Fort Cambridge, the €180 million residential project in Sliema, has received a €17 million capital injection. This new investment has been jointly made by Gap Holdings Ltd, and a new investor, Tigne Skies Ltd.
A company announcement was made on the Malta Stock Exchange last Friday.
"Gap and the new investor identified a mutual opportunity. It is significant that considerable investment is being made in the project in the current economic climate," George Muscat, chairman of project developer Gap Holdings told The Sunday Times. "Fort Cambridge is on track from every aspect, particularly financially and sales-wise and there is sustained interest in the project, both locally and abroad."
Mr Muscat confirmed that two-thirds of the 341-property project has been sold. Promises of sale on 216 apartments and penthouses in the freehold residential area have been signed. Over 35 per cent of buyers are foreign.
Work is currently ongoing on the four-level, 900-space underground car parks' ceiling, and shell construction on the four- and five-storey blocks will start next month.
Mr Muscat said that in order to meet the completion target date of mid-2011, work on the entire Fort Cambridge project will be carried out simultaneously. Only 17 per cent of the footprint will be occupied by the residential blocks with the rest allocated to landscaped gardens, open spaces and a private swimming pool.
The properties will be built using a precast double wall system to ensure energy efficiency. The outer perimeter walls will be insulated and high quality aluminium frames with double glazing will be used for the apertures.
All apartments will boast a water-cooled air-conditioning system, which Mr Muscat said involved considerable investment but will lead to significant savings for property owners.
A reservoir will accumulate water from the roofs and terraces to irrigate the surrounding gardens.
There are two apartments to every floor and blocks will have two lifts each, one of which will be a 12-person unit for access and loading purposes. There will also be a designated and ventilated refuse location and a waste separation management system.
Asked about measures to minimise inconvenience to Sliema residents and the local business community, Mr Muscat explained that concealed scaffolding will be erected to the top floor of each block. He said the company had undertaken to have it dismantled on absolute completion of the project.
Mr Muscat admitted that there was no way for heavy vehicles to reach the site other than by using the town's main roads, but emphasised that none will be left idle outside the development area. The site will be enclosed and security will man the gates. All vehicles - including the contractor's new fleet of heavy vehicles - leaving the site will proceed through a wheel-wash.
Around 130 construction workers are currently committed to Fort Cambridge's development. A further 70 personnel - including plumbers, electricians and decorators - will join the workforce by the end of the year. Mr Muscat believes that, on completion, the project will generate well over 70 jobs in the first phase, mainly for gardeners, maintenance personnel and cleaning staff.
Meanwhile, the original plans of Fort Cambridge, the military fort after which the development has been named, have been acquired from the UK's national archives and restoration work is to start in the next couple of months.
Mr Muscat, a self-confessed optimist, is confident that at the rate progress is being made, the first residents should be able to move into their properties by the end of next year, when all restoration works should also be complete.
In April 2007, Gap Developments plc successfully launched a Lm15 million (€35 million) bond issue to support the development of Fort Cambridge. The issue was fully subscribed and the company has 2,300 bond holders. The secured bonds, with a seven per cent coupon payable annually, are due for redemption between 2011 and 2013.
Gap Holdings Ltd has successfully completed and sold residential complexes around the island and a handful of others are also under construction.
The Sliema-based company was established in 2001 by George Muscat, his son Adrian and son-in-law Paul Attard - both successful contractors in their own right.
While Gap Holdings Ltd is run by just 12 people, it indirectly employs hundreds of construction workers and labourers on its portfolio of projects.