NewsLocalNew Cyprus archeological museum's estimated cost sky-rockets since 2017 announcement

New Cyprus archeological museum’s estimated cost sky-rockets since 2017 announcement

Construction costs for the island’s new archeological museum have sky-rocketed with the lowest tender bid now standing at €120.9 million excluding VAT which is to raise the budget to €143.9 million.

This is what Philenews reported on Thursday, adding that the second lowest bid now is as high as €178.2 million.

And all that when then Communications and Works Minister Marios Demetriades who had announced the ambitious project back in 2017 had estimated the cost at around €50 million. With the addition of the VAT, this would have totaled €59.5 million.

Incumbent Minister of Transport, Yiannis Karousos, who last year announced the cost would be around €102 million – in accordance with the awarded tender – clarified that the state of play of construction costs is now different.

And that the issue will go before the Board of the Public Works Department Tenders Review.

He also clarified that the VAT should be added to the €102 million raising the amount to €121.3 million.

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