The 1.2-billion-euro project for the joint redevelopment of Larnaca port and the marina area is on track for implementation, Cyprus’ Minister of Transport Communications and Works Yiannis Karousos said on Wednesday.
He was briefed by the holder of the contract, Kition Ocean Holdings, on the master plan of the project that is expected to be completed in four phases.
In statements to the press, Karousos said the investor presented the master plan submitted to the ministry for approval, adding that it will be submitted to the Department of Town Planning and Housing for the final approvals.
“This is the largest investment in Cyprus to date with a €1.2 billion budget,” Karousos said.
The project provides for the expansion and redevelopment of the existing Larnaca port and marina in combination with the real estate development of the area.
For his part, Panos Alexandrou, CEO of Kition Ocean Holdings, said the company completed a “significant milestone” with the submission of the project’s master plan, adding that it is expected to receive the final approval within the next 10 days.