The Maltese Corinthia Group of Companies is involved in the construction of a large exclusive residential complex, the first of its kind, which is well underway on a one-kilometre coastline just outside the city of Tripoli.

Spread over 140,000 square metres, Palm City will offer 408 residential units supported by extensive leisure and recreational facilities.

The Corinthia Group has engaged a team of architects and engineers of international repute to design and manage the construction of the project. Civil and foundation work is now complete, and more than half the value of the entire work has been awarded.

The residential development comprises a mix of accommodation including villas, bungalows and apartments set across the site in lush gardens.

The village-style compound is focused around a central piazza, where a wide range of amenities include a 1,000 square metre supermarket, a laundry, boutique retail shops and cafes, as well as a medical and beauty centre.

At a distance from the residential units, but still within the compound, is a multi-purpose club house, incorporating a health and fitness centre, sauna, squash court, children’s play area, a number of treatment rooms and an indoor swimming pool.

All the units will be leased on a medium to long-term basis with all the necessary support services, including logistical assistance for re-location, security, janitorial, maintenance and gardening. It is expected that the first units will be on the market in the middle of 2008, with completion by the end of the year.

The financing arrangements for the project are supported by a consortium of banks led by ABC Bank International from the United Kingdom and BAWAG Bank from Austria, Bank of Valletta, Gumahariya Bank from Libya and Tunis International Bank from Tunisia.

A signing ceremony took place in Tripoli on Sunday which was attended by Libyan Foreign Investment Company chairman Abdulfatah Sharif, Corinthia Group chairman Alfred Pisani, NREC chairman Jamil Sultan, ABC Bank International deputy chief executive Abdelmajid Breish, BAWAG Bank vice president Harald Raffay, Bank of Valletta CEO Tonio Depasquale, Gumahariya Bank chairman Hamed Houderi and Tunis International Bank deputy chairman and managing director Mohammed Fekih. Also present were Corinthia Group vice-chairman Mustafa Khattabi and Corinthia Group managing director Joseph Fenech, while Palm City was represented by Simon Naudi, Ali Bani and Reuben Xuereb.

Libya has been experiencing unprecedented growth in the last few years, and there has been a steady flow of foreign interest in the future of this country, with a strong demand for expatriate status accommodation.