Ricasoli Properties Ltd is the development company behind The Shoreline, a mixed-use development which introduces a much-needed residential component into SmartCity Malta for the first time. Combined with a 30-outlet shopping mall, most of the 400 shoreline residences will be enjoying spectacular views from spacious terraces, landscaped open spaces, and an assortment of community amenities, (all within walking distance) transforming SmartCity into a live-work-shop-play active community, offering sophisticated living to discerning clients.
The Shoreline apartments
"The Shoreline is a project where you have a number of luxury 1-2-3-bedroom apartments having their own underground car park,” explained the managing director of the project, Steve Carter. “Residents will be enjoying a unique experience of contemporary living as these luxury properties propose an essential residential component to the current offices and other exciting developments projected for SmartCity in the next five years.”
"Construction work is planned to start in the first months of 2018 that is as soon we receive the full development permits from the authorities. It is pertinent to note that The Shoreline’s project application fully conforms with the parameters of the original approved Masterplan of 2008 for SmartCity.” Mr Carter estimates that the project will be completed within four years once the permits are issued.
Asked how the market is responding, Ben Muscat, the Chairman of the privately-funded entity developing the €200 million project, replied: “Very well, and as per our sales plan. And this is understandable. We believe that The Shoreline is generating very positive ratings by leading Maltese and foreign real estate agencies because they are seeing a great upside potential for investment in these residences. They have understood our high-quality vision and professionalism for the project. Moreover, The Shoreline has a great location that is already synonymous with a serene lifestyle in this emergent part of Malta.”
Last month, Ricasoli Properties announced that Phase I is sold out, and the last remaining promise of sale agreements for this initial phase are being finalised. Although in recent weeks the company has been receiving enquiries regarding Phase II, Mr Muscat announced: “We shall be accepting reservations for apartments within the second phase as from Tuesday 21st November 2017, launching a number of units within a particular block where the units all enjoy sea views.”
Mr Muscat further explained that SmartCity enjoys a Specially Designated Area Status (SDA). “We have also signed konvenji with a number of foreign clients from different countries, as an SDA provides a significant potential for foreign investors who are interested in owning apartments at The Shoreline. Furthermore, as the only SDA with good numbers of units currently available for sale in the Maltese Islands, we expect this trend to continue growing as our new phases enter the property market.”
The Shoreline Shopping Mall
By far the largest and most significant development of its type in the South, The Shoreline also comprises a shopping mall covering 25,000 square metres on two floors, with ample space for underground parking.
The Shoreline’s Phase II Sea View Apartments on sale as from 21st November
Earlier this year, following an international bid, Ricasoli Properties appointed Haskoll, one of Europe leading retail architectural practices to ensure that the shopping mall project is completed on time and to the highest standards. Haskoll have an enviable track record as one of Europe’s leading architects in the field of creating successful shopping centre designs around the world.
Their team will be employing their depth of experience and vast knowledge of retail developments to deliver a commercially successful and innovative shopping centre proposition, while creating value for the brands that will be present at The Shoreline Shopping Mall.
Branding nowadays is not only reserved to the business world of products and services as many cities, towns and even localities are seeking to develop a place brand for their local areas to help them define the destination and make it stand out from the surrounding localities. For this purpose, working alongside Haskoll, Ricasoli Properties have appointed an international team, consisting of Development Solutions, headed by Philip Harcourt, and retail specialists SSRC, run by Stephen Spendlove, to advise them on the evolving retail proposals for the project. In advising on The Shoreline proposals, they have also introduced a former colleague, with whom they continue to work, internationally acclaimed and leading place branding specialist, Malcolm Allan of Placematters.
“The response that we got from Maltese and international retailers, even prior to the project being public, has been overwhelming with interest in the project being further strengthened following the above appointments. Over the next two years, we will be working with these international retail development professionals to give Malta one of the best shopping mall environments in the Mediterranean,” said Mr Carter.