The total amount of investment in Pendergardens was yesterday revealed to be Lm45 million, including the purchase of land.
Pender Ville Ltd chairman Edmund Gatt Baldacchino made the announcement during the official press launch of the Paceville project yesterday. The land was bought for Lm10 million, while construction investment is Lm35 million.
The development consists of a mix of residential and commercial areas, as well as open spaces for both residents and the public at both Pender Place (site of the car park) and Mercury House (formerly the Telemalta exchange building).
The concept behind Pendergardens aims to achieve a modern and contemporary lifestyle based on quality, open spaces, generous living spaces and convenience – where everything surrounds you, the developers say. The properties will be targeting the upper middle segments of society.
“We wanted to do something similar to the Midi and Portomaso projects, but we felt that targeting this sector of society would be a winning formula,” said Mr Gatt Baldacchino.
Pendergardens was given the green light following the recent public hearing by the Malta Environment and Planning Authority. This was held after a lengthy planning process of no less than 16 months, which included the submission of several detailed studies such as a full Environmental Impact Assessment and Traffic Impact Statements.
In reply to a question from The Malta Independent, Mr Gatt Baldacchino said that all construction waste would be disposed of in designated quarries in the north of Malta (which still needed to be assigned by Mepa), meaning that trucks would simply head straight out to the Regional Road. This, he said, meant that the trucks would not cause much traffic congestion.
The residential zone would be totally car free, providing a safe, quiet and tranquil environment within walking distance of Spinola and St George’s Bay.
Practically all the 330 residential units will overlook the landscaped piazza, the size of Pjazza Regina in Valletta set on two tumoli of land, or the landscaped pedestrian streets. The higher-level apartments will enjoy panoramic views of Spinola, Balluta Bay and beyond.
Pendergardens also includes a substantial area for 16 semi-detached exclusive villas which will be accessible through a private landscaped road reserved solely for the villa owners. These villas will also create a buffer for the existing villas in “The Gardens”.
The residences at Pendergardens comprise of a variety of one, two and three-bedroom apartments, including some very spacious penthouses with far reaching views, especially from The Towers. There will also be exclusive residential parking.
The Mercury House site will focus around a very large open public piazza surrounded by a mix of retail and up-market leisure outlets. The commercial tower will offer ready-to-move-into office space. The original Mercury House will be fully restored. An underground public car park will also be provided. “This promises to revamp the gateway to Paceville,” said Mr Gatt Baldacchino.
“We are now very eager and prepared to start,” he added. “Over the last one-and-a half-years we have recruited the management team and consultants and have been planning in detail the various phases of the project. We have gone to great lengths to deliver quality”
The team is headed by CEO Peter Diacono, while Michael De Maria is the sales and marketing manager. Peter Zammit and Sandro Schembri will be leading the project management and cost management teams respectively.
Bencini & Associates are the project architects, and Mediterranean Technical Services Ltd have been appointed as the M&E consultants.