KA Holdings, a property development company, has entered into a promise of sale agreement to sell a property it holds in Gżira, which was originally planned to be redeveloped into a guesthouse

The property at 43, William Reid Street, had been included in the company’s 2019 document related to its admission to the Malta Stock Exchange. A stone’s throw away from the Gżira promenade, the building was set to be developed into an eight-room guesthouse with “luxury finishings” and was slated for completion in 2020.

Asked what led to the change of heart, Kurt Abela, Managing Director and sole shareholder of KA Holdings, tells WhosWho.mt: “As we all know, the world was hit by the pandemic, which hit the tourism sector badly from 2020 to 2022.”

During this time, the property was rented out on a long let.

Now, the company has entered into a promise of sale for the building in question, with the agreed sale price “substantially higher than the book value of the said property”.