13 October 2004

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MIDI development makes steady progress

MIDI plc’s redevelopment of Tigné Point continues to make good progress with the construction of the Clock Tower Block known as T1, now nearly complete. In the coming weeks, the block will revert to government and comprises the new premises for the Assocjazzjoni Sportiva Tigné, consisting of no less than 17 clubhouses, and thirteen apartments that have been allocated to families that previously used to live in the British Army barracks at Tigné. The block also has associated underground car parking facilities on three levels.
Speaking during a tour of the project yesterday, Urban Development and Roads Minister Jesmond Mugliett said that the completion of the first block in the Tigné Point development is the first step in the injection of a new lease of life to the area. He added that progress on Tigné project guarantees not only the regeneration of the peninsula but also the utilisation of the invaluable cultural and historical assets on it.
MIDI Chairman Albert Mizzi adds, “Way back in December 2000, when we officially launched this project, MIDI had promised that the first residents would start moving into Tigné Point in 2004. We are now delivering on that promise as well as on other commitments which we made when the Project first began. This we are doing within the already established time frameworks and notwithstanding that the T1 block represents the completion of one of the major heritage elevation reconstructions promised by MIDI plc.”
The old stones which used to make up the façade of the historical buildings have now been incorporated into the new apartment blocks. This block, in fact, includes the reconstruction of the arcaded elevations of the original Sergeants’ Mess, of the School and the whole elevation of the Regimental Institute, which contains the famous Clock Tower.
Construction works are moving according to plan with block T4 Foreshore completed in shell form while T4 Back, T5, T6, T7, having Foreshore and Back blocks are underway. Works on block T8 and T9 have now also started while restoration of Fort Tigné will commence in the coming weeks.
Just a few weeks ago, MEPA issued the full development permit for the construction of the second part of the underground trunk road, providing an uninterrupted link between Tigné Seafront and Qui-Si-Sana road.
Tigné Point Marketing Limited, a fully owned subsidiary of MIDI p.l.c., has already signed almost Lm46 million worth of konvenji for the sale of apartments at Tigné Point, most of which will enjoy magnificent views of Manoel Island and the Valletta Bastions. Of these, circa Lm12 million worth have been sold to foreign buyers, resulting in a significant injection of foreign currency into the Maltese economy.
In the coming months, work will continue on a number of other buildings overlooking what will be known as Pjazza Tigné. Here, the public will have the opportunity to enjoy what will be the largest pedestrianised and car-free zone in Malta. At Pjazza Tigné there will be a large retail and leisure mall to be known as ‘The Point’, while a limited number of town house apartments will also form part of Pjazza Tigné’s development.
In the meantime, major restoration works got underway in August at Fort Manoel at Manoel Island and Midi are presently following their application with MEPA for the development of the breakwater at the tip of Lazzaretto. The restoration of the Bridge across the ditch which leads to Fort Manoel is now complete as well and , in total MIDI plc has so far spent over Lm200,000 on emergency interventions and restoration works at Fort Manoel since the consortium took off in 2001.
Next year – 2005 - will also see the start of works on the last series of the residential blocks forming the Tigné South phase, located adjacent to the apartments launched in May 2003, and to Fort Tigné. These apartments will also enjoy stunning views of Valletta, the Pjazza and the mouth of the harbour.

Copyright © Newsworks Ltd. Malta.
Editor: Saviour Balzan
The Malta Financial & Business Times, Newsworks Ltd, Vjal ir-Rihan, San Gwann
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