The target completion date of this E25 million Valletta Waterfront project is June 2005, which is an achievable target, in view of what has been accomplished so far, he said. One third of the total cost of the development is earmarked for restoration.

As the development continues, the developers have reached yet another target: the restoration of the old sea wall along Pinto Wharf which has, until recently, been buried under rubble and concrete for a number of decades.

The newly-restored sea wall, which has a crescent shape, thus reflecting the original Valletta waterfront, which dates back to the construction of the Pinto Stores in 1750, will serve as the shoreline for the Laguna which Valletta Waterfront is constructing between Pinto Stores and the cruise liner quay. The original sea wall is 70 metres away from the modern shoreline, a space which was being used as parking space.

Mr Spiteri Lucas said these old features have become an integral part of the enhanced promenade. He said next summer the Maltese public, as well as sea passengers, will be able to enjoy not only a stroll along the Laguna but will also have the possibility to dine at one of the various restaurants and wine bars by the restored sea wall and slipway.

When asked about the feedback for the call for expressions of interest for the commercial outlets for rent issued by the company in June, Mr Spiteri Lucas said the company had received 200 requests. He said this was a great response that showed that both members of the Maltese business community and international investors recognise the potential of Valletta Waterfront. He said negotiations with the individual potential investors, most of whom are Maltese, have already begun.

He said there are 15 spaces for catering establishments and 17 spaces for retail outlets. These total an area of 8,000 square metres.

The project, once completed, will provide a unique 24-hour destination in a historical setting, with great views and a guaranteed market of over 500,000 cruise liner passengers every year. These facilities will also be fully accessible to the Maltese public.

Replying to questions, Mr Spiteri Lucas said that after the first phase of the project is completed by June next year, work on other aspects of the project will begin. But these will not have any effect on the businesses that would have started to operate.

The other aspects of the development include, among others, the redevelopment of the old power station and the nightlife area, which will be located just behind the Waterfront and set in rooms dug into the rocks, providing an ideal spot for late night entertainment.

Other aspects of the Valletta Waterfront project include the Atrium, which will be located at the centre of the project. The Atrium will include a major attraction as well as a crafts centre, bar, various family entertainment areas, gaming centre and other entertainment facilities. The reconstruction of the Atrium façade, destroyed during the Second World War, was completed last year.