Gap Developments, the developers of the Fort Cambridge, have reported sales of 130 units of its Tigné luxury apartments, on preliminary agreements and on which a deposit has been paid.
The publicly listed company, which issued a successful Lm15 million bond subscription back in April, issued its interim report earlier this week. Gap said sales of apartments and garages were “better than that originally projected in the Prospectus” last March.
“The forecast apartment sales up to 31 December 2007 was of 91 units. By end June, the actual preliminary agreements signed and on which a deposit was paid, stood at 130 units,” the directors said.
At prices ranging from Lm49,000 to the lofty Lm1.2 million four-bedroom unit, Gap has benefited from the run-up to the Eurozone accession, which has proved to be an opportunity for property investors. Despite the European Commission considering whether to start infringements against Malta over the waiving of an EIA, sales of the apartments still on plan continued apace, showing a clear demand for property.