MIDI puts €145 million price tag on Manoel Island

Maltese buyers offerred €110 million for MIDI's concession at Manoel Island and additional €23 million for unpaid arrears to the government, only for the offer to be rejected

A rendition of the Manoel Island project by architects Dowling Jones Stone
A rendition of the Manoel Island project by architects Dowling Jones Stone

MIDI plc, the consortium behind Tigné Point, is seeking to sell its 99-year concession at Manoel Island for the princely sum of €145 million, despite having committed itself to develop the land for a luxury villa area.

MaltaToday has learnt 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.

But the offer was turned down when the MIDI owners informed the interested buyer they would alter the asking price.

The revelation comes at a time when the Gzira mayor 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.

Under the 99-year concession negotiated with the late MIDI chairman Albert Mizzi, the government cannot regain control of the site despite the breach of conditions to successfully develop the area. The business group however carried out an extensive €30 million renovation on the fortress and historical buildings, but were also granted a casino licence for the area.

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