They are: the consortium Peninsular and Oriental Steam Navigation Company with Cabo Marina S de RL; the Amba Ltd & Israel Shipyards Ltd, and the China Communications Construction Company Ltd.
Unlike in Limassol, Paralimni and Paphos, where contracts have been awarded for marinas alone, in Larnaca the project is far more complex and costly because both the marina and port have to be redeveloped.
This has limited the amount of tenders the Larnaca municipality could expect to receive.
Redeveloping Larnaca marina and port has been in the pipeline for decades, but the project has been thwarted for years by the inability to find an investor with enough money, a situation aggravated by the economic crisis in 2013.
The idea is to develop and privatise the existing Larnaca marina as well as the port situated right next to it. The aim is to make Larnaca marina the largest in Cyprus with around a thousand berths, including some for superyachts.
A tender prepared by the government outlines in detail the present conditions of the site as well as the legal, economic and technical issues for the proposed framework.
In November 2016 the government invited expressions of interest. After the evaluation and bidding process is completed, the winner should be announced by the end of summer.
This does not necessarily mean that construction will then start, as similar projects have often been hampered by lengthy court cases brought by those who fail to win the tender.
During the next phase, the three companies will get acquainted with the details and terms of the tender so that they can proceed with submitting their proposals.
Eligibility criteria include minimum annual revenues of €30m over the last three years before-tax profitability, debt repayment for two of the last three years, and €50m worth of net assets for the last financial year.
Technical criteria requirements oblige interested parties to prove they had previously participated with at least 45% in the operation of a marina hosting at least 300 boats, evidence of the operation of a container terminal with capacity of at least 350,000 tonnes and proof that they have led the development and commercialisation of a project worth at least €75 million and a construction area of at least 20,000 sqm.
The plan specifies that the total area to be developed measures 510,000 square metres, which includes the Larnaca port and marina as well as an undeveloped surrounding area.
According to the terms of the process, the port area will be split into two. The northern part will be used for port operations and the south for the marina. This part may be used for large cruise ships as the new plan includes berths for giga yachts and cruise ships.
General terms for the development allow for the construction of high rise buildings up to 15 floors.
Investors will have the option to build residences, shopping areas, offices, restaurants, recreational or sports venues.
Source: Cyprus Mail
