Plans are in hand for a second residential complex on the same lines as the Prince of Wales, which was opened in Sliema last December, according to CareMalta Ltd.

CareMalta chief executive Alex Tranter said the new complex - which will also revolve around the concept of sheltered accommodation - was to be situated in the centre of the island, but stopped short of giving more details.

Yesterday CareMalta signed a commercial trust deed with Bank of Valletta which will give current and future residents of the Prince of Wales Residential Complex a performance guarantee.

The bank will hold Lm1 million under trust as a performance guarantee to secure CareMalta's obligations towards residents who choose to enter into the residential complex's Seniors Lifestyle Plan.

Speaking during the signing of the agreement, CareMalta chairman Nazzareno Vassallo explained that through the security agreement, the company was offering a guarantee of its performance to residents .

BOV chief executive Tonio Depasquale said the agreement provided a bank endorsement of CareMalta's promises. The bank, he said, would be looking after the interests of residents.

The Lm2.3 million complex allows residents to continue living an independent life in one of the complex's 58 one- or two-bedroom apartments and penthouses spread over six floors. Mr Tranter said 12 apartments - 11 one-bedroom and a two-bedroom apartment - have been taken and people have started living in seven of them. As many as 70 per cent of the residents are British expatriates.

Mr Tranter described the complex as the link between people living in their own homes and needing round the clock care in a home. Moreover, Prince of Wales residents are given the assurance of being cared for either in Villa Messina or Casa Arkati - two homes for the elderly also owned by CareMalta - if need be. This service is included in a one-time payment, which ranges between Lm35,000 and Lm60,000 for an apartment.

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