The elegant Tigné Carvaggio Court

MIDI plc has just announced a new €20 million share issue to the general public at a price of €0.45 per share with a further €10 million worth of shares being issued to existing shareholders on the same terms.

CEO Ben Muscat highlighted the key elements of the share issue with its combination of short- and long-term revenue flows, explaining that MIDI has a declared dividend policy which would target regular and consistent dividend payments resulting in a net yield of 4% on the offer price. The Ordinary Shares have a nominal value of €0.20 each and are being offered at an Issue Price of €0.45 each.

MIDI’s property development portfolio in Malta, on which €265 million has already been invested by MIDI over the past ten years, is in the projects at Tigné Point, Manoel Island and Lazzaretto.

A prime location

On 4 November, Ben Muscat gave a presentation to the local press on the completed phases of the project which include 251 of the 259 luxury apartments having been sold for a total value of €150 million. The Shopping Mall is fully occupied by 50 retail outlets and the completed 2,500 square metre Piazza has a number of catering outlets occupied. The restoration of Fort Tigné and Fort Manoel at Manoel Island are also complete.

Tigné Point is a mixed use development in a prime location close to the city of Valletta and comprises luxury waterfront homes, club house for residents, piazza and the recently launched ‘The Point’ Shopping Mall

For the future there is to be the construction of a state of the art business centre, another public piazza, luxury apartments on the north side of the water’s edge as well as hospitality facilities at the 30-acre site that is Tigne Point.

On Manoel Island, which lies in the creek between Valetta and Tigné Point, the project consists of a low rise Mediterranean Marina Village, an underground car park for around 2,000 cars, a marina with 300 berths for yachts and around 30 super yachts, an extensive public park, restaurants, sporting facilities and the full restoration and conversion of The Lazaretto, the latter at an estimated cost of €15 million.

Stunning baroque buildings

Tigné Point are also currently marketing luxury waterside apartments and penthouses in an exceptional location on a headland directly across the water from Valletta with its stunning baroque buildings. This prime position enables owners to travel to the city by ferry (around five minutes) or car, (around 15 minutes). Malta’s award winning International Airport is within 20 minutes drive.

The entrance hall of the showflat

Tigne Point is one of Malta’s most ambitious property regeneration projects. This is a secure, gated and exclusive car free environment in lush gardens surrounded on three sides by the sea. Residents enjoy landscaped gardens across the peninsula with views of Valetta and the Mediterranean. There are public spaces including the newly created piazza where there is a choice of outdoor cafes and restaurants.

The clubhouse, with expansive swimming pool overlooking the sea offers, as part of the complex, culinary delights by Salini and The Chophouse.

Tigne Point which occupies over 30 acres of waterfront land, offers owners access to retail outlets at The Point – the new shopping centre with 50 designer stores, stylish boutiques and Debenhams. The project is just twenty minutes from International Airport with a flight time to UK of around three hours.

Prices for two bedroom apartments start from £384,000 and stunning penthouses from £1,645,000

Contact Tigne Point at www.tignepoint.com

Subscriptions open on Monday 29 November and close

Friday 3 December 2010.

“Malta is no longer a location that is out of sight of investors, especially those who operate back office operations, e-gaming, financial services and others”, says Benjamin Muscat, CEO at Midi plc in Malta. “There’s a growing interest from these kinds of businesses. People come because they are attracted by a well-educated, predominantly English-speaking population, and also by the easy, safe and warm environment that Malta provides to a potential investor establishing a base here.

“The pharmaceutical sector, for example, is still doing very well on the island. We have created a particular niche with complementary manufacturing investments that are undertaken to support even larger investments. This is another important sector that is doing well.

The superb penthouse pool

“Malta’s economy has suffered like others as a result of the global recession. Nevertheless, in many ways, we’ve not been hit as hard as many other countries and the negligible increase in the unemployed is a clear testimony in this respect. Malta has been sheltered to a degree from the collapse of the financial services and banking sector and therefore escaped the worst.”

Concluded Muscat, “While we have not been spared the doom and gloom and the downturn in terms of real economy, at least we were not hit too hard, no doubt because of the very rigorous regulatory regimes that we have in Malta and the prudent approach taken by local financial institutions over the years.”

A hospitable population

Malta has much to offer businesses looking to relocate. The island’s international airport enjoys excellent connections with all major European capitals and many large cities making it easily accessible. Due to the size of the island, most places can be reached by road from the airport within an hour at most.

For those choosing to own a home or set up business in Malta there are many advantages; superb weather, fascinating history and culture, beautiful clean sea and beaches, a hospitable population and a very favourable tax regime.

The view from the Clubhouse

Malta also benefits from a very stable and secure real estate market that is in some ways protected by the limits imposed by its actual size as the smallest EU state. Foremost among the new real estate projects on the island is the €450 million Midi Project which includes the new mixed use development at Tigne Point situated on the north-east coast of the island.

Many amenities

These stylish waterfront homes are beautifully appointed, offering owners extensive views of Malta’s capital Valletta, a landscaped, car-free central Piazza or the sparkling Mediterranean. Almost totally ‘pedestrianised’, with all roads and car parking spaces situated underground, Tigne Point’s many amenities include a residents’ clubhouse and fitness centre, a shoreline pool and the island’s latest retail centre, The Point, a shopping destination anchored by UK retail giants Debenhams. This is a secure and gated exclusive environment set in landscaped gardens surrounded on three sides by the sea.

Tigne Point is only 20 minutes from the airport or a short boat ride from the capital. The whole project comprises luxury apartments and penthouses, state-of-the art-offices, retail, sports and leisure facilities all within a 30-acre car free environment.

T10 is the latest release with prices for two bedroom apartments starting from £360,000 and stunning, open plan penthouses, each with a private infinity swimming pool, from £1,333,000

Information on Tigne Point is available at www.tignepoint.com or by calling: +356 2065 5510

Midi PLC: €450 million, 44-hectare development is Malta’s most ambitious property regeneration project. More information can be found at www.midimalta.com

Malta
www.travelsupermarket provides readers with the best ways to get to the island:
There is one airport in Malta (Malta International Airport) served by a variety of carriers from the UK on non-stop flights.  These operate year round and are up to daily depending on airline and time of the year.  Frequencies are greater during the summer period:
Easyjet from Gatwick, Newcastle and Manchester

• Ryanair from Luton, Bristol, Leeds/Bradford and Edinburgh
• Air Malta from Heathrow, Gatwick, Stansted, Birmingham, Manchester and Glasgow
• Bmibaby.co.uk from East Midlands
• Charters also operate from many UK airports with tour operators such as Thomson.co.uk and flythomascook.com, mainly in the summer months of May to October.

Flight times to these airports are just over three hours.
Prices are from as little as £35 return when sales on are with carriers such as Ryanair.  Average fares are around £80-£150.

See www.travelsupermarket.com

All services are economy only except for Air Malta, which also offers a business product called Club Class.

© Stewart Andersen and Stewart Andersen’s Property Blog, 2009. Unauthorized use and/or duplication of this material without express and written permission from this blog’s author and/or owner is strictly prohibited. Excerpts and links may be used, provided that full and clear credit is given to Stewart Andersen and Stewart Andersen’s Property Blog with appropriate and specific direction to the original content.