Pendergardens awarded SDA status

Pendergardens was recently awarded Special Designated Area (SDA) status, a prestigious status usually given to projects, which meet several stringent conditions that include, among others, a minimum footprint size of 10,000 square metres, projects committed to restore historic structures in the area, and to building and maintaining a high-quality residential or commercial development.

The SDA status also binds the Pendergardens developers to ensure that the project will have architectural significance on completion, and that the quality of materials and finishings are of the highest standard.

Edmund Gatt Baldacchino, chairman of Pendergardens, said that the company is proud and pleased that such a status was granted, as 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 initiated, foreigners accounted for 30 per cent of sales in Phase 1. The foreign market will be essential in Phase 2. Hence the granting of the SDA at this juncture was imperative.

Following the granting of the SDA status, foreigners interested in Pendergardens would also 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 an SDA, an individual or company can buy multiple units, which can be rented out. Pendergardens includes villas, apartments and the luxurious Towers. Excavation is nearing completion, and construction is scheduled to begin later this year.

Mr Gatt Baldacchino concluded by saying that following the rigorous compliance procedures, the granting of an SDA status confirms the high standards the company set right from the start.