A Greek Australian property developer has pulled back on its proposal to bankroll $8 million to help install a new passenger ferry from the popular Adelaide seaside suburb of Glenelg to Kangaroo Island (KI).

The Makris Group last year held discussions with the South Australian government and proposed fronting $8 million to pay for infrastructure to support a second ferry.

It said the government would only have to pay the money back if the ferry was still running daily services five years later.

The Makris Group has now quelled ongoing speculation about the project and said it was focusing on “other projects” instead.

Spokesperson John Blunt said the ferry would be looked at “further down the track” depending on market conditions after the group’s current projects were completed.

This included the major development of the old Le Cornu site at North Adelaide into an apartment and hotel complex.

Mr Blunt also said “nothing was finished” in regards to the agreement with the government, which was reportedly made in the presence of a member of cabinet and the immediate past SA Transport and Infrastructure chief executive officer Rod Hook.

Kangaroo Island is serviced by a passenger and vehicle ferry operating from Cape Jervis, nearly two hours drive south-west from Adelaide to Penneshaw on KI.