Joseph Portelli set to buy €4.8 million land overlooking Mosta valley

CF Developers, a company owned by Joseph Portelli, signed a promise of sale to acquire 1,600sqm of land overlooking a Mosta valley for €4.8 million last month, according to an announcement by the company last month.

This was first flagged by former minister Evarist Bartolo in a Facebook post uploaded on Tuesday morning, where he said that Portelli is set to acquire a piece of land near Wied ta’ l-Isperanza that is currently home to an illegal garage complex.

“A few weeks ago the land was bought, through a promise of sale, from a company behind which there is Joseph Portelli and other hidden people,” Bartolo claimed.

The former minister said that the seller himself said that Portelli bought it, “because only he has the power to do anything with the Planning Authority”.

“The price is €4.7 million, so imagine what sort of project we could expect near the valley.”

CF Estates Finance already said in a public announcement last month that it is acquiring a 1,600sqm complex subject to permits issued by the Planning Authority.

The company reached the agreement, which covers property in Mosta and Qawra, with the Sant family and Marvin Holiday Complex Ltd respectively.

The 10% deposit on the Mosta land was already paid on 13 January, and the promise of sale agreement is valud until 13 July 2024.

Joseph Portelli is the majority shareholder of CF Estates Ltd and owns 30% of the company. Francis Agius, Clifton Cassar, Duncan Micallef, and Stephen Falzon each hold 17.5% of the shares. CF Developers is a subsidiary of CF Estates Ltd.