The Fort Cambridge project will see a capital injection of e17 million following the closure of negotiations with a new investor, namely Tigné Skies. GAP Holdings and Tigné Skies will make the new investment jointly. This investment will continue to strengthen the company’s capital base and ensure the project is completed in 2011.
Speaking about the new shareholder, company chairman George Muscat said, “We are pleased that the new investor shares our business philosophy and the same determination to complete this project on time without compromising quality.”
Commenting about the progress of the project Mr Muscat said, “The project is moving at a fast pace. The four levels of garage space have been completed and the transfer slab is now being cast, so this month work on the shell structure of the apartments will commence. There are about 130 workers on site at present. This number is expected to go up to 200 before the end of this year.
“Although our contractual obligations allow us up to 10 years to complete the fort restoration, we have already removed all alien structures and obtained the fort’s original plans from the UK. In the near future the Detailed Fort Restoration Method Report will be complete and submitted for Mepa’s approval. As developers we consider the fort not only an added value to the project itself but also an important part of the national history that deserves to be restored in the interest of the Maltese community.
“We consider the Fort Cambridge project a success story. In fact, more than two-thirds of the 341 units have already been sold, making the project not only financially feasible but also an attractive destination to prospective Maltese and foreign buyers.”
Mr Muscat added that when planning Fort Cambridge, “we wanted to ensure that we deployed environmental friendly measures. In fact, only 17 per cent of the whole development site will be built and the remaining 83 per cent will consist of landscaped gardens and open spaces. Other environmental friendly measures include special aluminium profiles with double-glazing, insulation on the outer perimeter walls and a water-cooled air-conditioning system for each apartment. Large reservoirs for the storage of second class water, which is to be used for the irrigation of the surrounding gardens, are also in the construction process.”