping Centres Bought In $25bn Deal

The owner of Westfield shopping centres is being bought for $24.7bn (£18.5bn) in a deal which will see the malls launched in new markets. French property ...
   

TUS Officially Launches Its Direct Flights to Rome

In a ceremony held at the International Larnaca Airport Glafcos Clerides on Monday 11 December and in the presence of the Minister of Transport, Communications ...
   

New Head Offices for USB Bank

In line with its strategic re-organization, development and modernization, USB Bank has moved into its new Head Offices, in Engomi, Nicosia, that started ...
   

Αndrey & Julia Dashin’s Foundation Collaborates with Cyprus Red Cross for another Christmas Campaign

Andrey & Julia Dashin’s Foundation is happy to announce its collaboration with the Cyprus Red Cross Society Youth Section for the second year held ...
   

EY Announces Collaboration with SAP

EY announced that it is working together with SAP to further advance deployment of blockchain across industries worldwide. Under their existing alliance ...
   

Cyprus Airports Celebrate Exceeding 10 Million Passengers

Passenger traffic has exceeded 10 million passengers in Larnaca and Paphos airports, a milestone celebrated, by Hermes who manages the two airports. The ...
   

Trade Deficit Increases in January-September 2017

Trade deficit of Cyprus' foreign trade increased to €3.165,5 mn in January-September 2017 compared to €3.003,4 mn in the corresponding period of ...
   

Businesses Consider Corruption to Be Widespread in Cyprus

All companies which participated in a survey consider corruption to be widespread in Cyprus, according to the Eurobarometer on corruption, which measures the ...
 

YOUR COMMENTS

HEADLINES

MOST POPULAR

Chivas_27/11-18/12_300x250px
Gold_Digital_Edition_300x250px

IMH LTD