Best Deal Developments has entered into a promise of sale agreement for the acquisition of a portion of land located in Mellieha’s seafront for €7.8 million, its parent company Best Deal Properties Holding plc announced on Monday.

The land, which is being acquired from FARR Limited, BENMAR Company Limited and Sunstone Properties Limited, extends over and into one half of the fronting streets called Triq it-Tunnara and Triq id-Denci, and slightly less than one half on Triq it-Tumbrell.

The €7.8 million sum is set to be divided into €250,000 as a deposit on account of the sale price, which has already been deposited with Notary Malcolm Mangion, while the balance of the purchase price which shall be paid on the final deed of sale and purchase of the property.

The final deed of sale and purchase is conditional on Best Deal Developments managing to obtain a fully executable development permit by 17 months from the date of the promise of sale agreement, to be applied for by the company. The agreement will remain valid and effective up until 3rd April 2024.

Once the final deed of sale and purchase is published, the land will form part of the property portfolio of Best Deal Developments, with the aim of developing it into residential units for sale.

Established in 2008, Best Deal Properties is led by Chris Attard and Erskine Vella, with the aim of developing specialised properties in the south of Malta. However, it has since also expanded its operations to the northern part of the island through a number of completed and ongoing projects in Qawra and Mellieha.