Palm City Residences, the Maltese and Kuwaiti‐owned luxury residential village in Libya, has registered a profit in its first year of operations last year and is on track to achieve its projected financial targets.

A news conference was told this morning that the first tenants moved in in June last year when the development was still very much part of a construction site.

While still under construction, Palm City had already secured a substantial number of leases from various companies.

Now that the project is practically complete and with a fully fledged operations team in place, more than half of the 413 units were under lease.

Developed by Mediterranean Investments Holding p.l.c. (MIH) and located on the pristine coastline of Janzour, a stone’s throw away from the Tripoli, the five star residences cater for the specific needs and expectations of expatriates moving to Libya.

Palm City is a fully serviced village offering a comprehensive array of facilities.

In the past 12 months, it has become home to people of various nationalities and coming from different industry sectors.

“We expect 95 per cent of the units at Palm City to be occupied by the end of this year and we are well on track to achieve a targeted Earnings Before Interest, Taxes, Depreciation and Amortisation (EBITDA) of around 80 per cent of total revenue.

“At present, our EBIDTA stands at around 62 per cent, which already demonstrates a very healthy ratio, managing director Reuben Xuereb said.

Palm City Ltd currently employs 75 people, to increase to 120 by the end of the year.

Spread over a plot of land measuring 171,000m2, the development, the residential village offers accommodation and a host of amenities and leisure facilities centred around a piazza that includes a supermarket, a variety of retail shops, a laundry, a bank, a clinic, a beauty salon, and restaurants within a secured, family‐friendly environment.

All retail units within the piazza have been leased to third party operators.

The development also features a club house, including a spa and an indoor pool, an internationally certified squash court, a fully equipped gym, aerobics room, saunas, kids play area, four tennis courts and a five-a‐side football pitch.

Complementing these facilities is a private beach that extends 200m with a large, landscaped outdoor pool for the exclusive use of the residents. An all‐day dining restaurant and a beach grill are also located adjacent to the private beach and outdoor pool.

The village offers a mix of studio apartments, two and three bedroom apartments, maisonettes, terraced houses, bungalows, duplex apartments, penthouses and fully detached villas with their own private pools.

A total 204 of the 413 residential units available are leased and another 78 units are in the final stages of concluding the leases. The 282 units will together generate an annual rental value of €15.2 million.

Mediterranean Investments Holding p.l.c. (MIH) is a joint venture between the Corinthia Palace Hotel Company Limited and the Kuwait National Real Estate Company (NREC).

www.palmcityresidences.com