The CEO of M.M Makronisos Marina Ltd takes us through the construction works at Ayia Napa Marina and explains how the project will transform the area of Ayia Napa into a highly desirable destination.
GOLD: At what stage is the construction of the Marina right now? When do you expect it to be completed?
Stavros Caramondanis: Significant work was done during April and May, with several elements clearly visible now. First and foremost, the commercial area took on its final shape and can be clearly identified amidst the construction frenzy! The construction of the essential buildings (such as the Government and harbourmaster buildings) is proceeding fast and most of the pre-cast concrete units have been installed, allowing further infrastructure works, such as roads, to proceed.
Most of the marine works are close to completion. The blockwall has been extended to the Event Centre, setting the foundations for the iconic building. Test piling has also been completed for the West Tower, enabling construction to begin.
Our target is to complete the Marina by the end of the year, when it will be in full operational mode to welcome boats and yachts, and that includes all the supporting maintenance and administration buildings as well as the necessary official Government building since the Marina will be an official port of entry to the Republic of Cyprus. The whole project, including the real estate work, will be fully completed by 2021.
GOLD: What percentage of the residential part has been sold? What are the nationalities of most buyers?
S.C.: 85% of the East Tower has already been sold, while great interest has been shown from Russia, the Middle East and Asia, following successful international promotional campaigns. Most importantly, a significant number of Cypriots and other Europeans, have already purchased properties, demonstrating their trust and belief in our project.
GOLD: What is the price range of the residences and what will they feature?
S.C.: Our prices start from €650,000 and properties range from 1-bedroom apartments up a 6-bedroom full floor penthouses. Prices vary, depending on the number of bedrooms, orientation and the floor on which each property is situated. Our 1-bedroom properties on the East Tower are sold out, along with one of the two penthouses. A limited number of 2, 3 and 4-bedroom properties are still available.
The Marina offers a selection of luxury residences, thoughtfully designed to provide comfortable spacious modern living with uninterrupted panoramic views of the Mediterranean. Residents are ensured peace of mind thanks to facility management services and round-the-clock security.
The two iconic towers are over 100 metres high and are visible from both land and sea. Both towers have T-shaped plans that twist 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 commercial hub of the Marina, offering a vibrant and bustling environment for residents and guests, whereas the West Tower is tucked away in a more tranquil residential area of the development.
The two towers have a total of 205 luxury apartments between them, ranging from a mix of 1 to 4-bedroom residences, to full-floor penthouse apartments on the top two levels of each tower that feature 360-degree panoramic views. The apartments are uniquely shaped to ensure that all living spaces, including the bedrooms, are oriented toward the water and beaches while the modern, open plan designs maximize daylight and views.
Some 35 luxury villas are located along the privately maintained and secured roads on the Marina island and the peninsula. Each lot includes significant space for landscaped gardens. Eleven of the villas fan out around a beautiful crescent-shaped man-made beach of fine-grained sand, while 12 island villas and 12 peninsula villas directly overlook the Marina and feature walk-out access to secure docks. All villas are designed with a modern, open-plan concept, with primary spaces oriented towards the sea. Each lot includes a private infinity plunge pool.
GOLD: Have you entered into agreements with any companies for the ‘experience’ part of the project (dining/shopping etc.) yet?
S.C.: Yes, we have already agreed with a number of brands and we are on track to reach agreement with other interested companies in order to complete our tenant mix on time. Announcements will be made in due time. The commercial area will consist of wide range of dining and entertainment options, coffee shops, beach clubs, a range of fashion and retail stores, an Event Centre, Gym and Spa and a Yacht Club.
GOLD: Have the Government authorities been supportive of the project? Do you expect the Municipality of Ayia Napa to further develop the area as a consequence of the creation of the Marina?
S.C.: This project is essentially a collaboration between us and the Deputy Ministry of Tourism, since it is a development-consortium involving both the public and private sectors. This is underscored especially by the significant contribution made by the local authorities to the project’s success, since they are responsible for issuing licences, quality assurance as well as other equally important processes. We have highlighted to the authorities that the area adjacent to the Marina needs to be developed in a very careful manner that could combines with and fulfils the standards which we have set. This will secure the overall success story of transforming Ayia Napa to become a highly desirable destination.
GOLD: How has your collaboration with Naguib Sawiris been until now? Do you have any plans to collaborate in future projects?
S.C.: We have excellent relations and we are very proud to say that, even though we are 20% shareholders and Naguib Sawiris holds 80%, we operate on equal terms and our relationship is based on mutual respect and transparent cooperation. I have received very professional treatment from the majority shareholder, who appointed me as the CEO of the project. I have no interference in my day-to-day work but we have a constantly open channel of communication and I inform him of all developments regarding the project, since Naguib is not what I would call a passive investor! I am, indeed, very happy and excited to be working with him because he truly cares about this project and I hope that he will soon be announcing new investments on the island.
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