The completion of The Shoreline Mall in Kalkara has been pushed back to February 2024, sources close to parent company Shoreline Holdings Ltd have confirmed to WhosWho.mt.

The mall was initially planned to open to the general public last September.

While the central parts of the mall are largely ready, the company's Annual Report, published on Thursday (today), stated that there have been delays in the retail outlets' fitout works. The company added that this has resulted in the opening date for the project to be delayed until the current financial period, ending 30th June 2024.

Following this, WhosWho.mt reached out to informed sources close to the development, who confirmed that the mall will most likely open to the general public in February.

They further added that the residential segment of the project, The Shoreline Residences, is progressing, with the company poised to start delivering the residences block by block. The first block is scheduled to be open at around this December, with the full project being ready by May 2024.

In the Annual Report, the company stated that the concrete structure has been completed, while final finishing works are “ongoing”. It added that it has already entered into “multiple lease agreements” with tenants, and the cash that the company has accumulated to date together with funds available from group level are aimed to be used in the development of the project.

The interior of one of Bigbon Group's stores at The Shoreline Mall as at the time of writing / LinkedIn

The Shoreline is a new development located in Smart City, that will be made up of a retail mall housing around 44 different outlets across two double-height levels, as well as 330 residential units spread across eight blocks. Apart from the outlets, the mall will also contain restaurants and various kiosks, together with three levels of underground parking.

The development is set to contain a range of different retail outlets, including from retail giants Bigbon Group, having reached an agreement with the company for the lease of five retail spaces within the mall earlier this year. There it will showcase clothing brands Bershka, Pull&Bear, Stradivarius, Oysho, and Massimo Dutti.

In its Annual Report for the period ended 30th June 2023, management stated that “minor delays” have impacted the delivery of the mall, yet opening on a “slightly delayed schedule” at the start of the next fashion season will have an “overall beneficial impact”.

The Shoreline Mall's interior as at last May

The company reported an operating loss of €401,412 for the reporting period, up from the €392,088 loss that was recorded in the corresponding period in 2022. Staff costs were on the rise, increasing by 19 per cent to €394,981 (2022: €331,989).

Total assets as at 30th June 2023 increased to €73.8 million when compared to the previous year’s €58.3 million, primarily due to the progress being made in the investment property under construction during the period.

The Board of Directors did not recommend a dividend given that it did not have any distributable reserves as at the end of the reporting period.