As some Wall Street fraudsters are being exposed by investigative financial journalism, it is refreshing to walk into the ex-Tigné Point chapel, and not only enjoy its art nouveau sculpture, but also be overwhelmed by the atmosphere of Midi's development progress.
The good feeling is radiated by the significant enquiries made by buyers and by the informal marketing attitude of the manager in charge. There is confidence in the air, underpinned by the exceptional Scandinavian purchasing interest which is being poured on the project.
Economics in indeed a magic box - the possibilities of a project might lie dormant for years then suddenly a combination of unheralded factors prise it open and the opportunities are there for those who dare to seize them. Malta abounds in opportunities in sophisticated leisure business, whether it is real estate or special interest tourism connected with the yet unexploited Città d'arte, Valletta.
The Valletta special interest tourism opportunity is being treated by faint enthusiasm on the government's part. One hot August day I was an unfortunate spectator on the Law Courts steps as a few hundred tourists were queuing in front of St John's Co-Cathedral to view one of the world's most important art collections. On the day it was decided to clean up the bubble gum just under their feet. Unpleasant gases were being pumped into their faces.
I have been thinking all these months since I saw this outrage how the government fails catastrophically to recognise that Valletta is a city of world-class special interest tourism.
It is far ahead of a town like Dubrovnik, whose bastions are easily equalled and surpassed by a town like Vittoriosa. This contention has been proved as a specially designed cruise by a luxury pocket liner will carry tourists from Valletta, according to an advertisement in The Sunday Telegraph, right on to Venice via the archaeological remains of Syracuse and Dubrovnik. Malta, and especially Valletta, has historical glamour, so what can be better than to have luxury real estate development on a peninsula which is distant from Valletta only by a few watery metres which can be traversed by efficient transport, as they have been for 200 years?
This is why the economic success of the Midi project is a matter of national interest. It can feed on the growing international crowd of retirees who would like to enjoy the art treasures of Valletta.
The burgeoning commercial centre of Sliema also beckons. It is down the street from the Midi development.
If we are to entice the international buyer of property to Malta, we must offer art and gastronomic enjoyment of the highest quality. In the Midi prospectus, we read that the 'project includes commercial, leisure, heritage and residential elements'.
The 100 per cent success we see in the Plaza project, the fruit of 40 years of labour, shows that Maltese businessmen can be men and women of achievement, even when the considerable help coming from the government ends in blunder.
The quoted words display knowledge of economic project fundamentals of the first order. The success of a residential area depends primarily on commerce, leisure facilities, and culture - possibly in that order.
If necessary, Midi might be taking an active interest in attracting (for a start) a Michelin-star restaurant within its complex. It might soon have the money for such a development even after having its office space finished to Canary Wharf standards.
Mr Azzopardi Vella, economic consultant with DBR Investments Ltd, has promoted the Malta Development Fund and advised S & P.
johnazzopardivella@hotmail.com