The Shoreline Residence Ltd expressed its satisfaction for the definitive approval of its development application by the Planning Authority regarding its upmarket and distinctive landmark project on the east coast of Malta at Ricasoli.
As Andrew Gatt, Sales and Marketing manager for The Shoreline emphasized: "We are delighted to finally have our project solidly grounded and with such an emphatic Board decision in favour of approval. The Shoreline aims to offer its residential clients affordable luxury in a safe, car-free and unpolluted environment close to all that matters, as well as the added value of exciting investment and retail options so sorely lacking in the South. All in all, this is a great place to raise a family, put down roots, enjoy the superb location and great views."
The Shoreline will be home to approximately 370 luxury apartments complete with a two-storey, double-height shopping mall covering 25,000 square meters, with ample space for underground parking and overlooking the Smart City Laguna, recreation areas and other amenities, making it one of the larger private construction projects in Malta to date.
"This is another important step in the transformation of the southern side of Malta. Designed to be a sustainable, community-focused, environment-friendly and a visual masterpiece of modern Maltese architecture to be completed by 2023, The Shoreline project will deliver top quality residences and a series of upscale shopping mall outlets in the shortest time possible," explained Ben Muscat, chairman of The Shoreline Residence Ltd. He also emphasised that while The Shoreline is a standalone project in its own right, it will benefit significantly from the eventual development of other elements within the SmartCity itself.
The site excavation works are expected to start in the coming weeks, followed by the engagement of the main construction contractor in the last quarter of this year.
A company spokesperson said that its luxurious project is a Leed certified development with professionally designed use of natural and artificial lighting. It includes a number of unique features such as a car-free and non-polluted environment and a noise-proofing system for the residences and the largest number of electric charging stations for electric and hybrid vehicles that any Maltese developer has yet invested in. The final aim is the creation of a unique lifestyle and a sophisticated destination within SmartCity Malta, located only a few metres away from the azure Mediterranean sea.
Potential homeowners and investors are increasingly seeing the great upside potential for investment in these residences, consisting of a varied mix of 1-, 2-, 3-bedroom apartments, duplexes and penthouses, all with spacious terraces and offered highly finished with an excellent choice of sizes and layouts. As these residences enjoy a Special Designated Area Status, they can be purchased by both EU and non-EU nationals with the same acquisition rights as Maltese citizens and without the need to obtain Acquisition of Immovable Property permits.
The Shoreline also offers a client-friendly payment structure consisting of a variety of schemes. These are intended to cover a wide spectrum of potential buyers including plans that are tailored for buyers who may wish to avail themselves of bank finance and structure their payments accordingly.