On 11 May, MIDI plc published its Interim Directors’ Statement to update the market on the Group’s performance since the start of 2012. During the period under review, MIDI proceeded with the final works on the 22 apartments overlooking Pjazza Tigne. The announcement confirmed that these apartments, launched in late 2011, were well received by the market with 12 of the apartments already subject to promise of sale agreements out of which one final deed of sale has been concluded.
Construction works will now be focused on the last two phases of Tigne Point, namely the office block known as T14 and the two apartment blocks (East and West) referred to as T17, following the issuance of the full development permits in January. The T14 business centre will consist of a 9-storey office block providing a total of 12,000 sqm of rentable office space including an underlying car park. The residential developments will consist of two 14-storey blocks comprising 102 apartments and catering outlets at ground floor. Both the T14 and T17 developments are located adjacent to the Garden Battery, in the north-west of the Tigné Point Development Site.
In this respect, the announcement revealed that the Company is evaluating offers for the development of the apartment block T17 East and also finalising negotiations with a leading local bank for funding of this development. Construction works on the T17 East block is expected to commence later on this year. Given the fact that construction on these two phases (T14 & T17) will take the best part of the coming two years, MIDI is not expected to launch any new apartments on the market before 2014. In the meantime, the Group continues to ensure that funds available are allocated to the project efficiently with a view to maintain an acceptable debt to equity ratio.
The announcement also made reference to the Group’s commercial operations which have remained encouraging throughout the first months of this year. In particular, significant increases were registered in the footfall of The Point shopping mall and in the utilisation levels of the underground car park.