80 per cent of the two apartments currently being marketed in the new 11-storey development in Smart City known as The Shoreline have already been sold, according to Remax Malta COO Jeff Buttigieg. “The response has been overwhelming” he said. “The fact that 80 per cent of the purchasers are Maltese is really encouraging, and other developers will now feel a lot more confident undertaking developments of this scale in the south of Malta.”
“Shoreline residents have a lot of features to look forward to, such as proximity to the sea, the quality of the finish proposed by the developers, and facilities including a pool area, gym and terraces enjoyed by the apartments,” Mr Buttigieg said. He also said that further plans and concluded developments for SmartCity means the value of the apartments is expected to rise quickly, making them an excellent investment.
“This project has a number of key selling points, with the waterfront location, attractive design and payment terms among them," added Belair Managing Director Ian Casolani. "The fact that entry-level units start at just over €200,000 also appeals to a wide audience. Once further developments at SmartCity fall into place, the residences have good potential for capital growth and decent rental returns.”
Malta Chamber also spoke to Steve Carter, Managing Director of Ricasoli Properties Ltd, who said that the take up for the residences is as expected for the first phase. “Every single day we receive enquiries about The Shoreline as investors in property have adopted the principle ‘buy great property and wait’”.
Describing the advantages of The Shoreline residences, Carter praised spectacular views, beautifully landscaped open spaces and community amenities. “The Shoreline offers owners a unique and exciting experience of contemporary living in a new environment in Malta. These residences propose an important and essential residential component to the current office, and catering developments and a number of exciting projects that have already been announced at SmartCity.”
“The project is in a specially designated area which allows both EU and non-EU nationals to purchase property with the same acquisition rights as Maltese citizens, and without the need to obtain an Acquisition of Immovable Property permit. This has been noted by investors.” Mr Carter also said there are no limits on the amount of properties purchased, and once acquired, the owner can lease them if they wish.