GAP reviews activities

The GAP Group plc board of directors has reviewed current projects in its latest announcement of the interim financial statements for the period ended 30 June.

By the end of the financial period under review, the first five blocks were fully completed in the Mellieha development in line with the projected completion target date. Blocks B to E were fully constructed while trade works were approximately half way through. Block A was in the final stages of construction while the finishing works were yet to commence. It is envisaged that the construction shall be fully completed by Q3 2019 while the project shall be completed in its entirety by latest Q4 2019.

Out of the planned 152 residential units, 64 units had been sold (contracted) and a further 25 units were subject to a Preliminary Agreement as on 30 June. This means that 59% of the residential units available on the market were committed, out of which 72% have been contracted as at 30 June.

As for the Luqa development, by 30 June, Zone A was fully constructed while trade works were circa 90% complete. Zone B was 70% complete in terms of construction while the finishing works were at the very early stages. The construction of Zone C was circa 30% complete while trade works were yet to commence. Construction works on Zones D to F have not yet started. It is envisaged that the project shall be completed in its entirety by latest Q2 2021.

By 30 June, 94% of the residential units available on the market (Zones A and B) were committed, out of which 6% had been contracted.