More than 70 per cent of the residential units at Palm City Residences have been leased, with 600 persons already residing at the luxurious residential village in Janzour, Tripoli.
In a company announcement published on the Malta Stock Exchange Mediterranean Investment Holdings p.l.c. reported that the Palm City residences were completed by end of November 2010.
The company also announced that most of the remaining units are already reserved for corporate clients and once contracts with these tenants are concluded, the village will be fully leased out.
Tenants come from various countries including Norway, Spain, Portugal, Germany, Brazil, Italy, the United States, the UK and Malta.
MIH reported that the profitability of the company is secured with leases of between three to five years. Tenants who sign up pay one year’s rent in advance and a six-month security deposit. Residents at Palm City enjoy a range of top quality services and amenities in the central piazza of the village providing a comfortable lifestyle and a home away from home, complemented by an exclusive club house and a private beach.
Developed by MIH on a plot of land covering 171,000 square metres along the pristine coastline of Janzour, Tripoli, Palm City is not just a home but a fully serviced private village offering a comprehensive array of facilities.
Mediterranean Investment Holdings p.l.c. (MIH) is a joint venture between the Corinthia Group and the Kuwait National Real Estate Company (NREC).
Following the favourable response to Palm City, MIH has already embarked on its second landmark development, the Medina Tower in the heart of the Libyan capital, Tripoli. Detailed design plans have been finalised and approvals have been received for the construction of a 40-storey tower above ground level and four floors at basement level for underground parking.
Medina Tower is a mixed-use development, and the first of its kind in Libya. MIH joined forces with International Hotel Investments p.l.c. and EDREICO, a Libyan sovereign fund, to complete the Medina Tower project within a 40 month period, with construction set to commence in the coming weeks.