A new landmark is set to be created at SmartCity in Kalkara. The Shoreline will comprise sophisticated living with more than 500 shoreline residences, all enjoying spectacular views, landscaped open spaces, and an assortment of community amenities. When speaking to the Commercial Courier, Mr Ben Muscat, Chairman of Ricasoli Properties Ltd - a privately-funded entity developing this €200 million project – said that “as per our launch programme, Phase I of The Shoreline high quality residential project is sold out. We are now already receiving enquiries regarding Phase II and have already accepted bookings for apartments within this phase.”
The Shoreline is a mixed use development that is already synonymous with a serene lifestyle in this emergent part of Malta, close to Valletta, the Three Cities and the airport. Its corporate identity is inspired from the waves that will cradle its doorstep, while reflecting the vision of The Shoreline where residences are set to benefit from their proximity to the ocean in a totally car free and pedestrianised environment. In this new urban environment, residents and retail tenants can enjoy the convergence of four elements that define modern mixed use developments: live, work, play and shop. The Shoreline will comprise sophisticated living and an assortment of community amenities, all within easy walking distance. For residents who will be working in the substantial office developments existing and planned within SmartCity, there is the added bonus that one can be home for lunch.
Mr Muscat explained that SmartCity enjoys a Specially Designated Area Status (SDA) and therefore enjoys significant potential for foreign investors who may be interested in concurrently owning a number of apartments at The Shoreline. Mr Muscat further explained that increasingly, Maltese and foreign property investors are becoming aware of The Shoreline project, in fact the sales and marketing team is receiving enquiries on our project on a daily basis.
Mr Muscat said: “A great location, a high quality vision for the project, the professionalism shown by the project promoters coupled with Malta’s buoyant economy have resulted in The Shoreline generating very positive ratings by leading local and foreign real estate agencies, and has captured the imagination of property investors who are seeing a great upside potential for their investment in residences at The Shoreline.”
But what makes an apartment at The Shoreline an attractive proposition? Mr Steve Carter, Managing Director of Ricasoli Properties Ltd, explained that with most of its residences enjoying spectacular views, beautifully landscaped open spaces, and an assortment of community amenities, The Shoreline offers apartment owners a unique and exciting experience of contemporary living in a new environment on an island that has an even brighter future. These residences propose an important and essential residential component to the current offices and other exciting developments projected at SmartCity in the next five years.
“In this scenario, investors prefer to buy on plan now as they are buying tomorrow’s property at today’s price,” explained Mr Carter. 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 because of the project attributes referred to earlier.
The architectural challenge has been entrusted to EM Architects & Civil Engineers, led by architect Prof Edwin Mintoff. Ricasoli Properties believes that EM has managed to achieve an exciting balance between massing and viewpoints by creating a building that has a large frontage facing the sea, having large terraces on all levels, a podium accommodating a private landscaped area and leisure facilities, including a large pool/deck area reserved for residents at The Shoreline. The podium sits on top of a series of dining offers that surround the SmartCity Laguna, and on the top floor of the shopping mall, thus ensuring an active frontage onto the Laguna.
As the appointed architects for interior design of the residences and of the common areas within the residential blocks, Carter Architectural Studio (CAS) led by architect Perit Claire Carter, are contributing their 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.
For these and other reasons, including an underground car park and a shopping mall with over 30 outlets, The Shoreline is considered as the best property investment in this part of Malta that holds significant potential for capital appreciation, particularly as works on the site progress.
The Shoreline is also attracting foreign buyers. Mr Carter mentions an extensive list of reasons for this: excellent connections, a stable and democratic country, high standard of living, highly educated workforce, the advantages of a Mediterranean lifestyle, and the eclectic mix of 6,000 years of different cultures and cuisines. Other advantages include the ease with which expatriates fit into the local lifestyle as repeatedly reinforced through recent international surveys announced earlier this year. In addition, Malta offers a great choice of properties, months-long nice weather, clean and clear bathing waters and beaches, a wide choice of residency options and friendly taxation schemes. Other attractive benefits are investment incentives, excellent health care and education, English and Italian widely spoken, full employment and a booming economy punching well above its weight.
Asked what are the important factors for Maltese or foreigners to keep in mind when buying a property, Mr Andrew Gatt, Sales and Marketing Manager at Ricasoli Properties Ltd advises: “Look around, do your research taking into consideration the price, the area and the opportunities it offers for future growth, engage reputable professionals to assist including estate agents, notaries public, architects., Finally, one needs to factor the intention: why is a property being bought? Is it for a holiday home, a permanent residence, and whether there any special needs?”
While St Julians, Sliema, and Attard remain always an attraction, Special Designated Areas (SDAs) are particularly sought after due to the benefits for foreign buyers who may purchase multiple units under the same terms as Maltese nationals and may rent them out, together with strong capital appreciation since only a few SDAs exist. The Shoreline apartments constitute one of them.
For foreigners seeking to purchase rather than rent property in Malta, Mr Gatt advises: “Buy into Malta first, try and spend time here - ideally in rental accommodation rather than in a hotel - before committing. Then try to match your lifestyle with the property: is it pet-friendly, what about outside spaces, pools, views. Good to think also of any future needs one may have.”