MIH reports Palm City nearing full capacity

Over 70 per cent of the units at Palm City Residences in Janzour, Libya, have been leased, with the rest reserved for corporate clients, Mediterranean Investments Holding plc said in a company announcement on Wednesday.

The €150 million project was completed in November and now has 600 residents.

“Once contracts with tenants are concluded, the village will be fully leased,” MIH said, adding that the lessees include global brands and conglomerates from the construction, hospitality, oil and gas, financial services and infrastructure business sectors.

MIH has already embarked on its second development, the Medina Tower in Tripoli, for which detailed design plans have been finalised and approvals granted for the construction of the 40-storey tower above ground level and four floors at basement level for underground parking.

A first for Libya, the development will comprise 238 apartments, most with sea views, 22,600 square metres of Grade A office space, 10,400 square metres of retail space, 8,400 square metres of conference and health and leisure facilities and 920 car spaces.

MIH has joined forces with International Hotel Investments plc, and Edreico, a Libyan sovereign fund to complete the Medina Tower project within 40 months.