Ricasoli Properties Ltd is proposing a scheme for customers looking for good returns without too much initial capital outlay when purchasing a sea view apartment at The Shoreline. More details about this mixed-use development, consisting of a 25,000sqm shopping mall and 400 residential offerings at SmartCity in Kalkara, were announced to over 300 estate agents during a presentation about the project’s Phase 2, following the sell-out of over 100 apartments in Phase 1.
Located within Smart City, these apartments enjoy a Specially Designated Area (SDA) status and fully conform with the parameters of the approved 2008 Masterplan for SmartCity. It is estimated that the whole project will be completed within 4.5 years from the issuance of permits. Construction work is planned to start in 2018 that is as soon the full development permits are received from the authorities.
New, investor-friendly payment terms are now available for the current phase, with a payment structure of 10% as promise of sale agreement (POSA) deposit, 10% payment upon the issuing of full development permits, 10% payment upon completion of shell form while the remaining 70% will be paid upon final deed of purchase in a finished state. Garages spaces are also available.
Another significant announcement during the evening was the availability of bank finance through four of Malta’s major banks. APS Bank, BNF, BOV and HSBC are all offering various loan packages for clients. In such cases, the payment structure consists of 20% as client front finance, with 60% on shell deed, and 20% on finishing certification by way of bank finance.
Ricasoli Properties’ managing director Steve Carter said: “Whether buy-to-let investors or end-users, clients are now able to choose their preferred option for their particular needs and circumstances. It is pertinent to point out that while all signed promise of sale agreements are subject to a full development permit, all deposits are held in escrow and managed by a public notary.”
Financed by Ricasoli Properties Ltd shareholders’ own money, the properties have been put on pre-sale as normally happens with projects of this nature. This is intended to give buyers the opportunity to invest and participate at an early stage rather than when the project is built up, thus leaving plenty of room for capital appreciation as the project’s status and pricing matures later down the line.