NEWS | Wednesday, 10 October 2007

Special designated area awarded to Pendergardens

Pendergardens announced last week that the project has been awarded the status of a ‘Special Designated Area’. This prestigious status is given to projects, which meet several stringent conditions which amongst others include a minimum footprint size of 10,000 sq mtrs, committed to restore historic structures in the area, and committed to building and maintaining a high quality residential or commercial development.
The Special Designated Area (SDA) status also binds Pendergardens developers to ensure that the project will have architectural significance when completed and that the quality of materials and finishing are of the highest standards.
Mr Edmund Gatt Baldacchino, Chairman of Pendergardens, said that the company is proud and pleased that such a prestigious status has been granted and it could now launch its drive for international business. He stressed the importance of the foreign market pointing out that in spite of the fact that the overseas marketing drive has not yet been initiated, foreigners accounted for 30% of sales in Phase 1. The Foreign market will be essential in Phase 2. Hence the granting of the SDA at this juncture of the project was imperative. 4pFollowing the granting of the SDA foreigners interested in Pendergardens complex will now be able to purchase more than one apartment
Through the SDA scheme non-Maltese purchasers do not require an Acquisition of Immovable Property permit (AIP) to buy in a special designated area. Broadly speaking the AIP permit limits purchases to only one property and only for one’s personal use thus a property cannot be rented out.
In contrast to this, in a SDA an individual or company can buy multiple units and the units can be rented out. The Pendergardens Development includes villas, apartments and the luxurious Towers. Excavation is nearing completion and construction is scheduled to begin later on this year.
Mr. Gatt Baldacchino concluded by saying that following the rigorous compliance procedures, the granting of the SDA confirms the high standards the company set right from the start and it gives us great satisfaction that our commitment is recognised and rewarded.