Almost three quarters of the new Q1 seafront residences at Tigné Point have been reserved within a week of being placed on the market, MIDI plc chairman Albert Mizzi said today.

He was speaking during a visit to the project by Minister for the Economy, Investment and Small Business Chris Cardona and Parliamentary Secretary for Competitiveness and Economic Growth Edward Zammit Lewis.

“The response we received from both local and overseas buyers for the recently released Q1 apartments has been overwhelming. MIDI had already sold all 281 units previously put on the market at Tigné Point and it is clear that the demand for quality property has not waned since,” added Mr Mizzi.

The Minister and Parliamentary Secretary were given a viewing of the show apartment designed by aoM partnership with interior design entrusted to Martin Xuereb & Associates, before holding a meeting with the MIDI board of directors to discuss recent developments in the property industry.

MIDI welcomed the Government’s Global Residence Programme initiative and considered it a step in the right direction for the real estate sector.

Speaking to the press, Dr Cardona noted how Parliament had unanimously agreed with the deed of transfer of Tigné Point and parts of Manoel Island to MIDI.

“This project is an example of how the Government and the private sector can work together to attract investment to the island. The success of this new block shows that there is still a very strong demand for good quality property in Malta and we are managing to attract wealthy people from all over the world to relocate here.”

Dr Zammit Lewis said the new administration last June launched the Global Residence Programme, a programme that allows non-EU nationals to acquire high value property in Malta such as that found at Tigné.

“I will continue to work hand-in-hand with the stakeholders concerned and will endeavour to establish Malta as a destination of excellence in the private wealth sector. The Government will continue to support this Programme moving forward with all the necessary infrastructure to maximise its potential to maintain the path of consistency for Economic Growth.”

Q1 will be followed by the Tigné Point Business Centre which will provide some 13,000 sqm of high grade office space and underlying catering outlets overlooking Pjazza Tigné and the open sea. The development at Tigné Point will also see the building of a final residential block of 64 apartments.