Officials in Paphos, a city in southwest Cyprus, have pulled away the long awaited construction of its marina from the Poseidon consortium, after it had been awarded the project but failed to prove that it had the funds to see it through.
Paphos' marina management commitee is now calling on Pafilia constructions, which took second place in the tender process, to prove that it has the money for the project that has been delayed for more than a decade.
“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,” said the head of the Paphos Chamber of Commerce Andreas Demetriades.
The Poseidon consortium disagress with the decision, saying that it is illegal and that it intends to contest it in court.
The marina construction plans prepared by Pafilia are budgetted at 175 million euros and include up to 1,000 berths and more than 42,000 square metres of residential and commercial developments. The project is seen taking three years to complete.
If Pafilia, the biggest developer in Cyprus, cannot come up with proof that it can finance the project in the next six months, then a new tender will be called.