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PostPosted: Mon Apr 10, 2017 11:11 am 
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coming along down there now
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PostPosted: Mon Apr 10, 2017 11:40 am 
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No real sign of the Marina being started just developers hoping to sell very expensive villas close to the sea . Let the buyer beware !

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PostPosted: Mon Apr 10, 2017 11:47 am 
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Doesn't look much like a marina to me ;)

The funding and the awarding of the contract still seem to be the subject of an going dispute?

The developers don't have the money to develop it and I presume they were unable to raise sufficient independent finance to back the project, so last I heard the Bank of Cyprus has said it would fund the whole development (which is not really the sort of risk a bank up to it's eyeballs in NPLs really wants to be taking on, especially when the developers are amongst it's biggest current non performers) The winning bidders were expected to put up about 50% of the necessary cash, not zilch

http://cyprus-mail.com/2017/03/07/worri ... es-delays/

Paphos needs a marina that will enhance tourism for the whole area- that is marina that attracts more tourist numbers to Cyprus (presumably by cruise ships), not one that takes existing tourists away from existing facilities in Paphos . From what I have seen of the plans it looks more like some sort of Dubai type floating village, presumably designed to sell houses to wealthy foreign buyers.

Whilst that might make the sellers of these houses a lot of money (Chinese buyers paying a million for a passport spring to mind) it is not really what Paphos needs a marina to do for the wider local economy.


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PostPosted: Mon Apr 10, 2017 1:52 pm 
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According to the local authority, the contract is due to be signed next month with work starting a little later. They seem confident it is all coming together.


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PostPosted: Mon Apr 10, 2017 2:53 pm 
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I did hear a whisper that the developer that won the contract had trouble raising the funds to start the project. So he then gave the bank SV golf club to wipe his slate clean with them so that he could borrow the same amount back for the Marina.

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PostPosted: Mon Apr 10, 2017 5:18 pm 
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The Med is awash with marinas and, just like golf courses, Cyprus is a bit of a johnny come lately.

How viable a Paphos marina will be is dependent on a lot of things- a failure to get a workable re-unification deal will probably boost it's chances of success :-( , Brexit and the opportunity to sell EU passports that give the holders free access to the UK will dent them :lol:

Bottom line is that the usual suspects are being lined up for the first chance at milking the cash cow, without actually having to pay for the milking stool ;)


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PostPosted: Wed Apr 19, 2017 4:31 pm 
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First of the usual suspects has been rejected :roll: - bankrupt banks lending bankrupt builders money- what could possibly have gone wrong ;)

http://cyprus-mail.com/2017/04/19/lack- ... a-project/

Never mind, we can hopefully still look forward to the Troodos cable car


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PostPosted: Wed Apr 19, 2017 8:27 pm 
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LACK OF FUNDS WRECKS POSEIDON'S PAPHOS MARINA PROJECT "Taken from Tala News."

Posted: 19 Apr 2017 07:04 AM PDT







From Cyprus Mail - article by Annette Chrysostomou 19 April 2017

The Poseidon consortium’s ambitious €215 million project to build and run the new Paphos marina was finally rejected on Wednesday, leaving runner up Pafilia construction company in with a chance to take on the project.



The marina management committee has now asked Pafilia to provide evidence that they can fund the construction and running of the marina. “Provided the company meets the requirements and conditions of the competition an agreement will be signed between the government and Pafilia for the construction and operation of the Paphos marina,” head of the Paphos Chamber of Commerce Andreas Demetriades said on Wednesday.

Demetriades explained that the Poseidon consortium could not present evidence that they were able to find the necessary funds. “Based on the information submitted, we concluded that the conditions were not met and we proceeded to invite the next tender, Pafilia, to negotiate and prove they can finance the entire project,” he said, adding that the goal is not to lose valuable time. He said that if the deal fell through the ministry and the chamber would prepare new tender conditions and cancel the current effort.

The latest delay follows 10 years of postponements.

Following the announcement of the tender for the project in 2007, the contract was initially awarded to the Cybarco-Pandora consortium of which the Leptos Group is part in 2008. However, the other two bidding consortiums, Pafilia and Poseidon, challenged the award at various stages. They claimed the winning developer used inside sources to offer a lower figure for the construction of the marina, and was therefore awarded the tender. The project was frozen after litigation began in 2008.

In December 2015, the supreme court voted in favour of Poseidon, a joint venture in which Aristo Developers is a mayor stakeholder. Poseidon submitted a project with a cost of €215m. According to the terms of the tender, proof of funds must total 60 per cent of that amount. This amount was set at €125m. Poseidon subsequently submitted they had cash of €25m and a number of banks – the Bank of Cyprus, Hellenic and Eurobank – would provide €100m, something that they ultimately failed to prove.

The plans submitted by Pafilia, the biggest developer in Cyprus, had a projected cost of €175m.
Pafilia is currently constructing major residences around the island. Its flagship development is ONE, a building of 37 floors on Limassol’s beach front. Once completed ONE will be the tallest residential seafront tower in Europe with a height of 170 metres.

The Paphos marina is to be located in the area of Potima between Kissonerga and Peyia. It will include up to 1,000 berths and more than 42,000 square metres of residential and commercial developments. The project will take approximately three years to be completed.

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PostPosted: Thu Apr 20, 2017 1:20 pm 
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HA, they thinks it's a referendum :lol: maybe an increase in 'expenses' required :huff
http://cyprus-mail.com/2017/04/20/poseidon-goes-supreme-court-paphos-marina-rejection/

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