Plans for the refurbishment of the Msida yacht marina are “on track”, developers claim, despite a four-month delay in the tendering process.

The project will be carried out in the best interest of the company

The marina was privatised last year and handed over to a group of boat owners who formed a company, Creek Developments plc, which is headed by a smaller group of elected directors.

However, some of those who helped raise the capital for the project now fear it is being mishandled since the revamp of the marina, which was meant to be finished by the end of next year, has not even started.

“Admittedly, our target date was to award the tender in August 2011, however, due to the overwhelming response of the offers received, it has taken a considerable time longer to assess and evaluate the bids,” a spokesman for Creek Developments told The Times.

“[However] the refurbishment of the marina will be completed within the stipulated time frame.”

Although the company did not stipulate the time frame, the privatisation contract, which is in the public domain, says works have to be completed within 24 months. Twelve months have already passed.

Meanwhile, the adjudication is still in process and three bidders have been shortlisted, the spokesman added.

“The shareholders will be duly informed once the successful bidder has been selected.”

Asked if expenses have been kept on target or whether more money will be required to complete the project, the spokesman said: “The project will be carried out in the best interest of the company.” The Times received a number of complaints from shareholders and berth-holders who have seen prices go up with the marina showing no signs of improvement.

But the developers explained that prices were raised only because the discounts which used to be given by the old Malta Maritime Authority to Valletta registered boats have been discontinued.

“The rates applicable today are the same rates which were charged by the MMA, however, the concession agreement with Transport Malta stipulated the removal of the discounts.”

Asked to explain how a four-month delay would not set the project back, the spokesman simply said: “We are confident that the refurbishment of the marina will be fully completed within the stipulated time to meet our commitment.”

But shareholders fear this will mean most of the work will take place in summer when the marina is usually fully occupied by boats.

One of the changes expected on the marina is for boats to have a “smart” metering system for water and electricity consumption.

As thing stand, boat owners pay an average depending on the consumption of the other boats, meaning some frugal owners are paying for those who have air-conditioning and other luxuries on board.