The Shoreline: an attractive prospect on the coast

Source: The Business Observer (11/09/2017)

A new landmark is set to be created at SmartCity in Kalkara. The Shoreline will comprise sophisticated living with more than 420 shoreline residences, enjoying spectacular views, landscaped open spaces, and an assortment of community amenities. The Business Observer spoke with Mr Ben Muscat and Mr Steve Carter, Chairman and Managing Director of Ricasoli Properties Ltd respectively. Ricasoli Properties Ltd is a privately-funded entity developing this €200 million project.

What has been the take up of residences by prospective buyers?

Ricasoli Properties Limited is satisfied that, as per our schedule of sales, The Shoreline’s phase 1 is already sold.  Property at SmartCity is in an area of great potential enjoying a Specially Designated Area Status (SDA). More and more individuals are realising this. Every day, we receive further enquiries as property investors have adopted the principle of ‘buy great property, and wait”.

What makes an apartment at The Shoreline an attractive prospect?

With most of its residences enjoying spectacular views, beautifully landscaped open spaces, and an assortment of community amenities, The Shoreline offers owners a unique and exciting experience of contemporary living in a new environment in Malta. These residences propose an important and essential residential component to the current office and catering developments.

With other projects coming up in SmartCity, investors prefer to buy on plan now as they are buying tomorrow’s property at today’s price. While Ricasoli Properties Ltd is doing its part in terms of offering comfortable payment plans, investors know that these apartments will benefit from strong capital appreciation. For these and other reasons, The Shoreline is considered as the best property investment in the South.

What are the features investors are looking to?

The architectural challenge has been entrusted to EM Architects & Civil Engineers, led by architect Perit Edwin Mintoff.  Ricasoli Properties Ltd believes that EM has managed to achieve an exciting balance by creating a building that has a large frontage facing the sea, having large terraces on all levels including penthouse and upper and lower levels, and a vast residential garden that accommodates a health club, and a large swimming pool. The bottom part of the podium opens onto a series of public spaces that surround the SmartCity Laguna, and shall accommodate the top floor of the retail shopping mall, thus ensuring an active frontage onto the Laguna.

Carter Architectural Studio (CAS) has been appointed as the interior architects. Led by Perit Claire Carter, they will be contributing their avant-garde vision to create interiors that respect the contemporary aspirations of owners and future tenants, by crafting a new style approach that embraces the project’s surroundings externally and embodies a sleek and modernist outlook internally. The level of finishing specifications is surely the highest ever in any major project in Malta, and includes intelligent lighting, underfloor heating in main en-suites, eco-friendly air-conditioning systems and top quality doors, flooring and bathrooms.”

How does The Shoreline’s corporate concept of ‘live – work - play’ factor into the design of the residences as a living space?

The Shoreline is a mixed use development that breaks the mould for bespoke living in the south of Malta. The corporate identity of this new landmark takes its inspiration from the calm waves of the sea that will cradle its doorstep, while reflecting the values and visions of Ricasoli Properties Ltd.  In this new city environment, owners and tenants can enjoy the convergence of three elements that define the development: live, work, and play.  The Shoreline will comprise sophisticated living and an assortment of community amenities, all within easy walking distance.

Buy for own use or buy to let?

Both options offer interesting possibilities. Buying for own use means that living at a prestigious address offering great views of the coastline and more, benefiting from secure access-controlled community living, while enjoying a fresh, clean and unpolluted pedestrianised environment.

As one can understand, such properties can result in great re-sale value. For one’s convenience, The Shoreline will have an underground car park, and a mall with over 30 outlets.

Should one decide to buy to let, The Shoreline is a most prestigious location close to the Malta International Airport, the Malta Freeport, Valletta, the Three Cities, and the American University of Malta. It will increasingly develop into a modern, distinctly cosmopolitan and Mediterranean urban community that is so much appreciated by foreigners working for the longer term in Malta. Recent research has shown that 90% of foreigners find it easy to settle down in Malta, while the global average is only 59%.

Moreover, the fact that the project is in a specially designated area (SDA) which status allows both EU and non-EU nationals to purchase property at The Shoreline with the same acquisition rights as Maltese citizens, and without the need to obtain an Acquisition of Immovable Property (AIP) permit, has been duly noted by foreign investors. In our case, there are no limits on the amount of properties a buyer can purchase and, once acquired, the owner can also lease the property.