now loading...
Wealth Asia Connect Middle East Treasury & Capital Markets Europe ESG Forum TechTalk
Asia Connect
CCCC shortlisted for Cyprus port redevelopment
China Communications Construction Company (CCCC) is one of three firms shortlisted to proceed to the next phase in the tender to develop Larnaca Port and Marina Area on the southeastern side of Cyprus.
Michael Marray 28 Jun 2017

China Communications Construction Company (CCCC) is one of three firms shortlisted to proceed to the next phase in the tender to develop Larnaca Port and Marina Area on the southeastern side of Cyprus, the Cyprus Ministry of Transport, Communications and Works has announced. The other two are a consortium comprising Peninsular and Oriental Steam Navigation Company with Cabo Marina S de RL, and Amba Ltd & Israel Shipyards Ltd.

The contract involves developing both a marina and container port. The northern part will be used for container operations. The southern area will comprise marina offering berths for over 500 yachts, plus superyachts and cruise ships.

Investors will also have the option to build apartments, shopping malls, offices and sports venues, with high-rise buildings of up to 15 floors allowed.

In November 2016 the government invited expressions of interest. After the evaluation and bidding process is completed, the winner should be announced in August. Marios Demetriades, the Cypriot minister of transport, has indicated that he hopes to sign contracts for the project by the end of this year.

Athens-headquartered engineering and management consultants SALFO & Associates, in partnership with Ernst & Young Business Advisory Solutions, were appointed by the ministry for the provision of advisory services to the government.

The advisors’ scope includes the assessment of strategic and financial interests, and the objectives for the Cyprus Government in the context of the transaction. This will also include the development of the business case based on the government's policy decisions, the development of the cruise market, the competitive dynamics of cruise ports, and the plans for the Cyprus Tourism Organization, the government and Cyprus Port Authority.

SALFO and EY are responsible for due diligence reports and risk assessment. Upon selection of the preferred development option and preparation of the feasibility study, they will conduct investor marketing and roadshows, provide input for the development of the tender documents and contract, and participate in the final contract negotiation. The projected development costs are estimated at around 200 million euros.

Conversation
Mildred Chua
Mildred Chua
managing director and group head of syndicated finance
DBS
- JOINED THE EVENT -
In-person roundtable
Finding opportunity amid volatility
View Highlights
Conversation
Yeoh Teik Leng
Yeoh Teik Leng
head, debt markets group
AmInvestment Bank
- JOINED THE EVENT -
6th Global Islamic Finance Issuers and Investors Leadership Dialogue
Marking time as new opportunities emerge
View Highlights