Massaleh Real Estate Group of Kuwait is to invest €100 million (Lm43m) in the development of the former Mistra Village Complex in Xemxija.
Along with a local company, JPM Malta Ltd, the Kuwaiti organisation jointly owns the land of the former Mistra Village in Xemxija where it plans to build a mix of high-end, spacious family apartments, holiday residences and penthouses, apart from retail and recreational facilities, and over 26,000 square metres of landscaped open spaces, at a cost of close to €250 million.
Apart from its investment in the land and its commitment to invest in the construction of this medium-rise high-end project, a further €4 million is to be spent in marketing Malta and the development overseas. The designs implement a detailed study that is projected to attract an additional €250 million in investment from foreign buyers of the apartments as an investment, for rental purposes or for their own use either as a permanent residence or for holiday purposes.
Over 60 per cent of the total land area will be open space, half of which will be accessible to the public. These spaces will include piazzas, walkways and other commercial and recreational areas.
The approved design complies fully with all Malta Environment and Planning Authority (Mepa) policies and was adopted after numerous design options were considered.
In the wake of severe criticism, particularly from environmental groups and residents, Mepa defended its position after it gave the project the green light earlier this month. It said the process of the development application had taken four years to complete and accusations that it was rushed through were unfounded.
The joint venture company that will develop the site, Gemxija Crown Ltd, is committed to putting in place all mitigation measures during the construction phase and afterwards. This includes the €470,000 embellishment of an adjacent underground flour mill, dating to the British period.
The other archaeological sites in the area are remote from the development and will not be affected by the project.
Recycling is to be embraced throughout the development process. Most of the mature flora, such as olive trees and palm trees, from the former Mistra Village complex are currently in storage with a professional landscaper and will be reintegrated in the final landscaping. A full scientific audit of the natural flora and fauna in the area has been carried out and every one of them will be protected as far as possible.
This responsibility will be carried forward in the design and build itself to minimise the environmental impact of the development and bring about energy savings for the residents.
The commercial areas will offer residents and visitors a wide selection of catering outlets, convenience stores, hair and beauty salons, a launderette and a spa and fitness centre.
The developer is considering a number of innovative technologies to minimise expense for residents in the development, as well as to reduce the environmental impact and energy usage of the development.
The Massaleh Real Estate Group brings together a number of specialised real estate companies encompassing all major real estate domains, from conception to design, financing, structuring, investment, acquisition, construction, lease and management.
The group is also heavily engaged in the hospitality, leisure, retail, warehousing, cleaning, environmental protection and maintenance fields.
Massaleh, which means 'interest', benefit, gain or advantage, as well as welfare and well being, is actually the name of the group's founder Musaad Al Saleh. Through its subsidiaries, it has executed a number of projects, such as The Prime Tower in the United Arab Emirates, Jiwar Adma in Lebanon, and Rania Serviced Apartments in Kuwait.
Its subsidiaries are Tameer Lebanon Holding SAL, Al-Massaleh Lebanese Co. SAL, Al-Massaleh Gulf Limited in the United Arab Emirates, Miram BV, Netherlands, and others in Morocco and Egypt.