City Centre, a major investment in St George's Bay is projected to be the most sophisticated place to go in Malta. This investment was broadcasted by Prime Minister Joseph Muscat and the chairman of db Group Silvio Debono.
A development that’s set to feature wide-ranging leisure, shopping and conference amenities and retail and residential facilities and a 315-room Hotel. According to the group, this would be "three hotels in one" featuring hotels for adults, families and suites. The retail and leisure sections will boast of international brands and high end cafés and bistros.
Mr Debono said the group will recompense €60m for the land and will invest €300m on the project. The development will be built on the site of the current Institute for Tourism Studies, which will be relocated to SmartCity. Minister in the Office of the Prime Minister Konrad Mizzi said the business agreement was contracted last Thursday 2nd February. The valuation of the land, according to Mizzi, followed a model which would be implemented for other developments in the future.
Dr Muscat said this investment arrived just in time as Malta was revelling in the fact that it had exceeded the figure of two million tourist arrivals per year. This would be a quality step for Malta intended to attract higher quality tourists and providing more jobs as well as leisure and retail opportunities for locals. The land is being transferred on a 99-year emphyeutical grant: "We are making sure that the developer pays a fair price," explained Dr Muscat. The land valuation was also proposed as the model to be used for future developments. What’s more, the ground rent will be reviewed if the revised Paceville masterplan allows more development on the site.
Dr Muscat highlighted the fact that "this is the biggest investment by a Maltese in Malta and it will create 1,500 new jobs". The contract will be made public. He stated the new ITS in SmartCity would be a completely new and well-resourced facility which will include a hotel. Discussions during a later press conference, a dp Group representative said part of the funding for the project was already underway. A bank guarantee had been deposited and a seven-and-a-half million performance guarantee would be set up for the length of the project.
The company is contractually committed to finalise the project within 5 years of the required licences and permits being issued. The group has an internal target of finalising the scheme within three years.
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