The Company’s Principal Business
The Company acquired the Emphyteutical Land at Tigné Point and Manoel Island by virtue of a public deed in the records of Notary Vincent Miceli of the fifteenth day of June of the year two thousand (15/6/2000) from the Government of Malta (“GOM”) by title of temporary emphyteusis for a period of ninety-nine (99) years which commenced on the fifteenth day of June of the year two thousand (15/6/2000).
Under the same Emphyteutical Deed, the Company also acquired from the Malta Maritime Authority, for a period of ninety-nine (99) years, the right to develop and operate a yacht marina on a defined area facing the south shore of Manoel Island in Ta’ Xbiex Creek limits of Gzira. Development operations commenced in late 2000.
Business Overview of the Project
Tigné Point is a residential, commercial and leisure development located on the north-eastern coast of Malta, approximately one kilometre north of Malta’s capital Valletta.
The development of apartments represents circa 55% of the total area. This is complemented by The Point shopping mall, Pjazza Tigné - the heart of the Tigné development, comprising retail and catering outlets and the soon to be launched business centre. Strong emphasis has also been placed on the restoration of historic sites, including Fort Tigné, St Luke's Chapel and the army barracks and Clock Tower, which have all been merged into the modern architecture that characterises the site.
Tigné Point offers leisure activities including a fitness club, a residential swimming pool, cafés and restaurants. The development also encompasses extensive public spaces and all traffic has been routed underground in order to provide a car-free zone at ground level.
Manoel Island is located on the north-eastern coast of Malta, approximately one kilometre north-west of Valletta.
MIDI plc has submitted a comprehensive planning application for the development of Manoel Island, building upon the previously approved outline permit of the revised Masterplan. The new application retains the concept of a mixed-use development.
The proposed development includes three residential clusters comprising a total of 323 residential units, a reduced number compared to the original Masterplan. These clusters will be situated in the southern and central parts of the island, aligning with the outline permit. The design of the buildings aims to strike a balance between built-up and open spaces, with a significant emphasis on open areas.
Collaborating with local firm iAS and internationally renowned UN Studios, MIDI's project management team has crafted the architecture for the project. Detailed landscaping plans have been put forth for the public open spaces, including a 10,000sqm indigenous garden at the island's entrance, the marina promenade, and the Bovile route. In total, there will be 186,000sqm of open spaces on the island, with an 80,000sqm natural glacis park surrounding Fort Manoel.