CYPRUS: Town planning approval for Larnaca
The Cyprus Ministry of Transport has announced town planning approval has been granted for the Larnaca port and marina project. It describes the project as “the single largest since the establishment of the republic.”
Kition Ocean Holdings, the concessionaire committed to investing about €1.2 billion in the project, is now authorised to start work. The Ministry expects some 4,000 jobs to be created, contributing around €120 million GDP per year.
The main aim of the development is to create a modern and functional commercial and passenger port with a new passenger terminal, administration building and piers. Around 600 berths for leisure boats will be in the mix, along with a yacht club, residential and commercial buildings, hotels, offices and seaside villas to create ‘the first private island in Cyprus’.
The development will be divided into four phases across 12 years.
