The CEO of MM Makronisos Marina Ltd, Stavros Karamontanis takes us to the construction works of the Ayia Napa Marina and explains how the project will turn the Ayia Napa area into a highly desirable destination.
In an interview with GOLD he explains that by the end of the year, the Marina will be in full operational operation to welcome boats and yachts, while the entire flagship project will be completed by 2021. At the same time it refers to the sales of the project, in the price range for the residences, as well as the cooperation with the major shareholder Naguib Sawiris.
At what stage is the construction of the Marina now? When do you expect it to be completed?
Important work was done in April and May, with enough evidence to be visible now. First of all, the commercial space has taken its final form and can be clearly identified within the frenzy of construction! Construction of key buildings (such as government and port facilities) is progressing rapidly and most of the prefabricated concrete units have been installed, allowing further infrastructure projects, such as roads, to be carried out.
Most of the offshore work is nearing completion. The block has been expanded to the Event Center, laying the foundation for the virtual building. The test build-up for the West Tower has also been completed, allowing construction to begin.
Our goal is to complete the Marina by the end of the year, when it will be fully operational to welcome boats and yachts. What is expected to be completed this year are the supporting maintenance and administration buildings, as well as the necessary official government building, since the Marina will be the official port of entry into the Republic of Cyprus. The entire project, including real estate projects, will be fully completed by 2021.
What percentage of the residential part has been sold? Where do most buyers come from?
Eighty-five percent of East Tower has already been sold, and there has been widespread interest from Russia, the Middle East and Asia following successful international advertising campaigns. The main thing is that a significant number of Cypriots and other Europeans have already bought real estate, showing their trust and faith in our work.
Where prices fluctuate
What is the price range of the houses and what will they have?
Prices start at € 650,000 and extensions range from one-bedroom apartments to six-story penthouses. Prices vary depending on the number of bedrooms, the orientation and the floor on which each property is located. The one-bedroom extensions in the East Tower have already been sold, as well as one of the two penthouses. A limited number of two-, three- and four-bedroom properties are still available.
Marina offers a selection of luxury residences designed to provide comfortable spacious modern accommodation with unrestricted panoramic views of the Mediterranean. Residents ensure their peace of mind thanks to facility management services and security around the clock.
The two virtual towers are over 100 meters high and are visible from the land and the sea. Both towers have T-plans that rotate approximately 1,6 degrees per floor, rotating from West to East as they ascend to take full advantage of the breathtaking panoramic views. The East Tower is located in the shopping center of Marina, offering a lively and lively environment for residents and visitors, while the West Tower is hidden in a quieter residential area of development.
The two towers have a total of 205 luxury apartments, which consist of a mixture of one to four bedroom houses, to penthouse apartments on the top two floors of each tower with a 360 degree panoramic view. The apartments are uniquely designed to ensure that all living areas, including the bedrooms, face the water and the beaches, while the modern open plan design maximizes daylight and views.
About 35 luxury villas are located along the privately maintained and safe roads on the island of Marina and the peninsula. Each piece includes an important space for landscaped gardens. Eleven of the villas rise around a beautiful fine sand beach, while 12 island villas and 12 peninusla villas have direct views of the marina and access to safe docks. All villas are designed in a modern, open style, with the main areas facing the sea. Each section includes a private pool.
Agreements with brands
Have you entered into agreements with any companies for the experience part of the project (restaurants / shops)?
Yes, we have already agreed with a number of well-known brands and we are well on our way to reaching an agreement with other interested companies in order to complete the mix of our tenants in time. The announcements will be made in due time. The shopping area will include a wide variety of dining and entertainment options, cafes, beach clubs, a number of fashion and retail stores, an Event Center, Fitness and Spa, and a Yacht Club.
Have government authorities supported the project? Do you expect the Municipality of Ayia Napa to further develop the area as a consequence of the creation of the Marina?
This project is essentially a collaboration between us and the Ministry of Tourism, as it is a development consortium between the public and private sectors. This is particularly emphasized by the significant contribution of local authorities to the success of the project, which are responsible for licensing, quality assurance and other equally important procedures. We have pointed out to the authorities that the area adjacent to the Marina must be developed in a very careful way that combines and meets the standards we have set. This will ensure the overall success of turning Ayia Napa into an extremely desirable destination.
Sawiris does not intervene, but is interested
How has your collaboration with Naguib Sawiris been so far? Do you intend to collaborate on future projects?
We have an excellent relationship and we are very proud to say that, although we are 20% of the shareholders and Naguib Sawiris owns 80%, we act on equal terms and our relationship is based on mutual respect and transparent cooperation. The treatment I received from the majority shareholder, who appointed me as Managing Director of the project, was very professional. I do not accept any interference in my daily work but we have a constantly open communication channel and I inform him about all the developments related to the project, as Naguib is not what I would call "a passive investor"! I am really very happy and excited to work with him, because he is really interested in this project and I hope that he will soon announce new investments on the island.
Source: Inbusinessnews.Reporter / Artemis Konstantinidou