This is the second of a series of interviews that provide a close-up of some of the most prominent luxury properties in Malta currently listed with RE/MAX Malta.
Portomaso, the standard-setting project at St. Julian’s in Malta, was wholly conceived and developed by Tumas Group. It is today considered to be the Island’s most exclusive residential, leisure and business address having won, amongst others, the Gold Award in the Best Marina Development Category and Silver Award in the Luxury Development Category in the 2005 International Property Awards, the “Oscars” on the International development world.
With a hallmark motto that promises to ‘set standards’ the Tumas Group has forged ahead in the creation of further lifestyle developments of the highest standard – from the award winning Portomaso Marina Development to the tranquil out-of-town seaside Tas-Sellum Residence in the north or Ta’ Monita Residence in the south. The common denominators in the three projects are:
a) Setting standards;
b) Position, position, position;
c) All three are the best in the respective areas.
The seafront Portomaso project comprises of 420 luxury apartments, the 5 star-deluxe Hilton Malta, recently extended to a 406 room hotel, a yacht marina, a 23-storey business tower, a major conference venue, an underground car park, restaurants and a shopping mall. These components have been integrated into a superbly landscaped coastal area of around 128,000 square meters resulting in a tranquil haven in a busy central area.
A limited selection of one and three bedroom apartments are still available for sale. Limited office space is also available in the Portomaso Business Tower.
The Tas-Sellum Residence, a sister project to Portomaso, is an architectural gem comprising clusters of luxury apartments built on a steep hillside which graduates gracefully to the seashore.
The project is designed in three phases totalling some 130 villa apartments planned in 11 clusters set in an approximately 17,000 square meters area of landscaped grounds and gardens.
This tranquil, commanding position is complimented by outstanding features which include superb views of Mellieha bay, low density development, sensitive landscaping, totally car free zone (all vehicle circulation is underground), individual underlying lock up garages and 3 communal swimming pools, easy access to the foreshore and proximity to sandy beaches.
Construction is now complete and 90% of the apartments have been handed over.
A number of apartments are still available.
Ta’ Monita Residence, a new lifestyle standard –setting development in Marsascala was launched earlier this year and registered an unqualified success with sales exceeding projections.
In the same way that Portomaso set standards for the St. Julian’s area and Tas-Sellum Residence set new standards for the north, Ta’ Monita is expected to have a similar positive impact on Marsascala.
Ta’ Monita Residence covers an area of over 16,000 square meters and its redevelopment shall result in apartment ranging from studio flats to 3 bedroom apartments and penthouse. The facilities include a swimming pool, a piazza and underground parking with most flats having seaviews.
Low building density, lavish and sensitive landscaping and unusually attractive elevations shall go long way in upgrading the locality.
All three developments are in low building density, lavish and sensitive landscaping, and unusually attractive elevations shall go a long way in upgrading the locality. Stuio flats, two and three bedroom apartments are available. Completion is scheduled for 2011.
But how has the recession hit the Malta luxury property in Malta business? Mr Tabone, Sales & Marketing Director says,“ Our properties tend to be at the top end of the market and although demand has decreased, prices in our developments have not been affected. In fact in Portomaso prices continue to increase and block 31 which is now under construction has sold very well with 72 out of 85 apartments sold. We aim at both the local and foreign market and particularly clientele which are looking for principal homes rather than holiday residences. The trend is for people to downsize and particularly in the case of local clients these tend to be moving from houses to apartments once their children have grown up. Then again where foreigners are concerned, a notable feature of our complexes is that they are all SPECIAL DESIGNATED AREAS which means that foreigners buying in them require no Government permit, can let out their property, can buy in the name of a company or trust etc. This gives our properties added value as when a foreigner buys outside Special Designated Areas there are restrictions.”
Written by Marika Azzopardi
Marika Azzopardi is a freelance writer and journalist. A frequent contributor to national English language papers and magazines, she writes about a bevy of topics including art, people and life in general. She is also the author of children’s books and short stories, delving into adult fiction from time to time.