Global Capital kickstarts regeneration of Gżira area

After the successful launch of the first phase of the high-rise Metropolis development in Gżira, Global Capital is kickstarting the regeneration of Testaferrata Street in Gżira 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 Gżira 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 Ian Zammit, president, Insurance and 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 the Malta Environment and Planning Authority, 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 means that foreigners can purchase more than one unit within the development.

Global Capital'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, designed by Philippe Starck.

The Group also owns properties in Sofia and Varna (Bulgaria), Rome and Barcelona.