AX Group plc - Planning Permit for Verdala Project

On 6 May 2021, AX Group plc announced that the Planning Authority approved the development permit in relation to the Verdala Hotel & Terraces project. This development will be spread over six floors above highest street level and two levels below, and will include serviced residential units and luxury apartments earmarked for sale, retail spaces, a boutique hotel with ancillary facilities, as well as car parking facilities accommodating 176 motor vehicles. The project is estimated to cost around €50 million. Moreover, the boutique hotel and serviced apartments are projected to commence operations in 2024 whilst the development of the luxury apartments is projected to be completed in 2025.