MIDI development makes good progress

MIDI plc's redevelopment of Tigné Point continues to make good progress with the shell form construction of the Clock Tower Block, known as T1, almost complete. This block will revert to Government and will comprise the new premises for the Assocjazzjoni Sportiva Tigné, twelve apartments allocated to families that used to live in the British Army barracks and associated underground car parking facilities.

The T1 block also represents the completion of one of the major heritage elevation reconstructions promised by MIDI plc - the reconstruction of the arcaded elevations of the original Sergeants' Mess, the school and the whole elevation of the Regimental Institute, which contains the famous Clock Tower.

"MIDI promised that the first residents would start moving into Tigné Point during 2004. We are well on the way to delivering on this promise as well as on other commitments which we made when the Project first began. The old stones which used to make up the façade of the historical buildings are now being incorporated into the new apartment blocks," MIDI chairman Albert Mizzi said during a visit to the site with Tourism Minister Francis Zammit Dimech.

Dr Zammit Dimech said: "It has been three years since on December 20, 2000, the Tigné Point/Manoel Island project was launched. The works carried out in the past three years confirm what we have been stating all along - that, following the excavation of a vast area in the midst of Tigné Point, we shall be seeing the actual realisation of the project.

"Today, besides the blocks of apartments at Tigné South and the restoration of historic buildings in Manoel Island and Tigné Point, another of the promises made three years ago has come true. The façade of Clock Tower and the surrounding buildings which were dismantled to make way for the project have been rebuilt to shield an apartment block for ex-tenants and sports facilities which were located in this area.

"The tunnel being built will link Tigné Seafront to Qui-si-sana and hence to the Sliema/St Julian's promenade, Paceville and the 'golden mile' in St Julian's. This will further embellish this area for the upgrading of the tourism product,' the minister said.

Tigné Point Marketing Limited, a fully owned subsidiary of MIDI plc, has already signed promises of sale worth almost Lm45 million for apartments at Tigné Point, most of which will enjoy magnificent views of Manoel Island and the Valletta Bastions. Of these, circa Lm12 million's worth have been sold to foreign buyers, resulting in a significant injection of foreign currency in to the Maltese economy.

"Works are certainly moving according to plan and MIDI is satisfied both with the pace at which construction is taking place and at the rate with which apartments are being sold. Clearly, most of the buyers so far have been Maltese, a reflection of the benefits of investing in property at a time of high liquidity and slow economic activity and the value of the site itself as a prime residential area.

"MIDI has, however, also witnessed considerable interest from foreign buyers and in 2004 we will focus more on attracting an even greater number of foreign customers to come and set up home in one of the most stylish and impressive urban-environments in the Mediterranean," MIDI's chief executive officer, Benjamin Muscat, said.

The works carried out so far at Tigné Point have engaged over 200 tradesman who racked up some 300,000 man-hours and utilised 16,500 cubic metres of concrete.

MIDI's lead architects, aoM Partnership, led by Professor Alex Torpiano, are also satisfied with the progress to date. "It's quite an exciting challenge to follow up the innovative concepts that we are introducing in Malta through this major project from the design board to actual realisation. It is certainly satisfying to see the realisation of the barracks façade reconstructions and the integration of the heritage value of the site within the new urban and architectural context. No doubt, the end product will significantly enhance Malta's urban environment," Professor Torpiano said.

In 2004 work will continue apace and by the end of the year the first residents can move into their Tigné South residences. Over the next 12 months, work is scheduled to begin on a number of other buildings which will form the Tigné Point redevelopment including town houses overlooking the pjazza and the large retail and leisure mall is being referred to as The Point.

Major restoration works will be underway at Fort Manoel early next year, while work on the breakwater at Manoel Island should start during the latter half of 2004. Next year will also see the start of works on the last series of residential blocks forming the Tigné South apartments, located behind Fort Tigné, but which will still enjoy stunning views of Valletta.