AX Holdings Ltd has sold its shareholding in Rundle Gardens Ltd to Island Developments Ltd. Rundle Gardens Ltd is a company which owns the former Duke of Edinburgh Hotel in Victoria, Gozo.
Rundle Gardens Ltd has obtained a permit to develop this site into a complex of apartments, a boutique hotel, a shopping complex and a conference hall.
Speaking about the sale, AX Holdings chairman, Angelo Xuereb commented on the fact that the AX Group had decided to sell its interest in the project because the investment was no longer considered to be core to its long-term plans.
Unfortunately, since it has taken many years to get planning approval for the site, the initial concept no longer corresponds with current business conditions. Furthermore, AX Holdings was looking at other investments which offered better opportunities in line with the group’s business plan.
Island Developments chairman, Mark Grech said the property was ideally situated in the centre of Victoria and provided a good opportunity for his group to acquire a prestigious investment.