The Shoreline, a €200 million private project by Ricasoli Properties Limited, and offering a varied mix of 1, 2, 3-bedroom residences that enjoy spectacular views, landscaped open spaces, and an assortment of community amenities, is expected to reach several important milestones during the next 11 months.
These include the issuance of full development permits, the commencement of excavation works on site and the appointment of the general contractor for construction. Concurrently, spikes in enquiries and sales are anticipated at each stage.
Located a stone’s throw from the seafront overlooking the azure Mediterranean Sea, The Shoreline is an unparalleled blend of approximately 400 luxury residences and a shopping mall. Set to be completed by 2022, this luxurious project will be creating a unique lifestyle and sophisticated destination in the area of SmartCity Malta.
These apartments enjoy a Special Designated Area Status (SDA), and fully conform to the parameters of the approved 2008 Masterplan for SmartCity Malta.
Both EU and non-EU nationals can purchase property at The Shoreline with the same acquisition rights as Maltese citizens, and without the need to obtain an Acquisition of Immovable Property (AIP) permit. There are no limits on the amount of properties a buyer can purchase and, once acquired, the owners may also lease the properties out.
Ricasoli Properties’ managing director Steve Carter said: “2017 has been an outstanding year for The Shoreline, particularly during the last seven months following the launch of our 1st and 2nd Phases. Both Phase 1 and year-end targets were exceeded comfortably, with strong local and overseas interest and high market confidence, with a buyer ratio of about 60% local, 40% foreign. On a regular basis, we receive enquiries. Sales have increased following the launch of favourable payment terms, the banks’ loan support, and the backing of the project by all major estate agencies.”
Ricasoli Properties Ltd is currently offering Phase 2 seafront units with client-friendly payment terms. Payment structure consists of a 10% deposit on promise of sale agreement (POSA), 10% payment upon the issuing of full development permits, 10% payment upon completion of the unit in shell form while the remaining 70% will be paid upon final deed of purchase in a finished state. Garage spaces are also available.
Four major banks – APS Bank, BNF, BOV and HSBC – are all offering various loan packages for clients interested in purchasing properties at The Shoreline, giving buyers added flexibility and choice.