Ministry says figures quoted for apartments in White Rocks are ‘purely speculative’
The Ministry for the Economy, Investment and Small Business, in reaction to a report published on Maltatoday yesterday, (“Villas at White Rocks to fetch €300 million”) clarified that at this stage of the Request for Proposal for the White Rocks Malta Project, the Privatisation Unit engaged an independent and reputable audit firm to conduct a land valuation exercise. Therefore, the figures quoted in the above mentioned media report are purely speculative.
The ministry would like to clarify that the site related to the White Rocks Malta project is a concession for a definite period of time and not an outright sale as reported. Therefore, the payments to the government will comprise of an upfront (once only payment) for the concession, which is substantially higher than the figure quoted by the article; a significant annual concession fee which is not mentioned at all in the article; and the possibility of government receiving a share of the revenue generated by the consortium.
Furthermore, the investment value submitted in the proposal by the Consortium exceeds the investment figure being quoted by the article, and in fact exceeds the revenue figure being quoted by the above mentioned media report.
The ministry once again would like to make it clear that the utilisation of the site will be determined at the negotiation stage and subject to the RFP document terms and conditions, however there will not be any development for the vast majority of the site, particularly the environmentally protected areas, which are to be designated as a heritage park.
The development of ‘White Rocks Malta’ may be utilised for up-market real estate development that includes amongst others; luxury hotels of not less than five stars, luxury units and a high quality lifestyle community village.
The development will need to adhere towards sustainable development concepts based on green construction principles in the design, build and operation of the planned location.