A number of new contracts at Corinthia’s Palm City Residences in Janzour, Libya are again being signed and 50 new leases are expected to be concluded by the end of this month, according to Edward Rizzo, a director at Rizzo, Farrugia & Co (Stockbrokers) Limited writing in today’s The Times Business (page 9). Mr Rizzo was briefed at a meeting for the financial community held last week by the managing director of Mediterranean Investments Holding plc, Reuben Xuereb, who gave an update on the situation at Palm City.

Mr Xuereb told the stockbrokers present: “Following the Tripoli uprising and the restoration of order in the vicinity of the complex, a number of new contracts are again being signed and we expect 50 new leases to be concluded by the end of this month. Numerous NGOs and other international organisations which are assisting the Libyan population on several day-to-day aspects of life and giving the much needed humanitarian aid have taken up residency at Palm City.

“Apart from the new clients, a number of previous clients are returning back and indications are that a good number of units could be re-occupied in the coming weeks as companies move back to Tripoli.”

Mr Xuereb also said embassies and other large multi-national companies were signing up new lease agreements at Palm City.

He stated that once law and order prevails and Libya becomes a safer place, “Palm City could achieve 35 per cent to 40 per cent occupancy within the next three months”. He also went on to provide longer-term forecasts claiming that “the pre-crisis occupancy rate of 70 per cent could possibly be achieved by mid-2012”.