JD Real Estate Development Limited last week completed the acquisition of parts of Ta’ Monita Residence in Marsascala, parent company JD Capital plc announced on Monday.
The complex, which features a site with a total area of 4,863 square metres, including seven apartments, together with airspace overlying two other blocks of apartments, a garage, and surrounding open spaces, gardens, passages, and pathways. The site also includes a pool area that measures approximately 1,000 square metres.
The total Ta’ Monita development covers an area of 18,000 square metres and includes one-, two-, and three-bedroom apartments and penthouses.
JD Real Estate Development entered into a deed of sale on 7th February 2024 to acquire the property from third-party vendors. The company stated that it intends to use the site as an investment property.
The Board of Directors also remarked that the property is situated in a Special Designated Area (SDA) and is hence exempt from the restrictions to acquisition with non-Maltese and non-EU nationals are subject to. Due to this status, the units can also be rented out immediately without any restrictions.
The property has a potential of further developable area of around 6,600 square metres of residential apartments, as well as approximately 2,100 square metres of underlying basement garages.
JD Capital CEO Franco Azzopardi / LinkedIn
Franco Azzopardi, CEO at JD Capital, on Tuesday stated that the company is now “driving in the fast lane,” highlighting that since he joined in June 2023, the company has achieved a number of milestones, including two successful bond issuances. The Ta’ Monita acquisition is “yet another successful initiative” in JD Capital’s business plan, Mr Azzopardi said.
He expressed gratitude to the team, particularly Chief Financial Officer Robert Zammit Lucas and the Board of Directors, as well as Ultimate Beneficial Owner and Executive Director Josef Dimech, who Mr Azzopardi described as a “unique self-made entrepreneur who has rare qualities, vision, and unyielding determination.”
“The street was his forge. Surrounding himself with a strong team was his conduit to here, now, and beyond. More to come. Stay tuned,” Mr Azzopardi continued.
