GlobalCapital kick starts the regeneration of the Gzira area
After the successful launch of the first phase of the high-rise Metropolis development in Gzira, GlobalCapital plc are now kick-starting the regeneration of Testaferrata Street in Gzira with a second up-market property development.
Demolition works started on the site of DUN automobile showroom in the lower part of Testaferrata Street, leading the way for over 2,000 square metres of office and retail space. These works are expected to last around six weeks, followed by site excavations.
“The development of the DUN site effectively marks the first visible milestone of our regeneration project for the Testaferrata and Gzira area. Since it is smaller in scale, this project will be completed before the Metropolis high-rise development and it will mark our first completed project in the area” said Mr. Ian Zammit, President Insurance & Property Division.
“The Group is in a position to allow us to selectively acquire and develop properties both in Malta and overseas. Our track record in property acquisition and development has been highly successful and we are encouraged to pursue this activity further”.
The development has been given green light by MEPA, following the completion and consideration of all technical reports and studies submitted as part of the application process.
In the meantime, excavation works on the Metropolis site have been completed and at the moment, the adjudication of a tender for the selection of a main building contractor is underway. The construction phase is expected to start as soon as MEPA grants a full development permit. Earlier this year, Metropolis was granted an SDA status, which effectively means that foreigners can purchase more than one unit within the development.
“Our vision for Testaferrata Street and Gzira is to regenerate the area and to transform the existing unhealthy state of neglect into new life. The mixed use developments we have embarked on, together with others that are in the pipeline, will provide a strong injection of economic activity into the area, leading to the creation of new residential and commercial communities. Our projects are intended to boost the overall image and activity in this area” added Mr Zammit.
GlobalCapital’s property investment arm continues to register positive developments. The Group’s property portfolio include a 5,000 square metre site in Croatia, earmarked for the development of 63 seafront units and is in the process of being handed over a number of highly luxurious apartments in the heart of Buenos Aires, Argentina, designed by world-renowned designer Philippe Starck.