Best Deal Għadira Limited (BDGL), a subsidiary of Best Deal Properties Holding plc, on Tuesday announced that it has entered into a notarial deed of sale and acquisition of a site in Għadira, with plans to develop it into a residential complex.
BDGL was incorporated in August 2023 for the purpose of pursuing the development, after a €15 million secured bond issue obtained regulatory approval last March. The bonds carried a coupon rate of 5.75 per cent, and are set to mature between 2027 and 2029. Proceeds from the bond issue will partly finance the development.
Further details about the development were provided in the prospectus for the bond issue.
The development, a 2,643-square metre site, is located in Għadira, limits of Mellieħa, specifically adjacent to Triq it-Tunnaġġ and Triq id-Denċi corner with Triq it-Tumbrell. It is free and unencumbered from the obligation of payment or of conditions related to ground rent, and or emphyteutical or other burdens.
Best Deal Properties intends to develop the site into a residential complex that features 10 maisonettes, 53 apartments, two penthouses, and 119 garages.
The project is estimated to cost €24.6 million, while revenues are projected to amount to €39.1 million. The group stated that the majority of the income from the project is expected to be recognised between the 2025 and 2027 financial years, with the units expected to be constructed in shell form by the end of 2025. Finishing works are anticipated to be completed by the end of 2027.
The announcement of the promise of sale agreement was made back in 2022, when Best Deal Developments entered into an agreement to acquire the land from FARR Limited, BENMAR Company Limited and Sunstone Properties Limited for €7.8 million.
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 Mellieħa.
