New Paphos Marina - Leptos heads up consortium | News

New Paphos Marina - Leptos heads up consortium

A CONSORTIUM headed by the Leptos group has been awarded the contract to build the new Paphos marina. Commerce Minister Antonis Patsalides announced the winning consortium for the project in Potima in Paphos. The Minister acknowledged the competition for the project had been stiff. Four consortiums vied for the prestigious contract, with the front-runners said to be those headed by Leptos and Aristo developers.

The Leptos group was founded in Paphos in 1961 and describes itself as, ‘the leading property developer.’ Numerous projects and developments in Paphos are Leptos builds. The winning consortium that it heads up is made up of Cybarco, JNP Avax, Francoudi and Stephano and Athena and KAT. Work on the large-scale project is due to commence immediately, and must be completed within three years.

The Marina will have mooring for 1,000 boats, slipways and a boatyard. There will be further leisure facilities, including, a restaurant, bar and parking. The cost of the project is expected to come in at over €70 million. The winning group will have to pay the government annual rent of €4 million for 19 years. Owners of surrounding land have seen it more than triple in value since the decision to build a new marina was taken.

The new marina at Coral Bay is expected to significantly enhance what is already a wonderful area, bringing in a new breed of wealthy visitors to the island. As a result luxury villas and properties will be in significant demand and property prices are expected to see strong growth over the next three years as the marina comes to fruition.

Once the Coral Bay marina is completed, the surrounding area should become as chic and fashionable as top Turkish sailing resorts such as Fethiye and Gocek in the West Mediterranean Coast, which are very popular with Turkey's 26 million visitors per year.