18 June 2003

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Tigne´ Point reaches Lm40 million in sales revenue

By David Lindsay
The MIDI Consortium yesterday revealed it has reached, to date, Lm40 million in sales revenue. The Consortium has sold, on plan, 163 of the 200 apartments released to the market as part of its Tigne´ Point South development.
Interestingly, 134 of the apartments sold – or 82 per cent – were scooped up by Maltese, representing a gross value of Lm33.5 million. The remainder, just 18 per cent, has been taken up by the foreign market.
Speaking to members of the press yesterday, MIDI executives said the rates achieved have surpassed the highest ever recorded for sea view properties. As a whole the Manoel Island Tigne´ Point development is expected to cost in the region of Lm140 million, with the Tigne´ Point phase accounting for half the expenditure.
When asked yesterday, MIDI Chairman Bertu Mizzi did not discount the possibility of a future bond issue in relation to the project. He also expressed his satisfaction that the project, first conceived some 12 years ago, is now yielding its first tangible results as the project begins to take a physical form.

The results are undoubtedly due to the overall quality of the project and the aggressive marketing strategy employed by MIDI – the result of over two years of in-depth market research by local and international consultants.
The project, which is to be completely pedestrianised – making it the largest pedestrianised urban zone in Malta – and its intelligent use of natural light is setting an admirable precedent in Maltese urban planning.
The Tigné Point segment of the 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.


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Editor: Saviour Balzan
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