Plans to construct a multi-billion euro leisure project in Geroskipou have fallen through following a disagreement between the government and the potential Hungarian investor.
According to Phileleftheros, the two sides had met earlier this week in a bid to find a solution to their disagreement over whether the sea off Paphos belonged to the state. After no breakthrough was found, the investor reportedly pulled out of the negotiations.
The dispute stemmed from the disagreement between the investor and the government over demands that he foot an annual rental fee of €5.5million for the artificial island that he planned to construct off Geroskipou.
The government had maintained that the island would still be situated on state-owned land even though it was be situated in the sea off Geroskipou’s coastline.
The Hungarian investor had been previously identified in some media circles as being Sandor Kenyeres – a billionaire property developer who is currently living on the island and who owns the Antara Spa Resort in Polis Chrysochous.
The failed venture had earmarked a marina for 500 berths, an art academy, an aquarium, three large hotels, apartment complexes and other buildings. The area was set to span one square kilometre, the majority of which was uncultivated government land while some of the land belonging to the Church of Cyprus and private landowners.