Polidano Brothers – better known as ‘Ic-Caqnu’ – have put 100 flats on the market for a slashed price of €99,000 and they are throwing in a free wedding reception worth €9,000 at the company’s entertainment venue Montekristo Estates in Ħal-Farruġ.

“Apart from the free venue we will also be responsible for the catering and other things which are associated with a wedding up to a total value of €9,000,” a company spokesman told this newspaper.

He said that although the scheme was launched a few days ago, the company had already received dozens of requests for a viewing of the properties. The flats on offer, which vary from one to three bedrooms, are found in Luqa, Siġġiewi, Safi, Żurrieq and Żejtun and sources said that some of them have been on the market for years. The apartments are being sold fully-finished apart from bathroom and internal doors.

Apart from the free wedding reception, the Polidanos are also offering other benefits, including a one-car garage, low lending rates and three-year home insurance.

The scheme, which is being advertised across the country, including through billboards, has raised some eyebrows among competitors who are also competing for the same segment of first-time buyers.

While admitting that the scheme is attractive, a competing real estate agent told Times of Malta that such an initiative also indicates liquidity problems in the real estate market.

“Unfortunately there are too many flats for sale on the island and when banks start calling in, then developers need to get liquid as soon as possible,” he added.

“If we keep building flats at this rate, I think that we will see even more innovative selling schemes in the near future,” he said.

Polidano Brothers have hit the news headlines on a number of occasions for their unorthodox way of conducting business. Recently, the government clamped down on Montekristo Estates, which includes areas not covered by a Mepa permit.