GAP Group had a bumper 2023, generating €13 million in profit before tax, close to double the previous year’s amount (2022: €6.7 million).

The property development group’s profit for last year is the highest since at least 2016, with only 2021 coming close (2021: €11.4 million profit before tax).

The record profits come on the back of €42.8 million in revenues from property sales. Cost of sales amounted to €27.6 million and administrative expenses came to €2.4 million.

Revenues were bolstered by the full sale of a number of property projects, according to the gorup's latest financial statements.

Among these is the Southridge development in Mellieħa, the Waterbank development in Marsaskala (63 units), the Hazel development in Birkirkara (14 units), and the Dumont development in San Pawl tat-Tarġa (9 units), all of which had their final units sold during the year under review.

The major Fairwinds development in Luqa (268 units) only has one unit still subject to a promise of sale – all others have been sold. As for the 93-unit Mulberry Park in Qawra, 88 were sold and another two were subject to a preliminary agreement as at the end of 2023.

GAP Group has two projects that are at an advance stage. The Pantheon in Mosta consists of 114 residential units across three zones, with the third of these still under construction. From the completed zones, 49 units have been sold and a further 18 units were subject to a promise of sale agreement at the end of last year.

Meanwhile, the 113-unit Seaberry Park in Qawra only has four units sold, while another 87 are subject to a promise of sale agreement.

The group also has two other projects that are still under construction. A 118-unit project in Marsaskala is currently mid-way through its construction phase, while another 59-unit development in Qawra (the Sunflower) is at an advanced stage.

Another Marsaskala project (118 units) was fully excavated in September 2023 and construction commenced immediately after. As at 31st December 2023, construction was 30 per cent complete.

The promise of sales agreements mentioned above are worth a combined €21.6 million, with most of these sales expected to be finalised during 2024.