Ritratt: Miguela Xuereb

ADPD – The Green Party expressed its concern about various news which indicated that Malta’s property development sector was facing a crisis, stressing that it needed to “come back to its senses” as soon as possible.

The party issued its statement after The Times reported that Central Business Centres plc asked for more time to repay a €3.2 million bond that was meant to be paid in August. It highlighted that the company, part of the Cortis Group, boasts of commercial properties worth €75 million but was nevertheless facing liquidity issues.

But this news was not the only one of its kind, ADPD observed.

Just last month, The Shift reported that Dizz Group was compelled to sell property to repay an €8m bond issued in 2016.

ADPD highlighted issues concerning Malta Maritime Hub, which aimed to transform the former Malta Shipbuilding Site but has so far failed to meet expectations, with a hefty €15m bond nearing repayment.

It also flagged questions concerning the Shoreline real estate project on the SmartCity site: The Shift recently reported that the company “hid” a €43m garnishee order whilst pledging outstanding bonds due next year will be repaid in full.

“In light of all this, which appears to be happening all at once,” the party said, “one inevitably must ask the question: what is happening?”

“There is no doubt that the property development industry is in crisis, and there is the need for it to come back to its senses without delay.”

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