Pendergardens to hand over first apartments in April
Pendergardens, the €140 million mixed-use development in the heart of St Julians, is to hand over 126 finished apartments with garages to its new owners on time starting in April, Edmund Gatt Baldacchino, chairman of developers Pender Ville Ltd, told The Times Business this week.
The apartments in Blocks 11 to 15, sold to local and international clients, are part of Pendergardens' first phase, which will see the completion of 150 units. The landscaping of the 2,000 square metre exclusive central piazza which the apartments overlook will be completed very soon.
The apartments, internally designed by Greta Apap Bologna of Greta Design, are finished to high standards and comprise one, two, or three bedrooms with ample verandahs and sizable apertures. All apartments have been designed to be corner residences and are flooded with natural light. They range from 60 square metres to 244 square metres in size.
Each of the five blocks which are nearing completion is accessible through a wide central lobby and served with two lifts. Residents can also gain access to their apartments direct from the private residential garages on two basement floors.
A sixth block, Block 10, is under construction. Despite 300 construction workers on site and the involvement of 26 contractors, neither the traffic flow nor the neighbouring areas have been disturbed by the construction work. Measures have also been taken to minimise inconvenience to residents.
A host of green measures have been incorporated into the project, including communal waste disposal, double glazing, solar water heating, and photovoltaic panelling.
Pendergardens, sitting on a footprint of 18,500 square metres and designed by Bencini and Associates, is a wholly Maltese-backed investment.
Construction on the sprawling project began in 2005 after the consortium acquired two plots of land with a development brief for Lm10.6 million following a public bid. The first phase was given the green light by the Malta Environment and Planning Authority in 2007.
The entire residential project incorporates 300 apartments and 420 garages spaces in adjacent blocks and two high rise buildings.
A second phase of construction will incorporate 16 detached villas on a private road, each with pool and garages, which will begin to be marketed shortly. The development, which will be largely car-free, also features communal pools and a spa.
The Exchange, a commercial district at the opposite end of the Pendergardens development to be built around the historic Mercury House telephone exchange, encompasses a two-block bespoke business centre with a total area of 20,000 square metres of office space for sale. Fimbank plc, the Malta-headquartered international trade finance bank, is to be the anchor tenant of an entire block.
The Exchange, on which construction work is to begin at a later stage, has been designed with an array of users in mind, particularly professional services firms, banks, and financial institutions.
A central square will be lined with a pre-determined mix of commercial outlets and leisure facilities. Eight hundred parking spaces are available for public use; a large percentage of The Exchange's 8,500-square metre footprint is accessible to the public.
The Exchange, the chairman pointed out, is positioned as the new centre of the greater St Julian's area. The new financial and business district aims to complement Paceville's retail and commercial zone.
"We wanted to grasp the opportunity The Exchange presented us with, in line with the government's strategy to make Malta a financial and business centre of excellence. Our vision for The Exchange is very clear in our philosophy," Mr Gatt Baldacchino explained.
"We could have very easily opted to create an extension of Paceville but we knew we had an opportunity to upgrade the centre of St Julian's. This area does not actually have a town centre. It will be a destination.
"Our intention is to contribute to the regeneration of the wider area, including Paceville, during the day. The evening element is an added benefit. There is a lot of interest from international institutions in The Exchange and we have fast-tracked the development."
Pendergardens and The Exchange are expected to be completed in 2015.
Mr Gatt Baldacchino said Pender Ville Ltd has been highly quality-conscious throughout the development process so that Pendergardens appeals to a medium- to high-end customer. Set in a prime location, the internal development has been designed to satisfy the requirements of modern lifestyles and of exigent buyers seeking a residence, second home, retirement property, or rental investment at accessible prices.
Thirty per cent of buyers are international with Pendergardens reaping the fruits of overseas marketing efforts, particularly after the project was showcased at high profile events.
"All the shareholders share the same vision for the project," Mr Gatt Baldacchino emphasised. "We all agreed on a quality project that had to have the right governance in place and be run by very competent management. It is a project that offers value for money through a healthy, top quality mix of properties to appeal to a particular niche in the market."
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Anthony Pace Gouder
Jan 6th, 22:31
How monotomous.! The picture looks like a Prison Yard !
Joseph Anthony Xuereb
Mar 5th 2010, 01:51
@c cassar and paul smith Any new developments in malta is a welcome sign,and hopefully i will buy apartments like this soon,so i visit my children.both uk and malta has problems just like any other country and these two countries are not better than each other or worst,just different.
Paul Smith
Feb 5th 2010, 09:33
Mr. cassar
Gabrielli states in his presentation that the world needs oil volumes the equivalent of one Saudi Arabia every two years to offset future world oil decline rates. (he is only the CEO of Petrobras)
Shell and chevron have made similair statements, maybe they should consult you - LOL
what dont you understand about the above? You clearly know nothing about expotential growth do you? Nothing about Geology do you? No clue what so ever about how the global debt based money system works or did work do you? Nothing of hydrology do you?
see you when you have to come over here because Easter island (Malta) runs out of water and cannot afford RO. You may very well need to buy that cheap property in Ludlow to save you and your family. Like another blogger says, lets see how much these half empty developments will be worth a few years from now when we really hit the downslope of Peak oil.
Touched a raw nerve? No, i am laughing at you, and forgive you, for surly you not know what you are saying. Mr. real estate Spiv!
Anthony Roberts
Feb 5th 2010, 00:41
If you want to see more shoeboxes come to Birzebbugia. If you want to see inside your neighbours flat, just pop out on to the balcony or look through one of the windows. Who would want to live like that - sardines in a can.
C Cassar
Feb 4th 2010, 22:04
@ Paul Smith:
Wow, I've really hit a nerve haven't I? Never mind, plenty of us and many foreign visitors love Malta. I'm already in the process of picking up some property in the UK that's costing me almost 50% less than it would have done 2 years ago when you take into account feeble sterling. There's so much choice in the UK, a true buyers market in almost any county/city.
Regarding Dubai, chalk and cheese. Dubai has far more land mass than Malta since they can build into the desert (and have done) and lots of mortgages/loans with a high LTV. Malta doesn't have that problem (and even documented in today's business news on this site).
By the way, plenty of oil and falling demand:
http://newsvote.bbc.co.uk/2/hi/business/8497467.stm
Your comment about "remember me" when something happens is a bit pointless because will we remember you when it clearly won't? Probably not.
Maybe I'll look at Ludlow for some low cost housing :-)
Paul Smith
Feb 4th 2010, 20:15
going to be interesting to see how many foreigners are going to get over to Malta to buy all those new developments: see Below
Mr. Gabrielli, the CEO of Petrobras, gave a presentation in December 2009 in which he shows world oil capacity, including biofuels, peaking in 2010 due to oil capacity additions from new projects being unable to offset world oil decline rates.
Gabrielli states in his presentation that the world needs oil volumes the equivalent of one Saudi Arabia every two years to offset future world oil decline rates.
Paul Smith
Feb 4th 2010, 19:40
And lastly Mr. cassar
I would like to point out that i do not go through my life wondering how much money i can make or how much money i have or worry about insignificant nonsense such as how much my house is worth or how rich i am. That is a very sad shallow way for one to go about life and shows how empty one's life is, a bit like worshiping and wishing to be a celebrity or as rich as one, I am more interested in leaving some resources and an un spoilt world for our children, whilst you come across as someone whom worships at the alter of the debt based money system and when it all falls down 100% it will see http://www.chrismartenson.com/crashcourse
You wont like it.
Paul Smith
Feb 4th 2010, 19:17
C Cassar
i am waiting for that old chesnut - they aint making anymore land - LOL
If you really want to see how this all ends - see to Dubai, house of cards built in the desert.
Paul Smith
Feb 4th 2010, 19:09
C Cassar
I think you mean that the bank has financed 126 apartments in the form of 20 or 25 year mortgages with the great big ponzi of unsustainable fractional reserve debt based money.
Like i said - Google money as debt and learn something. Granted, some may have been brought cash for the sole purpose of speculation - we all know how that ends, with Great respect to the many good Maltese people, the way your going with what very limited resources you have, you will all have to leave the island before those loans can ever be paid back.
Like is said Mr. Cassar, i hope UK property prices fall far greater than 50% in nominal terms, houses are for living in, although you dont build houses in Malta, you build ugly shoe boses in the sky.
Paul Smith
Feb 4th 2010, 18:23
C Cassar says:
why are you so scathing about any new development in Malta?
because it is ugly, unsustainable, over priced rubbish and probably poorly built like most Maltese apartments put up in the last 15 years by property spivs. Malta property is a house of cards and shall soon fall - remember me when it happens. People like you should be more concerned on the enviromental impact your unsustainable building boom has brought. Do you really need more foreigners, you are already one of the most over populated islands on Earth, you have limited amounts of fresh water which is running out, you have a mountain of rubbish called mahtab a sorry site indeed and that alone should tell you, no more development and population increase. You have hardly any open spaces anymore, pollution is growing - need i go on?
Paul Smith
Feb 4th 2010, 18:08
C Cassar
It really does not bother me if property prices dropped 100% back to there 1990 prices because i believe that houses are to live in and raise families in, not speculative shoe boxes to flip for a quick profit. Besides, what's good about high house prices? All high prices are, are a generational transfer of wealth from old to young! Debt penury for the younger generation. High house prices also means less FTB's, less FTB's means less money as debt in a debt based money system (which incidentally is unsustainable.) High house prices means less money for other forms of consumption - i would not expect you to understand this C. Cassar, Neither money as debt - try a google
Also with an impending water crisis coming to Malta (Google Malta water crisis) and the arrival of a global peak in oil (you obviously are oblivious to that also,) those so called property investors in Malta aint gonna know whats hit them.
You come across as a clueless spiv and Malta looks like the next Easter island from where i am sitting.
C Cassar
Feb 4th 2010, 17:17
The article states:
"hand over 126 finished apartments with garages to its new owners on time starting in April"
that's nearly half sold already and that's off plan plus much of the rest of the development hasn't even been marketed yet. If you knew anything about the real estate market that would be recognised as a huge success.
I hear that there will be more falls in property prices in the UK this year after a small dead-cat bounce late in 2009.
With the 30% fall in property prices in the UK over the last 18-24 months combined with the 25% fall in sterling, I make that a true drop of more than 50% so far. Where is the demand there? Why is there no demand? Seems to be a very healthy demand for quality developments in Malta, probably due to limited land availability, fantastic weather and an ecomomy hardly hit by the recession and now on the up.
Joseph Grech
Feb 4th 2010, 16:09
Decidedly ugly if you ask me. Almost as ugly as the three Grand Towers located at Marsa. If Mepa considers this example to be Good Planning then the Maltese environment is well and really doomed.
No amount of ''landscaping'' will change the character of this hideous project - for the simple reason that is lacks character altogether. I would certainly not wish to raise a family in this claustrophobic place!
salvatore morgan
Feb 4th 2010, 15:54
@ Mr.Paul Smith
I would exchange any day the Shropshire views for the Pendergardens view. Shropshire view is more tranquil and idyllic than the noise, fumes and pollution that St. Julians has to offer.
Paul Smith
Feb 4th 2010, 15:49
Between quarter and half a million Euro's for an apartment!
A fool and his money are easily parted. Does no one consider the future sustainability when it comes to infrastructure, water availability, future energy shocks, a Peak oil crisis or is Malta destined to try and become another Easter Island, a folly to mans irrational exuberance and hubris? Looks that way to me.
C Cassar
Feb 4th 2010, 15:37
@ Paul Smith: If you are so happy with your semi in England why are you so scathing about any new development in Malta? Again, I think it's because you've suffered a 30-40% drop in your property prices and are jealous thatthis hasn't happened in Malta (even though you keep making unqualified statements to the opposite). Sure there are empty apartments in Malta butthese are low quality and tend to be in areas not attractive to foreign buyers. The development in question is attractive to these people because as the article again states:
"Thirty per cent of buyers are international". Quality development such as this and the even more upmarket ones such as Tignes and Portomaso will always be popular with foreign buyers, with both Portomaso and Tines proving that point.
I think you are a little sour because any investment in quality developments in Malta over the last 7-10 years will have reaped nearly 70-100% more than if the same invested in the UK.
As they say, you have to take the rough with the smooth.
Paul Smith
Feb 4th 2010, 14:36
C Cassar says:
It's typical that comments arrive on these blogs about such developments that show a streak of jealousy against the improvement of any area.
Improvement? How could you possibly improve St. Julians by building another concrete eyesore in what is already an extremely over crowded claustrophobic fumes, noisy Area, which has ruined what was once a fantastic place?
you go onto say:
Then again they probably come from those who can't afford them and are intent on throwing rocks at those that have worked hard and can.
If someone aspires to purchase one of those prefab concrete boxes and pay a ludicrous price for it, then more fool them - a fool and his money. You could have conversations with your Neighbours across the otherside, even hang a long washing line!
No Thanks, i'll stay in my nice English semi with it's large garden in it's delightful rural setting with the 10th century medevil town 2 mins walk away
http://www.ludlow.org.uk/
D. A . Agius
Feb 4th 2010, 14:29
@C. Cassar
It's stil lpointless why thousands of apartments are being constructed in such large developments while even larger numbers are left void and uninhabited.
Also, can we start getting real facts and figures from the industry telling us who they expect to inhabit such locations?Coming as it is, what we're seeing is just the developments on shoeboxes so that in 20 years times we shall have very expensive slums.
It will be interesting to note in a year or two to see what happens to these investments.
C Cassar
Feb 4th 2010, 13:32
@Nigel Lawrence: even a child can see that the development in the photo is not finished, so you comment is pointless. The cetral area will be landscaped (as stated in the article).
It's typical that comments arrive on these blogs about such developments that show a streak of jealousy against the improvement of any area. Then again they probably come from those who can't afford them and are intent on throwing rocks at those that have worked hard and can.
It's great to see the regeneration of areas that have otherwise been left to stagnate.
Paul Smith
Feb 4th 2010, 13:27
LOL - looks like an east London sink estate (council dwellings) only thing missing is the drug dealers! More empty overpriced shoe boxes, how many empty apartments in Malta now, 30 40 50,000?
Finished just in time for the second leg down the W shaped global depression! If the banks financed this project - get your money out! Dont these developers learn from whats gone on in Ireland, Spain, USA, UK with rampant property speculation? How about making things of value to export instead of get rich quick schemes from shoe boxes in the sky!
salvatore morgan
Feb 4th 2010, 12:23
@ Nigel Lawrence
Mr. Lawrence, you are quite correct, the design of Pendergardens is very reminscent of the Glasgow orbals
Nigel Lawrence
Feb 4th 2010, 11:15
Is it my impression, but that photo is not far removed from the images of the Glasgow gorbals.