Min­istry says fig­ures quoted for apart­ments in White Rocks are ‘purely spec­u­la­tive’

Malta Independent - - NEWS -

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.

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