15 JANUARY 2003
By David Lindsay
The MIDI consortium has got off to a flying start by already selling, off plan, nearly all 141 apartments included in the south phase of the Tigne´ Point segment of the Manoel Island and Tigné Point development.
The sales boom came in what the consortium describes as "an unprecedented wave of sales just before the Christmas festivities".
However, the large scale of interest in the first group of apartments to enter the market, with uninterrupted views over the Grand Harbour to Valletta and Maanoel Island, was undoubtedly assisted in no small way by the uniquely enticing payment terms being offered by the consortium to prospective buyers.
In order to first secure an apartment, the purchaser first signs a reservation agreement with MIDI against a non-refundable Lm2,000 deposit valid for one month, within which time a promise of sale must be signed between the two parties.
Within four weeks of signing the reservation agreement, when the promise of sale is signed, the buyer pays 10 per cent of the purchase price less the non-refundable Lm2,000 deposit.
Once an architect supplies a certificate stating that the shell construction of the actual apartment in question is complete, the buyer pays another 50 per cent of the sale price within 30 days.
Another 25 per cent of the purchase price is due within 30 days of an architect supplying a certification that the shell construction of the block itself is complete.
The fourth and final payment of a further 25 per cent of the balance of the purchase price is due upon the signing of the definitive deed of sale.
However, it still remains to be seen to what extent speculation on the much sought after properties will play its part, with staggered payment terms providing a tool for such market manoeuvering. Additionally, the trickle-down effect such speculation might have on the property market as a whole also remains to be gauged.
The Tigné Point segment of the Lm140 million project - due for completion ahead of Manoel Island - will provide a mix of residential units, entertainment and leisure facilities and is projected to be completed in 2005.
Meanwhile, the development of Manoel Island with a projected completion date of 2010 - is more residential in focus and will comprise some 500 residential units, a commercial development and a marina.
The plans for a further four blocks of Tigne´ South apartments are expected to be released onto the market by early spring.