MIDI says it has not placed price tag on Manoel Island but confirms discussions with third parties

MIDI says it is still in discussions with third parties over potential sale of concession rights to develop Manoel Island, reportedly put up for €145 million

The developers of Tigné Point and Manoel Island have issued a company statement that they have not placed “a price tag on Manoel Island” although confirming they remain in discussions with third parties expressing an interest in the 99-year concession.

MaltaToday reported on Sunday that a prominent Maltese consortium made an offer for €110 million, as well as an additional €23 million that MIDI has yet to pay the Maltese government.

However, the offer was turned down when the MIDI owners informed the interested buyer they would alter the asking price, reportedly at €145 million.

“This announcement is being issued in an effort to avoid the establishment of a false market in the company’s securities,” company secretary Darren Azzopardi said. “The company will make further announcements as and when necessary.”

MIDI has engaged architectural firm Foster + Partners to draw up a conceptual masterplan for the Manoel Island project, which will include a costing plan for it. The consortium plans to embark on a search for investors by the end of the year.

Gzira mayor Conrad Borg Manche and environmental groups have demanded access to the public foreshore at Manoel Island, which was totally sealed off for years before Kamp Emergenza Ambjent activists and mayor Conrad Borg Manche on Saturday broke down the metal fencing.

MIDI have since erected two new metal gates and claimed that protestors had vandalized the historic Fort Manoel, allegations that Borg Manche and the environmental activists have vehemently denied.

Until six years ago, MIDI was considering turning Fort Manoel into a 55-suite boutique hotel, and turn the former military parade ground into a concert venue. Plans also included a ‘marina village’ of low-rise residential units, projected to sell at roughly the same price as Tigné Point’s more expensive apartments.