In March 2020, following a 3,5 years of tendering and negotiating process, The Prosperity Group, as part of a Consortium with an international company was granted the long lease concession by the Government of the Republic of Cyprus for the re-development and operation of the existing Larnaca Port and Marina. This magnificent project will include the construction of 240,000 sqm of mixed-used Real Estate (hotels, offices, apartments and waterfront villas) along with the extension of the Larnaca Marina and Larnaca Port.
Amongst other things, the new Marina will include a traditional shopping area, a local market, a yacht club, an art gallery, an outdoor activities area, two hotels, commercial areas, luxury waterfront villas and a unique educational and medical centre.
This prominent waterfront project spreads over 500,000 sqm of land, will commence in April 2021 and is expected to be completed in 2033. The total estimated budget of this project is in the region of Euro 1,2b and it is expected to have an annual IRR in the region of 15%.