The PLAN group has issued the third tranche of a €40 million bond programme, with the funds it will collect aimed at supporting the construction of two large residential developments.

PLAN is a group of companies operating in both the care and the property development sectors.

This third tranche of €11.8 million secured bonds will be used to part-finance the construction and development of two sites, one in Qawra (with €5.16 million to be allocated) and one in Birżebbuġa (with €6.16 million to be allocated).

The 5.10 per cent secured bonds has a redemption date of 9th November 2030.

The Qawra site has “a superficial area of approximately 4,101.80 sqm forming part of the territory known as Tal-Kortin in Qawra, limits of Saint Paul’s Bay.” The proposed development includes 188 residential units and 160 garages and parking spaces on basement parking levels.

Regarding Birżebbuġa, the site is on Triq l-Ghannejja, comprising an aggregate area of approximately 15,600 sqm.

The Birżebbuġa site as a whole is planned to accommodate a seven-floor elderly care home with 240 beds (Block A), alongside 91 residential units in Block B and 112 residential units in Block C. The development is divided into two portions. In this third tranche, funds will be used on Portion B, which is the parcel of land forming part of the Birżebbuġa Site over which the residential development shall be constructed, comprising residential units and underground parking and garages.

The application for development by the PLAN Group is located on the northern part of the Qajjenza gas plant. Plans for this area had been under scrutiny after reports alleging that there were attempts to acquire parts of the former gas plant which are public land. The Energy Ministry in February 2025, following a public outcry, said that most of the Enemalta-owned land in question will be turned into accessible open space, and that Enemalta would use the rest of its land to build offices which it will use for itself. It also said none of Enemalta's land will go to a private developer.

The Minister's intervention necessitated a change of strategy, with PLAN Group instead acquiring part of the Qajjenza gas plant and adjacent land that was still owned by private landowners.

The first €24 million tranche of bonds was issued in October 2025, and the second €4.2 million tranche in November 2025.