|
Matthew Vella
The developers of Fort Cambridge and the former Crowne Plaza hotel, Gap Holdings, are expected to put a new bond issue on the market, this newspaper can confirm.
The company was awarded the Fort Cambridge development brief after acquiring the company Tigné Developments Ltd, which was owned by national airline Air Malta, for Lm23 million.
Gap Holdings started work on the former hotel earlier this year, where they plan to develop 1,000 car spaces and some 350 luxury apartments.
The planning authority gave the project the green light two weeks ago, despite extending its maximum height to 23 storeys, rather than the 16-storey height envisaged in the original development brief.
Labour MP Joe Brincat, the only MEPA board member to vote against the project, claimed it breached the Code of Police Laws that lays down that the height of buildings has to be proportional to the width of the street on which the building abuts.
Gap Holdings chairman George Muscat said the company plans to finance the project through bank loans and their own finances, but also through a bond issue.
Gap Holdings’ other projects include Hamrun’s Metropolitan Complex, The Valley in Tal-Qroqq, Triton Mansions in Qawra, and Bastion Views in Sliema.
mvella@mediatoday.com.mt |
