The Ministry of Energy, Commerce, Industry and Tourism said that Poseidon Grand Marina of Paphos was the successful bidder in a competition for the construction of a marina in Paphos with a capacity of 1,000.
“Following the decision of the Marina Management Committee today, the implementation of a very important infrastructure project will begin in the Paphos district and Cyprus, which was planned more than ten years ago,” the ministry said in a statement on the website of the Press and Information Office on Tuesday. The project which will include more than 42,000 square metres in housing and commercial development, the ministry added.
The decision to notify by letter the Poseidon Grand Marina of Paphos, a joint venture in which Aristo Developers is a major stakeholder, that it can go ahead with the implementation of the project was taken after the Legal Service advised the government to do so, the ministry said. “In the letter in question, the successful bidder is asked to submit all data required and to subsequently sign the award contract according to the terms of the completion launched in 2006 for the design, construction, finance, operation and transfer of the proposed Paphos Marina,” the minister added.
The delay in awarding the project to Poseidon Grand Marina of Paphos is related to a legal battle which broke out after another consortium, Cybarco-Pandora won the competition in 2007 and ended in December, with a Supreme Court ruling in favour of Poseidon Grand Marina of Paphos.
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