Tigne´ Point reaches Lm40
million in sales revenue
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
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
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.