Orascom chairman launches development in Cyprus

The residential and commercial development, Ayia Napa Marina, will comprise of 190 apartments across two towers, 29 villas, and a 600-berth marina

An artist’s rendering of Ayia Napa Marina.
An artist’s rendering of Ayia Napa Marina.

Egyptian businessman and chairman of Orascom Telecom Media and Technology Holding, Naguib Sawiris, has invested in a $235m (EUR220m) mixed-use project in Ayia Napa, Cyprus.

The residential, retail, and commercial development, Ayia Napa Marina, will comprise of 190 apartments across two towers, 29 villas, and a 600-berth marina.

In a press conference on Sunday, Sawiris and his partner, Cypriot entrepreneur Stavros Caramondanis, said that the development is a “high-end ultra-luxurious” project that will cater to the “modern needs” of investors and individuals who wish to have a second home on the Mediterranean island.

The prices ranges from $534,925 (EUR500,000) for a one-bedroom apartment to $5.9m (EUR5.5m) for a five-bedroom villa.

Eleven of the 29 villas will be beachfront and the rest will be overlooking the marina, giving residents direct access to their yachts.

Caramondais also stated that the construction work on the development is ongoing. “We broke ground in September 2016, so works have commenced and will complete in 2021. But the marina will be fully operational by January 2019.”

He also said, “We have appointed Terna SA, who are a Greek construction company, as the main contractor. Terna has won the Phase 1 contacts, which are all the marine works, fence works, the marina basin, and infrastructure works.

“We are currently tendering the second package, which will run simultaneously, for the residential development – the villas and the two towers – and the commercial shops.”

The East tower will comprise of 26 floors and the West tower, 25 floors. Both the towers are designed by US-based architecture, engineering and planning firm, SmithGroupJJR.

The towers will offer apartments from one-to-four-bedrooms and the villas will range from three-to-five-bedrooms.

Of the 190 apartments and 29 villas, Caramondais said that so far 20 apartments and two villas have been sold. The developers are looking to attract investors from all over the world.  

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